4.4 IB business market research

define market research

the process of collecting, analysing and recording data related to a particular market

customer

someone who purchases the product/service

consumer

someone who uses the product/service

primary research

the collection of the first hand data from the market

adv: info directly from customers →business know exactly their need so low risk of failure

Disadv- expensive, takes time, requires experts (professional researchers/ interviewers)

surveys

questionnaires sent out mostly by email to a target audience

pros: quick, easy to make

cons: easily can be ignored, takes time to get results