market research

purpose of market research

reduce risk

identify gaps in market

identify customer needs

helps buisness decisions

what things does market research provide

competitors

customer needs

market segments

define market segment

Group of customers that have similar characteristics that buisness tries to target its product or service

such as age

location

Define market share

amount of shares sold by one buisness

Define primary research

Data that is collected first handed

focused groups

interveiws

observations

questionairs

advantages of primary research

data is not outdated

specific data to buisness

disadvantages of primary research

risk of survey bias

time consuming

not enough Sampling can’t represent the whole population

define secondary research

Buisness uses data that is already collected

advantages of secondary research

easy to find

less time consuming

disadvantages of secondary research

can get outdated quick

not specific to buisness