| Criteria | Marks |
|---|
| Clearly shows why market research is important for this business | 4 |
| Shows why market research is important for this business | 3 |
| Sketches market research in general terms | 2 |
| Provides some relevant information about market research | 1 |
Sample answer:
Market research is the process of collecting, recording and analysing information. It is important as it allows the business to be well informed about the target market’s needs and wants and allows this business to implement effective marketing strategies. High end luxury cars would attract a high price. Market research will ensure the marketing strategies are targeted at a high socioeconomic group, in an affluent area. Without accurate research it may be impossible for this business to achieve its marketing objectives of a strong position in the market and increase sales.