purpose of market research

• What is the purpose of market research?

  To help businesses develop their products and services
• How can market research be conducted?

  It can be done by the company itself or taken from elsewhere
• What are the aims of market research?

  • Identify and understand customer needs
  • Spot gaps in the market
  • Reduce risk and make better business decisions
• What must a business ensure regarding its products?

  It must provide the right product, at the right price, in the right place, at the right time
• Why is it important for a business to keep up to date with customer needs?

  Because customer needs change over time
• What does "being innovative" mean in a business context?


  Being creative and coming up with new ideas or ways of doing things
• What is a gap in the market?


  A place in the market where there is demand for a product or service that is not currently being met
• How can spotting a gap in the market benefit a new business?

  It gives the business a good chance of success due to little competition
• How did online music streaming services identify a gap in the market?

  They noticed a demand for more convenient ways to listen to music
• What is an example of a gap in the market mentioned in the study material?

  The demand for getting around more easily before the invention of the car
• What is one method of market research mentioned in the study material?

  Primary research
• What is the significance of gathering market research data from social media?

  It helps businesses understand customer preferences and trends
• What is the role of market research in reducing risk for businesses?

  It helps businesses make decisions that are more likely to be successful
• Why might a business need to innovate its products?

  To keep up with changing customer needs
• How does identifying customer needs relate to market research?

  Market research collects information to understand customer needs
• What is the BBC's role in providing information about market research?

  It offers resources and guides on various business topics