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What is Market Research?
Market Research is the process of gathering, analyzing, and interpreting information about a market, including the target audience, customers, competitors, and the industry as a whole.
What is the Purpose of Market Research?
The Purpose of Market Research is to help businesses understand market trends, customer preferences, and the competitive landscape, enabling informed decisions.
What is the Importance of Market Research?
The Importance of Market Research lies in its ability to reduce risk, improve customer satisfaction, and inform decision-making.
What is Primary Market Research?
Primary Market Research involves gathering new, first-hand data directly from consumers or potential customers.
What are Examples of Primary Market Research Methods?
Examples of Primary Market Research Methods include Surveys, Focus Groups, and Interviews.
What are the Advantages of Primary Research?
The Advantages of Primary Research are specific and relevant data as well as control over data collection.
What are the Disadvantages of Primary Research?
The Disadvantages of Primary Research include being time-consuming, costly, and potentially leading to less reliable results due to small sample sizes.
What is Secondary Market Research?
Secondary Market Research involves analyzing existing data that has already been collected and published by others.
What are Examples of Secondary Research Sources?
Examples of Secondary Research Sources include Government Reports, Industry Reports, and Academic Journals.
What are the Advantages of Secondary Research?
The Advantages of Secondary Research are being cost-effective, time-saving, and offering a broader view of industry trends.
What are the Disadvantages of Secondary Research?
The Disadvantages of Secondary Research are that it may not be specific to business needs, may contain outdated information, and potentially lacks depth.
What is the Importance of Market Research for New Product Launches?
The Importance of Market Research for New Product Launches is to help understand demand, identify market gaps, and reduce risk of poor market fit.
What are the Risks of Skipping Market Research?
The Risks of Skipping Market Research include poor product-market fit, higher costs, and lost opportunities.
What is Random Sampling?
Random Sampling is a method where every individual in the population has an equal chance of being selected for the research sample.
What are the Advantages of Random Sampling?
The Advantages of Random Sampling include reduced bias and ensuring representative samples.
What are the Disadvantages of Random Sampling?
The Disadvantages of Random Sampling involve being time-consuming and potentially expensive.
What is Convenience Sampling?
Convenience Sampling is the method of choosing the easiest or most convenient group of people to survey.
What are the Advantages of Convenience Sampling?
The Advantages of Convenience Sampling include being fast and cheap to implement.
What are the Disadvantages of Convenience Sampling?
The Disadvantages of Convenience Sampling are that it may result in a biased sample and be unreliable for generalizing findings.
What is the Purpose of Interviews in Market Research?
The Purpose of Interviews in Market Research is to gather in-depth, qualitative insights from individuals.
What are the Benefits of Interviews?
The Benefits of Interviews are that they provide detailed understanding and allow for follow-up questions.
What is the Purpose of Surveys?
The Purpose of Surveys is to collect quantitative data from a large sample.
What are the Benefits of Surveys?
The Benefits of Surveys include providing easily quantifiable data for analysis.
What is the Purpose of Focus Groups?
The Purpose of Focus Groups is to collect qualitative insights from a small group discussing a product or idea.
What are the Benefits of Focus Groups?
The Benefits of Focus Groups are that they explore a wide range of opinions and emotional responses.
What are the Limitations of Primary Market Research?
The Limitations of Primary Market Research include cost, time constraints, lack of expertise, sampling issues, and data overload.
What are the Challenges for Small Businesses in Market Research?
The Challenges for Small Businesses in Market Research include costly methods, time constraints, and limited access to representative samples.
