Unit 22 Assignment 1 - Market Research BTEC
Business (DISTINCTION) (Questions and Answers)
What does market research involve? - Correct Answer>>finding out the needs of customers before
developing a product
Give 6 benefits of market research - Correct Answer>>1) ability to obtain detailed info about a market
2) ability to identify needs of current/ potential customers
3) by identifying customer needs to make products that'll sell
4) identifying market trends so as to respond to changing demands in order to remain competitive
5) helping with planning of marketing campaigns
6) providing info to help solve business problems like falling sales reasons
What is primary research? - Correct Answer>>this involves collecting new info that didn't exist before
aka field research
What are interviews?
Give one benefit
Give one disadvantage - Correct Answer>>face to face/ by telephone where questions are asked
- allows more detailed info
- how questions are asked can lead to bias
What are questionnaires?
Give one benefit
Give two disadvantages - Correct Answer>>list of set questions that are used to find out more info
- easier to compare results
- answers depend on questions asked
- can take a long time to collet
Business (DISTINCTION) (Questions and Answers)
What does market research involve? - Correct Answer>>finding out the needs of customers before
developing a product
Give 6 benefits of market research - Correct Answer>>1) ability to obtain detailed info about a market
2) ability to identify needs of current/ potential customers
3) by identifying customer needs to make products that'll sell
4) identifying market trends so as to respond to changing demands in order to remain competitive
5) helping with planning of marketing campaigns
6) providing info to help solve business problems like falling sales reasons
What is primary research? - Correct Answer>>this involves collecting new info that didn't exist before
aka field research
What are interviews?
Give one benefit
Give one disadvantage - Correct Answer>>face to face/ by telephone where questions are asked
- allows more detailed info
- how questions are asked can lead to bias
What are questionnaires?
Give one benefit
Give two disadvantages - Correct Answer>>list of set questions that are used to find out more info
- easier to compare results
- answers depend on questions asked
- can take a long time to collet
