Studied by 1 person
Market research
The process of gathering information about the market and customer needs
Primary market research
Carried out first hand, so is specific to the business
Secondary market research
Research using existing sources that have already been carried out
Sample
A portion of the population asked for their opinions in order to draw conclusions about the betravour of the whole population
Biased
Unbalanced or inclined to agree with a particular judgement or idea rather than presenting the evidence fairly
Quantitative data
Numerical data
Focus groups
Getting a group of customers together to gain insights into their attitudes towards a business
Market segmentation
Dividing a larger group of customers from a market into smaller groups with similar characteristics
Demographics
Splitting the population into different structures
SWOT Analysis
A tool used by businesses to identify their internal strengths and weaknesses and external opportunities and threats
Market map
A diagram used to help spot a gap in the market and identify competition
