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Learn: The Purpose and Methods of Market Research
AQA GCSE Business 8132
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Welcome!Great to see you back! Building on what you've learned about customers and segmentation, this lesson will focus on market research. You'll discover why businesses use it and learn about different methods to collect and analyse information.
What is Market Research?Market research is the process of gathering information about customers, competitors, and market trends. It helps businesses make informed decisions, reduce risks, and meet customer needs more effectively.
Why is Market Research Important?Market research helps businesses understand what customers want, identify gaps in the market, and stay ahead of competitors. For example, it can reveal what price customers are willing to pay or which marketing strategies work best.
Quick check: Which of the following is a key purpose of market research?
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Types of Market ResearchThere are two main types of market research: primary research and secondary research. Each has its own advantages and disadvantages.
Primary ResearchPrimary research involves collecting new data directly from customers or competitors. Common methods include surveys, interviews, and focus groups. This data is specific to the business but can be time-consuming and expensive.
Primary research is data collected directly through methods such as {{blank0}} and {{blank1}}.
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Secondary ResearchSecondary research uses existing data that has already been gathered by other organisations. Examples include reports, government statistics, or data from market research companies. It is usually cheaper and quicker but might not be as specific to your business.
Quantitative vs Qualitative DataMarket research can collect two types of data: quantitative data (numbers, statistics) and qualitative data (opinions, feelings). Quantitative data is useful for measuring trends, while qualitative data helps understand customer motivations.
Match the items on the left with their correct pairs on the right
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Methods of Market ResearchThere are various methods to conduct market research, including surveys, focus groups, and observations. Each method has its own strengths depending on the business's goals.
Which of the following is a method of primary research?
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Review Time!Fantastic work! You've learned about the purpose of market research, its importance, and the different methods used. Let's test your understanding with a few final questions.
Which of the following statements about market research are true? (Select all that apply)
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Match the items on the left with their correct pairs on the right
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Secondary research involves gathering information from {{blank0}} sources such as government reports or newspaper articles.
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Well done!You've successfully completed the lesson on market research. Keep exploring how businesses use these techniques to make informed decisions!
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