Market Research Overview practise

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What is market research?

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Market research is the way in which information and data is gathered about consumers, competitors, and market trends to help businesses make successful decisions.

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How does market research help businesses?

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It helps in discovering customer needs, predicting market demand, understanding product life cycle, and monitoring competition.

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What is primary research?

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Primary research, also known as field research, involves collecting primary data that does not already exist, for a specific purpose.

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What are some methods of primary research?

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Surveys/questionnaires, focus groups, consumer panels, interviews, and observation.

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What are the advantages of primary market research?

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It is up-to-date, specific to a business' needs, and provides answers to exact questions.

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What are the disadvantages of primary market research?

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It can be expensive, time-consuming, and may have problems of bias.

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What is secondary research?

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Secondary research involves using information that already exists, also known as desk research.

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What are internal sources of secondary research?

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Company reports, business records, and financial data.

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What are external sources of secondary research?

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Government statistics, census data, the Internet, newspapers/magazines, trade journals, published research, and competitor information.

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What are the advantages of secondary market research?

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It is inexpensive, quick to obtain, and allows cost-effective analysis of several data sources.