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  • Can be outdated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