Unit 3- Management Of Marketing And Opertations. Flashcards
1
Q
What is market research?
A
Market research is the name given to the process whereby businesses find out information about their customers and about the market. Market research is all about finding out what customers want and how much competitors are selling their products for.
2
Q
What are methods of field research?
A
Hall test, observation, Questionares and consumer panel
3
Q
What are the benefits of field research?
A
The information gathered is relevant
The information is accurate as it is first hand.
4
Q
What are costs of field research?
A
Very expensive to carry out
Very time consuming.
5
Q
What are examples of market segments?
A
Age, gender, income, social class
