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| Question | Answer |
| why do market research? | helps reduce risk of failure ↑success |
| why use Primary Research | collect new info and sources |
| advantages and disadvantages of primary research | ad: original info can be tailored to the needs of customers dis: time consuming sometimes expensive |
| explain the uses of market research | market(market size, trends, sales) competition(장점/단점 of competitors) price product(wants and needs) promotion(effectiveness/method) place(best outlets of products) |
| Methods of Primary Research | Questionnaires Focus groups/ Control Panels Observation Test marketing |
| Good factors in questionnaires | balance of open and closed questions clear and simple questions no leading questions(unbiased) short and concise |
| questionnaires irl | postal survey(waste of paper, no reply) telephone interviews(cheap, disliked) personal interviews(detailed, disliked) online surveys(↑answers) |
| Focus groups/ Control Panels | ↑detail customers invited to attend discussion among researchers CP: asked for feedback over time |
| observation | watch customer's behavior no feedback questions are not answered |
| test marketing | selling product in a certain area before expanding reduces failure |
| secondary research | business websites media commercial publication government publications internal data external data competitors |
| business websites | history price lists product information outlets new releases |
| media | newspaper magazine television |
| commercial publications | data gathered by market thats sold to businesses |
| government publications | population data economic data(inflation, retail spending, unemployment) |
| internal data | sales figures budgets reports stock data complains previous research |
| competitors | annual reports price lists product catalogues PR material |
| sample | small group of people which must represent a proportion of total market in research |
| factors dividing samples | age gender income |
| stratified sample | samples that are divided to help to get a representative across different groups |
| Limitations of Market Research | data can be biased (sample≠representative) unpredictable(irl≠research) poor research technique |
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