Market Research Overview

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Flashcards summarizing key concepts related to market research, including definitions, advantages and disadvantages of research methods, and types of data.

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16 Terms

1
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What is market research?

Market research involves the gathering, analyzing, and presentation of information about the marketing and consumption of goods and services in a particular market.

2
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What are the main purposes of market research?

To identify customer needs and wants, assess likely demand, and gain insights into consumer behaviors.

3
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What are the two main types of market research?

Primary Market Research and Secondary Market Research.

4
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What is Primary Market Research?

It involves collecting new and original information for a specific purpose.

5
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What is Secondary Market Research?

It involves collecting existing information from published sources or business records.

6
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Give an example of a method used in Primary Market Research.

Questionnaires/surveys, focus groups, consumer panels, or product trials.

7
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What is an advantage of Primary Market Research?

Data is collected specifically to answer the exact questions the business needs to know.

8
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What is a disadvantage of Primary Market Research?

It takes time and can be costly to collect data.

9
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What is one advantage of Secondary Data?

It is relatively quick, low cost, and easy to collect.

10
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What is a drawback of Secondary Data?

Data may be outdated, not relevant, or may have been collected for another purpose.

11
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How is Quantitative data characterized?

Research data that is in numerical form, easily measured, and often collected in surveys.

12
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What defines Qualitative data?

Research data that is based on opinions or beliefs and may require interpretation.

13
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What issues can arise in survey design?

Leading questions, lack of understanding by respondents, and sampling errors.

14
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What does Random Sampling involve?

Randomly choosing a small sample from the population, where each member has an equal chance of being selected.

15
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What is Quota Sampling?

Targeting a small sample that represents specific groups within the market that the business is interested in.

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What does Stratified Sampling entail?

Dividing the population into subgroups based on shared characteristics and then randomly sampling from each subgroup.