4.4 Market Research

Market Research

the process gathering information to support marketing decisions. It includes information on the consumption of goods/services, consumer interests and behaviour of competitors.

Reasons for Market Research

Identify consumers wants and needs to be able to satisfy them

Assists a business in predicting future trends

Reduce the risk of product failure

To provide current and up to date information on the current mark

Primary (Field) Research

the collection of first hand information about the market. Examples include surveys, interviews, focus groups and observations.

Surveys

questionnaires sent out to a particular target audience to gather useful information. Questions on a survey may be closed, multiple choice or open.

Interviews

a conversation between an interviewer and interviewee where questions are asked in order to gain information. They can be conducted one-to-one, either face to face or on the telephone.

Focus Groups

A small group of people who are brought together to discuss a particular product or idea. The group is made up of individuals who are representative of the consumers of the business or product.

Observation

The basic means of gathering information by watching and trying to understand people's behaviour. It can be scientific or simply observing consumers

Secondary (Desk) Research

collecting data that has already been produced by other businesses or experts. Examples include academic journals, media articles, government publications, and market analysis.

Academic Journals

scholarly publications written by experts. Written with the sole intention of providing information and not to make money.

Government Publications

articles provided by the government on a wide range of topics. They could provide business with valuable information on demographics, social trends, income levels etc.

Market Analyses

Market research agencies carrying out research on a particular market and then publishing their findings. Businesses can then buy their reports.

Media Articles

information which is provided by the media such as newspaper articles and magazine articles.

Online Content

gathering information from the internet or websites. Both published and unpublished secondary data can be found on the internet.

Qualitative Data

Non-numerical data that describes qualities or characteristics. It requires researcher involvement, often addressing "why" questions.

Quantitative Data

numerical information that can be measured objectively through closed questions in surveys and questionnaires. It requires minimal interpretation and typically answers "how many" questions.

Sampling

Selecting a representative group from a larger population to gather data about the whole group. This approach is often used to make data collection more manageable and cost-effective.

Quota Sampling

a sampling technique where the chosen sample has the same proportions of individuals as the entire population with respect to known characteristics.

Random Sampling

A sampling method whereby everyone in the population has the same chance of being selected to take part in the research. This approach helps reduce bias

Convenience Sampling

selecting participants based on their easy accessibility and proximity. This approach is often used when quick and cost-effective data collection is needed