Market research

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Market research

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4.4 Oxford textbook

19 Terms

1

Market research

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

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2

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. 

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3

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  • It could be unreliable because it may be outdated.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. 

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4

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. 

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5

Interviews

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

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6

Focus groups

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

  • Can be asked to try a new product. 

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7

Observations

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

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8

Academic journals

  • Publications of scholarly articles written by experts. 

  • Done for the sole purpose of distributing knowledge.

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9

Media articles

Texts written and submitted for publication. 

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10

Government publications

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

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11

Market analysis

Commercial publications or market intelligence reports. 

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12

Online content

Information from the internet or websites

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13

Qualitative research

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

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14

Quantitative research

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

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15

Sampling

Process of selecting an appropriate sample

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16

Sample

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

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17

Quota sampling

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

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18

Random sampling

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

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19

Convenience sampling

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

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