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Unit 22 Assignment 1 - Market Research BTEC Business (DISTINCTION) (Questions and Answers)

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Unit 22 Assignment 1 - Market Research BTEC Business (DISTINCTION) (Questions and Answers) What does market research involve? - Correct Answerfinding out the needs of customers before developing a product Give 6 benefits of market research - Correct Answer1) 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 Answerthis involves collecting new info that didn't exist before aka field research What are interviews? Give one benefit Give one disadvantage - Correct Answerface 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 Answerlist 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 What are consumer panels/ focus groups? Give one benefit Give one disadvantage - Correct Answersmall group of people who often meet to give views/ issues on products - provide detailed info - can be $$ + time consuming to arrange

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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

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  • what does market research involve
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  • give 3 disadvantages of primary research
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