The process of gathering information about customers, competitors and market trends by carrying out primary and secondary research.
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State 3 reasons why businesses conduct market research
Identify customers’ needs and wants, quantify the likely demand for a product and identify customer behaviour i.e. patterns.
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Give a definition of primary research.
Gathering new data that answers a specific question. This is usually done through direct investigation. Primary research is therefore known as field research.
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Give 4 examples of primary research.
Interviews, questionnaires, observations and focus groups/ consumer panels.
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Give a definition of secondary research.
Gathering information that already exists and was originally used for a different purpose. Secondary research is known as desk research.
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Give 4 examples of secondary research.
Newspaper articles, government statistics, sales records and reports.
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What are the two types of secondary data?
Internal and external.
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What is the most up to date source of internal secondary research?
Stock movements.
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What is the most ongoing piece of external secondary market research?
Retail audits.
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Other cards in this set
Card 2
Front
State 3 reasons why businesses conduct market research
Back
Identify customers’ needs and wants, quantify the likely demand for a product and identify customer behaviour i.e. patterns.
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