Market Research

Market Research

The gathering, recording and analysis of information about a consumer’s opinion of a product or service.

Field/Primary Research

Gathering information 1st-hand. Direct contact with customers and potential customer.

Surveys/Questionnaires

Asking consumers questions about the product or services. Responses are analysed. Question types - 1 ~ closed, 2 ~ multiple choice, 3 ~ open ended

Focus Group

Group of consumers brought together to discuss a particular product or service. Adv - Efficient. Disadv - members may dominate responses

Observation

Watching/viewing consumers. Often used in retail stores. Adv - cheap, large number. Disadv - time consuming, limited infor

Desk/Secondary Research

Information that has already been gathered by other people and is now available for others to use. Adv - Cheap, quick, easy to obtain. Disadv - time conuming, lots of info

Target market

Group of people who are likely to want to buy a particular product or service

Niche Market

Market that targets a specific and often small group of people.