Market research is the process of collecting information and data about a business’s customers, the market place and the activities of competitors within that marketplace
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why conduct market research?
-target market
-make any improvements to the product
-Identify the problem areas in your business
-Discover potential customers and their needs
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what is primary market research?
Original data collected by the business that did not exist before for a specific purpose.
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what are examples of primary market research?
-observations
-questionnaires
-telephone surveys
-focus groups
-test marketing
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what are the advantages of primary market research?
-specific
-more reliable and accurate than secondary data
-can give you a competitive advantage
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what are the disadvantages of primary market research?
-more expensive that secondary market research
-time-consuming
-may require some expertise
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what is secondary market research data?
-existing data that has not been collected specifically for the business
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