Using market research to find out about customer wants and expectations
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What is market research?
Systematically gathering, recording and analysing data on the possibility of sales of a good or service
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What is primary research?
Finding out data first hand; gathering information that has not been collected before
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What is secondary research?
Finding out data second hand; using existing information sources to find out something for your own research.
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What is primary data?
Data obtained from first-hand sources (e.g. a questionnaire - asking questions directly to respondents).
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What is secondary data?
Data that has already been gathered and published.
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Why is primary and secondary data inaccurate?
1. Only a small percentage of the target market is researched 2. A consumer panel may not be representative of typical consumers 3. The data may go out of date quickly
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Why is primary and secondary data inaccurate?
4. A survey may not be given to (or answered by) enough people, or may be given to the wrong people 5. Questions may be badly worded and misunderstood
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Other cards in this set
Card 2
Front
What is market research?
Back
Systematically gathering, recording and analysing data on the possibility of sales of a good or service
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