1.2.2 Market research - Word Drop

Market research is the process of gathering, recording and analysing data to understand customers and the market. It helps a business to understand customer ______, so products can satisfy them, and to find ______ in the market, which are openings where customers want a product that no business yet sells. Research also informs business ______, helping the owner to choose the best option, and it reduces the ______ of a new idea failing.

Primary research is new information collected ______. A popular method is the ______, a list of questions answered by customers. Other methods include surveys, focus groups and ______, where researchers watch consumers' behaviour directly rather than asking questions.

Secondary research uses information that has already been collected by someone else. Internet research uses free or paid-for resources on the World Wide Web, while detailed market studies bought from private companies are thorough but costly. Government ______, published by official bodies, contain free statistics on the economy and population.

Data that is numerical and can be counted, such as how many customers buy a product, is known as ______ data. Qualitative data explains what people think and why they behave as they do. ______ is a powerful research tool because it reaches a wide range of people and gathers data in real time. For data to be ______, the sample must be large enough to represent the market.