Term

Market Research

Definition

Market research is the process of gathering, analyzing and reporting data related to a particular market. Businesses do this to help them make better marketing decisions.

Term

Primary Research

Definition

- Known as field research - New data no else has - Gathered specifically for the business needs - Can be expensive and time consuming

Term

Surveys (Advantages/Disadvantages)

Definition

Advantages: - They can collect large quantities of data - Can collect a wide range of information on attitudes, preferences, etc - Can be quickly and easily completed by respondents Disadvantages: - Repose rates are generally low - Respondents might not represent the market - Much care needs to be taken to write good questions