Market Research 0.0 / 5 ? Business StudiesMarketing DecisionsA2/A-levelAQA Created by: ZaynabCreated on: 11-12-19 10:08 what are the 3 main reasons for market research? spotting opportunities, decide what to do next, helps to see if their plans are working 1 of 22 what is a disadvantage of market research? expensive, bad market research can lead to disastrous decisions. 2 of 22 what is an example of quantitative market research? questionnaires 3 of 22 what is an example of qualitative market research? focus groups 4 of 22 what is primary market research? a business gathers new data 5 of 22 what is secondary market research? a business analyses data that is already available. 6 of 22 what is test marketing? (as an example) a business launches a product in one region and measure sales and customer response before launching across the country. 7 of 22 Why does primary data use sampling? to make predictions about the whole market based on a sample. 8 of 22 What are 2 advantages of primary data? specific, exclusive (competitors don't benefit from it) 9 of 22 what are 3 disadvantages of primary data? labour intensive, expensive, slow 10 of 22 what are internal sources of secondary data? includes information from loyalty cards, feedback from company salesmen and analysis of company sales reports, financial accounts and stock records. 11 of 22 what are external sources of secondary data? include government publications, marketing agency reports, pressure groups and trade magazines. 12 of 22 what are 3 advantages of secondary data? easier,faster. cheaper. 13 of 22 what are 3 disadvantages of secondary data? out of date, may contain errors, may be unsuitable. 14 of 22 Why is secondary data often used? to get an initial understanding of the market. 15 of 22 why do market researchers survey samples? keeps costs down, saves a lot of time and resources 16 of 22 what is in a representative sample? similar proportions of people in terms of : age, gender, income. class and ethnicity 17 of 22 what is a simple random sample? when names are picked randomly from a list (usually from the electoral register) 18 of 22 what is a stratified sample? population divided into groups, people selected randomly from each group 19 of 22 what is a quota sample? people are picked who fit into a category (e.g. mums between 30 and 40) 20 of 22 why should market research avoid bias? quality of decisions is only as good as accuracy of it. 21 of 22 Why is it risky to not spend enough on market research? it increases the business' risk of failure. 22 of 22
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