Business Market Research, :money_with_wings:, :money_with_wings:, :money…
Business Market Research
How accurate data is.
How trustworthy data is
Types of Data
Data that can be turned into a statistic or number
The opinions of your customers. This can be hard or impossible to put into a statistic.
Types of Market Research
Can be quite expensive but it is reliable and specific for your business.
Up to date
Good for finding out information and customer views
Cheaper but may not be as reliable
Access to wide range of data
Able to analyse past trends and look at the whole market
Methods of Market Research
If you do it online you can save money
Get specific information but it costs a lot of money and it takes time
It is good because you can get data based on scenarios
You can't get too many people or some won't answer but you cant get too little or you wont get enough data
Watch the reaction of someone who is trying your product