Reducing risk and making better business decisions

• What is the purpose of market research?

  To collect information about the market or what customers want
• How does market research help businesses?

  It helps businesses reduce risk and make better decisions
• What type of research can businesses conduct for market research?

  Primary or secondary research
• What is a target market?

  A group of customers which a business aims its product or services at
• Why do entrepreneurs undertake market research?

  To reduce the risk associated with setting up a business
• What information can market research provide to entrepreneurs?

  What customers want, unmet needs, competition levels, and pricing strategies
• How can market research assist in making better business decisions?

  It helps businesses understand customer responses to potential changes
• If a cafe wants to introduce a new type of coffee, what should it do first?

  Conduct market research to gauge customer interest
• What is the relationship between market research and business success?

  Informed decisions from market research increase the chances of business success
• What are the methods of market research?


  • Primary research
  • Secondary research
• What are the key aspects of reducing risk through market research?

  • Understanding customer needs
  • Identifying unmet needs
  • Analyzing competition
  • Determining pricing strategies
• What factors might a business consider when making changes based on market research?

  • Customer response to changes
  • Potential success of new products
  • Market trends