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

Slide 3

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Types of market research
PRIMARY RESEARCH: the collection of first-
hand data that is directly related to a firm's
· 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

Slide 4

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Types of market research
SECONDARY RESEARCH: the collection of
data from second-hand resources
· 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

Slide 5

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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
· 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

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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

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