Unit 1 2.1 Market research

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Created by: Amelia Cantwell-Hyde
Created on: 09-12-15 18:29

1. What is market research?

Finding out what your customers want and how much they will pay.

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2. What information can you gain from market research?

•What products customers want. •How much customers will pay.

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3. What is primary research?

Research which an entrepreneur carries out themselves such as a questionnaire.

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4. What is secondary research?

Research which someone else has carried out such as the census.

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5. What are two good things about primary research?

1. It is relevant to your business e.g. you can find out about what customers think about your product 2. It is up to date.

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6. What are two bad things about primary research?

1. Takes a long time to do 2. It would be difficult to survey a large number of customers.

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7. What are two good things about secondary research?

1. Secondary research such as the census is information from a lot of people 2. Lots of the secondary information is free.

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8. What are two bad things about secondary market research?

1. It might not be relevant to your business e.g. the census doesn't tell you what kind of kebabs customers like 2. It might not be up to date.

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9. What are two examples of primary research?

1. Questionnaire 2. Looking on the internet at competitors.

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10. What are two examples of secondary research?

Research carried out by someone else: •Census •Research carried out and published in a journal.

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11. How could market research help someone setting up a hairdressers?

They could carry out research to find out how much customers would pay for certain treatments. They could find out how often customers get their hair cut.

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12. How could market research help someone setting up a conservatory business?

•They could find out how many people in the area own their own house •They could research the disposable income of the local population

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Other cards in this set

Card 2

Front

2. What information can you gain from market research?

Back

•What products customers want. •How much customers will pay.

Card 3

Front

3. What is primary research?

Back

Card 4

Front

4. What is secondary research?

Back

Card 5

Front

5. What are two good things about primary research?

Back

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Unit 1 2.1 Market research