Copy of Primary and Secondary Research

Methods/Techniques of Primary Market Research

• Primary market research, also known as field research, is the collection of first-hand data tailored to an organization’s needs.

Primary Market Research Methods

• Involves fieldwork and can utilize:

  • Surveys (questionnaires)

  • Interviews

  • Focus Groups

  • Observations

Online Tools and Social Media

• Organizations leverage online tools (e.g., SurveyMonkey, Zoomerang) and various social media platforms (e.g., Facebook, Instagram, Twitter, LinkedIn, WhatsApp) for conducting primary market research.

Surveys

• Surveys are tools for data collection about individuals or their opinions.

• Utilize standardized questions to gather information.

Interviews

• Involve a dialogue between the interviewer and interviewee to gain insights.

• Tend to be more detailed compared to surveys.

• Conducted in person, online (Skype), or via telephone.

Focus Groups

• Concept popularized by psychologist Ernest Dichter.

• Consist of small groups of targeted customers sharing similar characteristics or interests.

• Researchers facilitate discussion about specific products while observing the behavior and responses of group members.

Observations

• Involves monitoring and recording customer behavior in certain situations.

• Examples include:

  • Monitoring queue times at theme parks.

  • Observing meal service times in restaurants.

  • Identifying popular areas in supermarkets.

  • Collecting website visitor data, including page views and time spent.

Secondary Market Research Methods

• Secondary research (desk research) collects previously gathered data and information from existing sources:

  • Market Analyses

  • Academic Journals

  • Government Publications

  • Media Articles

  • Online Content

Market Analysis Reports

• Provide information about a specific product, market, or industry.

• Include relevant data such as market size, growth trends, and competitor information.

• Key sources: Business Insider, Statista, Euromonitor, Eurostat, Datamonitor, Nielsen.

Academic Journals

• Scholarly publications featuring educational research and theories by leading academics across disciplines.

• Examples of journals:

  • Academy of Management Journal

  • Cambridge Journal of Economics

  • Journal of Business and Economic Statistics

  • Journal of Business Research

  • Journal of International Business Studies

  • Journal of Management

  • Strategic Management Journal

Notable Business Management Theories from Academic Journals

• Maslow's Hierarchy of Needs (1943)

• Lewin’s Force Field Analysis (1943)

• Ansoff Matrix (1957)

• Adams’ Equity Theory (1963)

• Herzberg’s Two-Factor Theory of Motivation (1968)

Government Publications

• Official documents from government entities lacking a standardized format.

• Types of data:

  • Economic forecasts (growth, unemployment, inflation)

  • Demographic trends (population changes)

  • Tourism data (visitor numbers, spending)

  • Budget documents

Media Articles

• Professional documents or articles found in print or online.

• Types include:

  • Newspapers (e.g., The New York Times, The Guardian)

  • News magazines (e.g., Newsweek, TIME)

  • Business media (e.g., Fortune, Bloomberg)

Online Content

• Refers to information derived from internet resources such as company websites.

• Provides researchers access to vast amounts of data and information through digital platforms.

Comparison Between Qualitative and Quantitative Research

Qualitative Research

• Focuses on participants' opinions, perceptions, and preferences.

• Generates detailed, descriptive non-numerical data.

• Seeks to answer "why" regarding consumer behaviors and choices.

Quantitative Research

• Based on numerical data collection and analysis.

• Aims to identify trends, correlations, and patterns regarding consumer preferences.

• Typically utilizes surveys with closed questions for easy data analysis.

Key Differences Between Qualitative and Quantitative Research

Qualitative Research

• Addresses "why" questions (open-ended).

• In-depth investigations focusing on consumer behavior.

• Relies on primary research methods.

• Collecting qualitative data can be complex and time-consuming.

Quantitative Research

• Answers "what" questions (closed and quantifiable).

• Easier and quicker to collect and interpret.

• Often relies on secondary research for data sourcing.

• A large sample size is necessary for generalization.

• Numbers alone may not provide a complete picture for decision-making.

Descriptive Statistics in Business Management

• Tools for summarizing and presenting statistical data effectively.

• Examples include:

  • Averages (mean, mode, median)

  • Graphical representations (bar charts, pie charts, infographics)

  • Measures of dispersion (quartiles, standard deviation)