the action or activity of gathering information about consumers' needs and preferences
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Why carry out Market Research?
Competitor analysis, Identify trends in the market, aid pricing strategies customer feedback,ideas for new product development,
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Why is budget important?
ensures that you will always have enough money for the things you need and the things that are important to you
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what impact does budget have?
impacts the economy, the interest rate and the stock markets.
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what is primary research?
(field research) involves gathering new data that has not been collected before. For example, surveys using questionnaires or interviews with groups of people in a focus group.
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what is secondary research?
(desk research) involves gathering existing data that has already been produced. For example, researching the internet, newspapers and company reports.
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examples of primary research
research that you go out and collect yourself. Examples include surveys, interviews, observations
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examples of secondary research
•Information that is available on the internet.•The prevailing or existing results of market research•Data available on stock lists and from consumer databases.
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advantages of primary research
helps businesses minimize their risk and stay ahead of their competition, efficient spending for information,greater control
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disadvantages of primary research
expensive, not immediately available - takes time to define problem
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