Market Research

HideShow resource information

Marketing research: the process of gathering, analysing and presenting data relevent to marketing

Primary market research:involves gathering and analysing market research/data that has not yet been researched or found, first hand reserah, e.g. asking people on a street to fill out a questionnaire. This is often more reliable because you can structure the reserach to be relevent to your business wheras secondary market reserach may not give you the direct answers you are inquiring about/researching for. It takes longer to get information than secondary market research.

Secondary market research: gathering and analysing data that has already been collected, often referred to as 'desk research', e.g. buying data from online companies who carry out research. It is very quick to carry out and can be cheap however the data collecteed may not be relevernt to your business or answer all the fields you are enquiring about.

Why Is It Useful?

It highlights oppurtunities in the market such as discovering a niche in the market, if a niche is discovered you can have a business with less or no


No comments have yet been made

Similar Business Studies resources:

See all Business Studies resources »See all Starting a business resources »