5.4 5.5 Responsibility and sustainability, Market research

Study Notes

Importance of Sustainable Production and Consumption

Businesses often create desires and needs by developing new products and advertising them, sometimes unethically.
Many people spend more money than they can afford and buy things they don't need or won't use.
It is desirable for businesses and consumers to become more aware of sustainable production and consumption.
Market research provides information about customers, competition, and the industry.
Primary sources of market research involve conducting empirical studies or collecting data from market research institutes.
Primary research can be tailored to the needs and interests of the business but can be costly for small businesses.
Secondary sources of market research involve existing research done by others, such as government agencies or industry associations.
Secondary information is often general and not tailored to specific business interests.
Conducting a study for market research can involve administering questionnaires, conducting interviews, or setting up online surveys.
Small businesses often cannot afford the costs associated with market research.
The purpose of market research is to understand customers' preferences, buying behavior, and opinions on products.
Sustainable production and consumption require both businesses and consumers to act responsibly and make sustainable choices.