Business studies

Market research

Market research is the process of collecting and analysing data on the market who operates within the market and the customers within the market

Why do entrepreneurs use market research

Reduce the risk of failure

Improve decision making

Help understand customer needs

Find gaps in the market

Primary research

It is the research which is being carried out for the first time, no one else ever carried out the research so new information is gathered

Examples of primary research

Questionnaire

Telephone surveys

Consumer panels

Testing and observation

Secondary research

Research that has already been gathered by someone else.

Examples of secondary research

Books and newspapers

Internet

Company reports