4.1 Market research

The purpose of market research:

• to identify and understand customer needs
• to identify gaps in the market
• to reduce risk
• to inform business decisions.

Methods of market research:

• primary research:
  • survey
  • questionnaire
  • focus group
  • observation
  • test marketing
• secondary research:
  • internet
  • market reports
  • government reports.

Use qualitative and quantitative market-research data, including averages, graphs and charts, to support business decisions. Understand the role of social media in collecting data and judge the reliability of market-research evidence.