4.4 Market Research

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