3.2

Market research

10 flashcards to master Market research

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Definition Flip

Define 'market research' and explain its importance to a business.

Answer Flip

Market research is the process of gathering, analyzing, and interpreting information about a market, product, or service to be offered for sale in that market. It's important as it helps businesses understand customer needs, market trends, and competition, reducing the risk of product failure.

Key Concept Flip

Distinguish between 'primary research' and 'secondary research'. Give an example of each.

Answer Flip

Primary research involves gathering new data directly from the source, like conducting a survey. Secondary research uses existing data collected by others, such as published market reports or government statistics.

Key Concept Flip

What is the difference between 'field research' and 'desk research'?

Answer Flip

Field research (primary) involves going out into the market to collect first-hand data. Desk research (secondary) uses existing data available from various sources, often analyzed 'at a desk'.

Key Concept Flip

Describe a 'questionnaire' and discuss the advantages and disadvantages of using one for market research.

Answer Flip

A questionnaire is a set of structured questions used to gather information from respondents. Advantages: can reach many people quickly and cheaply. Disadvantages: limited detail, potential for biased or dishonest answers.

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Key Concept Flip

Differentiate between 'qualitative' and 'quantitative' data, providing an example of each in a market research context.

Answer Flip

Qualitative data is descriptive and explores opinions (e.g., customer feedback on product design). Quantitative data is numerical and measures quantities (e.g., number of website visits).

Example: a coffee shop might use a survey (qualitative) to understand why customers prefer a new blend. They could also track sales (quantitative) of that new blend, noting a 20% increase in sales compared to the old blend in the first month.

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3.1 Marketing, competition and the customer 3.3 Marketing mix: product

Key Questions: Market research

Define 'market research' and explain its importance to a business.

Market research is the process of gathering, analyzing, and interpreting information about a market, product, or service to be offered for sale in that market. It's important as it helps businesses understand customer needs, market trends, and competition, reducing the risk of product failure.

About Market research (3.2)

These 10 flashcards cover everything you need to know about Market research for your Cambridge IGCSE Business Studies (0450) exam. Each card is designed based on the official syllabus requirements.

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