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Why and how organizations carry out market research (AO3) The following methods/techniques of primary market research (AO2): • Surveys • Interviews • Focus groups • Observations The following methods/techniques of secondary market research (AO2): • Market analyses • Academic journals • Government publications • Media articles • Online content The difference between qualitative and quantitative research (AO2) The following methods of sampling (AO2): • quota • random • convenience
market research
range of marketing activities designed to determine the opinions, benefits, and feelings of existing/potential customers, includes gathering & interpreting information about the market and current trends.
benefits of market research:
improves marketing mix/strategies
discover SWOT
reduces risk
measures effectiveness of marketing strategies
Primary market research
gathering new data for a specific purpose, using methods such as surveys, interviews, focus groups, and observations.
Secondary market research
the collection of second-hand data and information that already exists, previously gathered by others, such as media articles, market analysis report, online content, academic journals and government publications.
Qualitative research
getting non-numerical responses from research participants in order to understand their behaviour, attitudes, and opinions.
Quantitative research
collecting and using factual and measurable information
Primary research methods
survey : a series of standardized questions
focus groups: small groups of targeted customers with similar characteristics that researchers ask and discuss questions to about a specific product
observations: researchers monitor how consumers behave
interviews: dialogue between interviewer and interviewee that gains feedback and opinions
Sampling methods
quota
random
convenience
snowball
Secondary research methods
market analysis report: contains data about a particular product, market, industry
academic journals: contains latest educational research
government publications: official documents realized by officials
media articles: professional documents in print or online media
online content: gathering information from the internet
