Chapter 9: Market Research
This chapter focuses on understanding market research for GCSE Business studies, a crucial aspect of business planning and decision-making.
Market research is the process of finding out about customers and potential customers in a market for a product to help a business satisfy customer needs more effectively.
The purpose of market research:
- To identify and understand customer needs
- To identify gaps in the market
- To reduce risk
- To inform business decisions
Definition: Primary Research involves collecting information that didn't exist before. It includes methods such as focus groups, surveys, observations, experiments, questionnaires, and social media.
Definition: Secondary Research is the process of gathering data which already exists, including internet sites, local newspapers, government reports, market reports, telephone directories, and sales data.
Benefits and drawbacks of primary and secondary research are discussed in detail, providing a comprehensive understanding of market research for GCSE Business.
Highlight: Social media can be used to collect feedback from comments, reviews, surveys or online focus groups. This can be quick, cheap, and in real-time, allowing businesses to respond immediately.
