Market Research

Primary research - collected first-hand

Secondary research - collected by someone else (already exists) for a different purpose

Example of primary research:

• Focus groups

• Interviews

• Surveys

• Mystery shoppers

• Product testing

Advantages

• Focused on research object (fit for purpose)

• Up-to-date

• Detailed insights on customer/stakeholder views

Disadvantages

• Bias

• Time consuming

• Costly

Examples of secondary research:

• Market reports

• Trade and industry associations

• Sales transactions

• Analytics

Advantages

• Often free and easy to obtain

• Quick

Disadvantages

• Can be outdated

• Not tailored to business’ research purpose

• Can be expensive

Qualitative data - non numerical

Advantages:

• Insight

• Flexible

• Rapport

Disadvantages:

• Time consuming

• Sample size may not be representative

• Bias

Quantitative data - numerical

Advantages:

• Quick and easy

• Cheap

• Can gather data from a large sample size

• No bias

Disadvantages:

• People more likely to lie

• No insight

• No rapport

Use of ICT to support market research:

Websites:

• Can do survey/questionnaires

• Email you after online transaction

Advantages

• Quick

• Cheap

Disadvantages

• Ignored

• Joke answers

• Customers can write about experiences through reviews

Social networking - social media:

Advantages

• Easy to find trends

• Reaches a lot of people

• Cost effective

• Personal

• Fast and easy