Market Research Methods

Secondary data, postal interviews, consumer panels, postal surveys, personal interviews, internet surveys, quantitative and qualitative data.

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Market Research
Secondary data:
A problem with secondary data may be that it could be out of date
It may be unreliable if it is not official
It may not be specific to your personal use of the data
The data may be biased
Consumer panel
A group of people who trial new products
Advantages: detailed feedback, professionals testing the products and they give
specific details, however some market research methods would not be
appropriate.
Postal survey
A survey sent through the post, it isn't effective when looking for research on food
backs because people are unlikely to sample the product so the feedback will be
inaccurate
Personal interviews
For example testing the product in a supermarket
Internet surveys
This is the cheapest research option but it is of no use to particular businesses
because it will not help them find out detailed information about products.
Primary or secondary data?
It depends on:
Available funds Entrepreneurs are likely to choose the low cost option (secondary)
due to lack of money.
The nature of the product You will need to find out whether there are similar products
existing that have research available
The level of risk The greater the risk the business is, the greater need for good
primary research to make the business work
The target market If the target market is defined it is easier to sample for research
Time If you have little time to conduct the research you would use secondary research
Quantitative and qualitative data:

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Market Research
Quantitative:
Questionnaire
Telephone surveys
Online surveys
Quantitative data is generally numerical information in the form of percentages.
Qualitative:
Indepth interviews
Group discussions
Qualitative data is generally descriptive, and more expensive to collect.…read more

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