4.4 Market Research

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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

9 Terms

1

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.

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2

benefits of market research:

  • improves marketing mix/strategies

  • discover SWOT

  • reduces risk

  • measures effectiveness of marketing strategies

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3

Primary market research

gathering new data for a specific purpose, using methods such as surveys, interviews, focus groups, and observations.

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4

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.

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5

Qualitative research

getting non-numerical responses from research participants in order to understand their behaviour, attitudes, and opinions.

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6

Quantitative research

collecting and using factual and measurable information

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7

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

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8

Sampling methods

  • quota

  • random

  • convenience

  • snowball

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9

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

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