1.2

• customer needs:

  • quality
  • convenience
  • design
  • price
• purposes of market research:

  • reduce risks
  • identify gaps in the market
  • inform business decisions
• primary research


  research that you do on your own e.g surveys
• secondary research


  using old data e.g books
• primary market research:

  • questionnaires
  • focus groups
  • surveys
• secondary research:

  • books
  • newspapers
  • government documents
• primary:

  • more accurate
  • takes a while
• secondary:

  • not very accurate
  • easier
• qualitative


  data involving feelings and opinions e.g interviews
• quantitative


  data involving numbers e.g statistics
• market segment


  a group of buyers with similar buying habits
• market segments:

  • location
  • age
  • lifestyle
  • income