Market Research (HSC SSCE Business Studies): Flashcards
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Practise the cards
10 cards from this deck
Market research
Market research
Systematic collecting, recording & analysing marketing info
Main benefit of market research
Main benefit of market research
Reduces risk via informed decisions based on accurate data
Three steps of market research
Three steps of market research
1.Determine needs 2.Collect data 3.Analyse & interpret data
Step 1: Determining information needs
Step 1: Determining information needs
Clearly define the problem or issue being investigated
Primary data
Primary data
Facts collected from original sources for specific research
Secondary data
Secondary data
Info already collected by others for a different purpose
Survey method
Survey method
Gathering data by asking or interviewing people
Observation method
Observation method
Recording customer behaviour without interviews or contact
Experiment method
Experiment method
Altering factors under controlled conditions for cause-effect
Statistical interpretation analysis
Statistical interpretation analysis
Examining data to identify patterns, averages, or deviations