- Created by: finleyyy
- Created on: 28-01-20 15:30
Market research- systematic and objective collection, analysis and evaluation of information that is intended to assist the marketing process. It is undertaken for:
- Descriptive reasons
- Explanatory reasons
- Predictive reasons
- Exploratory reasons
Primary market research- collection of information first hand fo r the specific purpose of the initial user. Examples are- experiments, observations, focus groups and surveys.
- Direct link to research as gained for it
- Can be time consuming
- Can be expensive
Secondary research- using information that other people have gathered. Examples are- government publications, newspapers, magazines, company reports, competitors, market research organisations.
- Less time consuming
- Can be less expensive
- Lacks reliability
- Might not link directly to your research
Qualitative research- collection of information based on subjective factors such as opinions and reason. Words.
- Gives insight
- Highlight issues they're unaware of
- Explains thinking behind actions
- Difficult to analyse and generalise
Quantitative research- collection of information based on numbers.
- Easy to generalise and summarise
- Easy to compare
- Able to identify trends
- Shows what but not why
- May mislead, lacks reliability and validity if sample is too small
Market Mapping- analyses markets by looking at specific features that distiguish different products or firms. Shows the positions in relation to market and can identify…