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The material distinguishes primary research from secondary research and qualitative from quantitative data, including focus groups and market trends. It compares benefits and limitations of each method, notes how social media improves data collection, and highlights examples such as Innocent Smoothies and SurveyMonkey. It also stresses avoiding street-level assumptions and recognizing bias and sample-size issues.",{"@graph":69,"@context":126},[70,84,105],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":20,"@type":76,"position":81},"https://docshare.wps.com/document/exam/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/market-research-key-vocabulary-purpose-methods-benefits-and-examples/409692/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/market-research-key-vocabulary-purpose-methods-benefits-and-examples/409692.png","ImageObject",300,407,{"name":92,"@type":93},"dawugda","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-10-30","2026-09-28",true,{"@type":102,"interactionType":103,"userInteractionCount":29},"InteractionCounter",{"@type":104},"ViewAction",{"@type":106,"mainEntity":107},"FAQPage",[108,114,118,122],{"name":109,"@type":110,"acceptedAnswer":111},"What is the purpose of market research?","Question",{"text":112,"@type":113},"Market research is used to identify and understand customer needs, identify market gaps, reduce risk, and inform business decisions.","Answer",{"name":115,"@type":110,"acceptedAnswer":116},"What are the main methods of research mentioned?",{"text":117,"@type":113},"The document lists primary research (collecting brand-new data for specific business needs) and secondary research (using research gathered for another purpose).",{"name":119,"@type":110,"acceptedAnswer":120},"What are the key benefits and limitations of primary and secondary research?",{"text":121,"@type":113},"Primary research provides up-to-date information but can be expensive and time-consuming, with results that may be inaccurate. Secondary research is easy to find and cheap or free, offering a good overview, but it may be inaccurate, out-of-date, and likely unrelated to business needs.",{"name":123,"@type":110,"acceptedAnswer":124},"Why can market research results be unreliable?",{"text":125,"@type":113},"Results can be unreliable if the sample size is too small, the wrong target market is questioned, or the sample is biased.","https://schema.org",{"og:url":83,"og:type":128,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":130,"canonical":83},"index,follow",{"doc_id":132,"site_id":62},409692,1791496910,{"code":4,"msg":5,"data":135},{"doc_id":132,"user_id":136,"nickname":92,"user_avatar":137,"doc_module":4,"category_id":19,"category_name":20,"doc_title":65,"doc_description":67,"doc_content":138,"file_id":139,"file_url":140,"file_type":141,"file_size":142,"view_count":29,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":8,"language":143,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":144,"faqs":145,"seo_title":146,"seo_description":67,"update_tm":147,"read_time":81,"preview_page_count":4},3985747870947,"https://ap-avatar.wpscdn.com/davatar_3d24733baf745e90a7e4bdd5f77d97b2","| \u003Cbr>BUSINESS: Creating informed, discerning employees, consumers and future leaders | \u003Cbr>Topic 1 .2.2 Market research |  |\n| --- | --- | --- |\n| Key Vocabulary\u003Cbr>Market research – the process of gathering, processing and interpreting information about consumers’ behaviour\u003Cbr>Secondary research – using research that has already been carried out for another purpose\u003Cbr>Primary research – collecting new information\u003Cbr>Qualitative data – research into opinions and views\u003Cbr>Quantitative data – data that is numerical\u003Cbr>Focus group – a small number of consumers who have a discussion\u003Cbr>Market trends – an overall pattern related to products\u003Cbr>Market gap – where demand isnot being met by the existing products available\u003Cbr>Bias – a one-sided view\u003Cbr>Sample-size – the number of consumers that are involved in market research | Core Knowledge\u003Cbr>The purpose of market research is:\u003Cbr>• To identify and understand customer needs\u003Cbr>• Identify market gaps\u003Cbr>• Reduce risk\u003Cbr>• Inform business decisions\u003Cbr>Methods of research are:\u003Cbr>• Primary – collecting brand new data to meet the specific needs of the business\u003Cbr>• Secondary – using research that has already been gathered\u003Cbr>Benefits Limitations Primary • Up-to-date information\u003Cbr>• Information secret from competitors • Can be expensive\u003Cbr>• Can be time consuming\u003Cbr>• Results may be inaccurate Secondary • Easy to find\u003Cbr>• Cheap or free to obtain\u003Cbr>• Good overview of whole market • May be inaccurate\u003Cbr>• Can be out-of-date\u003Cbr>• Likely to be unrelated to business needs\u003Cbr>Social media has made it easier to collect data using comments, reviews, surveys, and online focus groups\u003Cbr>Trends can be identified from tracking hashtags | Wider Business World\u003Cbr>Innocent Smoothies – conducted initial market research at a festival using two bins – Yes or No to launching their business\u003Cbr>Survey monkey – a free online survey platform making it easier to conduct research\u003Cbr>|\n|  |  |  Synoptic Links Market segmentation – how we divide up customers into smaller groups with similar needs\u003Cbr>Customer needs – market research aims to find out what these are, if they are being met, and what else is wanted\u003Cbr>Risk and reward – market research can reduce the risk |\n|  | Don’t be a “man on the street”\u003Cbr>• Don’t assume that a market gap will guarantee success\u003Cbr>• Remember that research can be unreliable if the sample size is too\u003Cbr>\u003Cbr>small, the wrong target market are questioned or the sample is biased |  |","cbCaigTNOHaro8Ft","https://ap.wps.com/l/cbCaigTNOHaro8Ft","pdf",132912,"English","# Topic 1.2.2 Market research\n## Key vocabulary\n## Core knowledge\n## Methods, benefits, and limitations\n## Social media and trends\n## Wider business world\n## Market segmentation, needs, risk and reward\n## Don’t be a \"man on the street\"","[{\"question\":\"What is the purpose of market research?\",\"answer\":\"Market research is used to identify and understand customer needs, identify market gaps, reduce risk, and inform business decisions.\"},{\"question\":\"What are the main methods of research mentioned?\",\"answer\":\"The document lists primary research (collecting brand-new data for specific business needs) and secondary research (using research gathered for another purpose).\"},{\"question\":\"What are the key benefits and limitations of primary and secondary research?\",\"answer\":\"Primary research provides up-to-date information but can be expensive and time-consuming, with results that may be inaccurate. Secondary research is easy to find and cheap or free, offering a good overview, but it may be inaccurate, out-of-date, and likely unrelated to business needs.\"},{\"question\":\"Why can market research results be unreliable?\",\"answer\":\"Results can be unreliable if the sample size is too small, the wrong target market is questioned, or the sample is biased.\"}]","Market research - Key vocabulary, purpose, methods, benefits, and examples | PDF",1790582926]