Market research

Market research

Market research

Market research is the process of collecting, analysing and reporting data related to a particular market.

Primary research

• “Field research”

• The collection of first hand information from the market. 

• Allows the organisation to gain information directly from consumers → competitive advantage. 

• It is expensive because it takes time and specialist researchers. 

Secondary research

• “Desk research”

• The collection of second hand information from the market. 

• Carried out first to get an overall background picture and then primary to fill in any gaps. 

• It could be unreliable because it may be outdated. 

• It's cheap and the information is readily available. 

Survey

• Questionnaires sent out to a particular target audience. 

• Gets specific information from consumers by seeking their opinion on a product or issue. 

• Can be done by mail, telephone or online. 

Interviews

Conversation during which the interviewer asks the interviewee questions in order to gain information. 

Focus groups

• Small group of people brought together to discuss a specific product or idea. 

• Can be asked to try a new product. 

Observations

Carefully watching and trying to understand certain things or people’s behaviour. 

Academic journals

• Publications of scholarly articles written by experts. 

• Done for the sole purpose of distributing knowledge.

Media articles

Texts written and submitted for publication. 

Government publications

An official record of government activities and covers a wide variety of topics. 

Market analysis

Commercial publications or market intelligence reports. 

Online content

Information from the internet or websites

Qualitative research

Qualitative research is the collection, analysis and interpretation of data about consumer beliefs, opinions or beliefs.

Quantitative research

Quantitative research is the collection, analysis and interpretation of numerical data/data that can be measured. 

Sampling

Process of selecting an appropriate sample

Sample

A sample is a small group of people selected to represent the population or target market under research

Quota sampling

Segmenting a given population into a number of groups that share certain characteristics such as gender or age. 

Random sampling

Every member of the population has an equal chance at being selected as part of the sample. 

Convenience sampling

Research groups are selected on their easy access and proximity to the researcher.