market research

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paper 1

GCSE Business Studies

Edexcel

Spotting a Business Opportunity

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7 Terms

1
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market research

the objective collection, compilation and analysis of information about a market

<p>the objective collection, compilation and analysis of information about a market </p>
2
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effective market research

reduce risk, identify needs and wants, identify gaps in the markets, identify competitors

<p>reduce risk, identify needs and wants, identify gaps in the markets, identify competitors</p>
3
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marketing mix

pric, place, promotion, product

<p>pric, place, promotion, product</p>
4
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primary research methods

surveys

observations

interviews

test marketing

focus groups

<p>surveys</p><p>observations</p><p>interviews</p><p>test marketing</p><p>focus groups</p>
5
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secondary research methods

internet, purchasing market reports, government reports

<p>internet, purchasing market reports, government reports</p>
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limitations of qualitative data

the sample size may be too small

bias

influenced by responses of others

can be expensive and time consuming

<p>the sample size may be too small</p><p>bias </p><p>influenced by responses of others </p><p>can be expensive and time consuming</p>
7
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limitations of quantitavie data

may lack relevance

expensive

out of date

can draw incorrect conclusions

doesn’t provide any reasoning

<p>may lack relevance</p><p>expensive</p><p>out of date</p><p>can draw incorrect conclusions</p><p>doesn’t provide any reasoning</p>