The Importance and Limitations of Market Research for Businesses

The video tutorial discusses the importance of market research for business success. It explains the two main types of market research: primary and secondary. Primary research involves collecting new data directly from customers, while secondary research uses existing data. The tutorial highlights the challenges and limitations of market research, such as sampling bias and accuracy issues. It also suggests cost-effective strategies for smaller businesses and emphasizes the importance of ensuring research accuracy to make informed business decisions.

Why might smaller companies struggle with primary market research?

How can businesses ensure they gather a representative sample of their target market?

What is the significance of the accuracy of the sample in market research?