The purpose and methods of market research (AQA GCSE Business): Flashcards
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Practise the cards
15 cards from this deck
Market research definition
Market research definition
Systematic gathering, analysing & interpreting market info
Main goal of market research
Main goal of market research
Collect reliable info for informed decisions & reduce risk
Primary data
Primary data
Info collected directly by business for specific purposes
Secondary data
Secondary data
Info that already exists, collected for other purposes
4 primary research methods (OSIF)
4 primary research methods (OSIF)
Observation, Surveys, Interviews, Focus groups
Qualitative research focus
Qualitative research focus
Opinions, attitudes, beliefs & intentions
Quantitative research characteristics
Quantitative research characteristics
Larger samples, produces numerical data
Market share formula
Market share formula
(Business sales ÷ Total market sales) × 100%
Market size
Market size
Total value or volume of sales in a market
Observation method advantage
Observation method advantage
Captures actual behaviour, not what people say
Secondary research main advantage
Secondary research main advantage
Less expensive & quicker to access than primary research
Market research limitation
Market research limitation
Uses samples, may not reflect entire market accurately
Why continuous market research needed
Why continuous market research needed
Markets change: new competitors, economic shifts, preferences
Secondary research sources (GCTN)
Secondary research sources (GCTN)
Government, Competitors, Trade associations, Newspapers
Key function of market research
Key function of market research
Transform uncertainty into manageable risk with factual data