Choosing Market Research Methods Flashcards

All 5 cards in this deck

Give two things that affect which market research method a business chooses.

Any two of: its research budget; how soon it needs answers; the amount of data it needs; how large the business is.

Give one advantage of primary market research over secondary research.

Any one of: it is up to date; it answers the business's own questions, so it is specific to its needs; it gives direct contact with customers.

Give one drawback of primary market research compared with secondary research.

Any one of: it takes longer to plan, collect and analyse; it usually costs more, which a small business may struggle to afford.

Give one advantage of trialling a new product before a full launch.

It identifies whether there is demand and gives an indication of likely sales levels.

Why does trialling reduce risk for a business?

It avoids the expense of a full launch and limits damage to reputation if the product is not well received.