Methods of Market Research

By the end of this lesson you should be able to....

• Describe differences between quantitative & qualitative research

• Explain how Primary and Secondary research are dissimilar

• Evaluate various research techniques

• Recommend a research method for a business

• All of the above (fingers & toes crossed)

Imagine the market share of a product is 5% & it has sales of $80,000. how much are total sales in the Market?

• 1,000,000

• 1,400,000

• 1,200,000

• 1,600,000

Market Research is beneficial to businesses because...

• it helps them 'turn the light off'

• it helps them 'turn the light on'

• It helps them 'turn the light off & operate blind'

• it helps them 'turn the light on' and make better decisions by gathering information about market conditions.

Which of the following is not qualitative data...

• Interviews

• Market Growth

• Focus Groups

• Experimenting

Which one of the following is an advantage of Primary Research?

• It is quick & cheap to collect

• Can be tailored to meet a businesses needs & is up-to-date

• The data may be out of date

• There is an abundance of information already available

Market research is useful for businesses because...

• They can evaluate what promotional activities worked best?

• They can calculate for definite how much product demand will be?

• They could identify products that are already popular?

 $\frac{Sales\ of\ product}{Total\ Market\ Sales}X\ 100\$  is the formula for?

• Market Size

• Market Share

• Market Growth

What is meant by 'Primary Market Research'?

• AKA 'Desk' research it involves data that already exists

• Gathering information first hand

• AKA field research, it involves gathering information first hand

• AKA field research, it involves gathering information first hand e.g through surveys/observations

Which method of data gathering is NOT a survey?

• Focus Group

• Experimenting

• Cold Calling

• Questionnaire

Which of the following is a disadvantage of a telephone survey?

• Information may not reflect the businesses target market

• Can get an in-depth response

• Can be time-consuming

• Cannot study how people react based on body language