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This lesson covers AQA A-Level Business topic 3.3.2, focusing on market research methods. You will study the distinction between primary and secondary research, qualitative and quantitative data, and evaluate the strengths and weaknesses of different research techniques.
Key Definition: Market research is the systematic process of gathering, analysing, and interpreting information about a market, including information about potential customers, competitors, and the business environment.
Market research reduces the risk of business decisions by providing evidence on which to base strategy. Without research, firms rely on intuition and guesswork — a dangerous approach in competitive, fast-changing markets.
Key Definition: Primary research involves the collection of new data that did not previously exist. It is gathered first-hand by or for the business for a specific purpose.
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