ATHENA LEILA S.

BORDAN BSBA MM-3A DECEMBER 16,2022

PRE-FINALS EXAM

PROSUCT MANAGEMENT

1. Describe the difference between primary and secondary market research.

The difference between primary and secondary market research is that Primary research is sometimes
known as field research. This is because it involves gathering data through new research. This data can
be collected in either a quantitative or qualitative format. While Secondary research is sometimes
known as ‘desk research’. This research draws on material that has been collected by another
organization to provide market information. Secondary research data provides a fact-based overview of
the market.

2. Use an example from the case study to explain the purpose of market research.

Market research provides consumer feedback. In the case study, they talked about how JD is constantly
expanding into new locations around the world and acquiring new businesses. In this case study, market
research is crucial since JD needs to completely understand all of the new markets they are entering as
well as all of their new customers. With these new acquisitions, they are gaining new consumers and
will need to complete some market research in order to know what these new customers like and want
from a store like JD.

3. Analyze why market research should be viewed as an ongoing process.

Markets are constantly changing and so are the tastes and interests of their consumers. Many
successful businesses see market research as an ongoing process that helps them keep up with market
trends. Doing your own market research on a regular basis is essential for keeping up with current
market trends and maintaining a competitive edge. The more frequent market research is done, the
better the company will understand the needs of its consumers.

4. Evaluate how market research, if undertaken properly, adds value to the decisions made by
a large company. Why does it help to reduce risk?

Market research gives you information not only what your customer wants to buy, but also who your
customer is. It costs money to collect and analyze large amounts of information and the results are not
always definitive. When undertaking market research, it is important to reflect the views of all
consumers within the business’ target market. It is important that research is properly managed to
ensure that the data collected is valid and reliable. All of this information will add value to a large
company and help reduce risk because it informs the company about where their customers live and
how often they will buy product.