Business AS · Marketing. The idea in plain words, the rules to remember, the mistake to avoid and a worked example, written and checked by Mega Lecture.
Market research is collecting and analysing information about a market and its customers. It shows the size and growth of the market, who the competitors are, and what customers want. Its purpose is to reduce the risk of bad decisions.
Primary research collects new data for the first time, for a specific purpose. Secondary research uses data that already exists. Data is either quantitative (numbers) or qualitative (opinions and reasons).
Asking everyone is too slow and costly, so firms ask a sample. The results are only reliable if the sample is large enough and represents the target market, and if the questions are not biased.
Students call data 'primary' because it is important or comes from a big organisation. Primary only means the firm collected it first-hand for this purpose; published data is secondary, however good it is.
Answer: 160 people chose other brands.
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