Y12 1.1.2 Market Research (w/ Q's)

To understand customer needs and preferences

To increase production costs

To avoid paying taxes

To hire more employees

To identify and anticipate customer needs and wants

To design new production processes

To reduce the cost of raw materials

To increase employee satisfaction

There is little competition in the market

Consumers have high disposable income

There is extensive consumer knowledge

The market is highly saturated

Focusing on what the company can produce rather than customer needs

Customizing products for individual customers

Testing products with consumers before launch

Reducing risk through market research

It was tested by at least 50 consumers per product

It includes only new products

It is the smallest own label re-launch in UK history

It does not involve consumer feedback

Consumers may not know what they want from new technology

It is cheaper to ignore consumer preferences

Consumer demand is always predictable

It is required by law

Reduce risk

Understand consumer behaviour

Quantify consumer demand

All of the above

It helps the business become market orientated.

It reduces risks and costs of making poor decisions.

It guarantees immediate profit.

It helps develop a marketing plan based on data.

Questionnaires (surveys)

Observation

Customer interviews

Internet research

Only quantitative data

Only qualitative data

Both quantitative and qualitative data

No data

It provides specific qualitative data tailored to the company's needs.

It is the fastest way to gather large amounts of data.

It guarantees unbiased results every time.

It is less expensive than all other research methods.

Focus groups

Government sources

Market reports

Trade publications

It involves offering a product to a carefully chosen sample.

It helps determine if the wider public will buy the product.

It guarantees the product will be launched full scale.

It allows comparisons between different product versions.

Providing demographic information for market analysis

Offering free advertising space

Supplying raw materials at a discount

Guaranteeing product success

Yes, I want to know more about primary research.

Yes, I want to know more about secondary research.

Yes, I want to know more about data analysis.

No, I feel confident with what I have learned.