Market Research comes in two forms: Primary or Secondary Research.
Primary Research is when you find out the infomation yourself, such as conducting a questionnaire or survey.
Secondary Research is when you use infomation that already exists, such as statistics from existing websites or infomation from books.
Primary Research is seen as being more accurate and up-to-date, as well as being specific to your needs. This means that when you collect your data, it answers all of your questions rather than being vague. It is an effective way of collecting qualitative data and gives you valuable customer contact, so you can find out their specific needs. However, this is generally more expensive and time-consuming.
Secondary Research is much more general, but is less time-consuming and is an effective way of collecting quantitative data.Addtionally, this would be much less expensive.
Quantitative Data - This is numerical data (A.K.A. Numbers, Statistics, Facts)
Qualitative Data - This is opinions, judgements and attitudes.
1. What is an example of Quantitative Data? Select 2
a) Opinions b) Statistics
c) Facts d) Judgements
2. Give a defintion of both Primary and Secondary Research.
3. What are the advantages and disadvantages to Primary and Secondary Research?
4. Between primary and secondary research, which is generally the most specific to a researchers needs?
What can Market Research tell a business?
What can Market research tell a business?
- What features customers want
- How much they are willing to pay
- Where they shop
- What age and gender they are
- Who the main competitors are
- If the market is growing or shrinking
All of these questions can be answered through Primary or Secondary Research.
1. Name 3 things that can be found by doing market research.
2. Explain why one may be beneficial to the business.
3. What are the two types of research?
4. Why might market research be important to a business?