Collecting, recording and making sense of all the available information which will help a business understand it's market
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2. State 3 reasons why a business may want to conduct market research...
1. Find out what price the customer is willing to pay 2. Find out how often the customer is willing to buy a product 3. Find out what the competitors are doing
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3. State 3 methods of primary market research...
1. Focus group 2. Questionnaire 3. Observations
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4. State 1 benefit of primary market research...
You can find out information which is relevant to your business e.g. you can find out if customers in Droylsden would be interested in buying chilli hot dogs
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5. State 2 downsides of primary market research...
1. It takes an entrepreneur a long time to conduct market research 2. It is difficult for them to ask lots of people
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6. State 3 methods of secondary market research...
1. The census 2. Journal 3. Newspapers
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7. State 2 benefits of secondary market research...
1. Research from a large number of people 2. Quicker than primary as it has already been completed by someone else
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8. State 2 downsides of secondary market research...
1. You cannot ask questions which are relevant to the business 2. The data may be out of date
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Other cards in this set
Card 2
Front
2. State 3 reasons why a business may want to conduct market research...
Back
1. Find out what price the customer is willing to pay 2. Find out how often the customer is willing to buy a product 3. Find out what the competitors are doing
Card 3
Front
3. State 3 methods of primary market research...
Back
Card 4
Front
4. State 1 benefit of primary market research...
Back
Card 5
Front
5. State 2 downsides of primary market research...
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