MARKET RESEARCH
By Amita Kundlani Y12…read more

What is market research?
Market research is the process of
collecting, recording and analysing data
about the customers, competitors and
the market.…read more

Types of market research
PRIMARY RESEARCH: the collection of first-
hand data that is directly related to a firm's
needs
ADVANTAGES: DISADVANTAGES:
· Up-to-date and more · Costly ­ market research
useful than most agencies can charge
secondary data thousands of $ for
· Relevant ­ collected for a detailed customer
specific purpose ­ surveys and other reports
directly addresses the · Time consuming ­ it's
questions the business easier to obtain
wants answers to secondary data from the
internet…read more

Types of market research
SECONDARY RESEARCH: the collection of
data from second-hand resources
ADVANTAGES: DISADVANTAGES:
· Could be obtained for a · Data obtained may not
cheap price apart from be up-to-date and may be
the purchase of market inaccurate
intelligence reports · It might not be suitable
· Enables the business to for the business using it
compare data from as the data collected
different sources might have been used for
another purpose…read more

Market research is carried out by
sampling methods. A sample is a group of
How is it carried out?
people representing the overall target market
in a market research survey.
Methods include:
· Probability sampling: selection of a sample
from a population by a random chance+
· Random: every member of pop. has equal
chance of selection
· Systematic: every nth item in the target pop. is
selected
· Quota: when pop. has been stratified &
interviewer selects an appropriate no. of
respondents from each group
· Cluster: using one or a no. of specific groups to
draw samples from and not selecting from
whole pop.…read more

QUALITATIVE RESEARCH: research into the
in-depth motivations behind consumer buying
Methods of primary behaviour or opinions
· focus groups: group of people who are asked about
research their attitude towards the product, service,
advertisement or new style of packaging
Advantages: Disadvantages:
· Business can obtain · Time wasting as some
feedback from those members of the group may
people discuss issues not directly
related to research
· Data collected can be
difficult to analyse and
present to senior managers
· May be risk of researchers
influencing the decisions
too much ­ leading to
biased info…read more