Market Research Study Notes

Market Research

General Overview

  • Definition of Market Research: Market research is the process of gathering information about consumers, competitors, and distributors within a firm's target market.
  • Purpose:
    • Identify customer buying habits and attitudes toward current and future products.
    • Support the implementation of a marketing strategy.

Starter Activity Instructions

  • Date: Monday, March 23, 2026

  • Title: Market Research

  • Activity:

    1. Complete the unscrambling of key terms listed:
    • REPRINTSEE
    • KINGMATTER
    • CURTSOME
    • NICEFAN
    • TRIPOF
    • SMARTERCHECKER
    • INVIGORATEDS

  • Challenge Activity: Write a definition of 3 of the unscrambled key terms using examples:

    • Enterprise: A business organization or company engaged in commercial activities.
    • Marketing: The process of promoting, selling, and distributing a product or service.
    • Customer: An individual or business that purchases goods or services from another business.

Importance of Conducting Market Research

  • Activity: Why is conducting market research important to a business? Present findings as a spider diagram. Minimum of 5 points:
    1. Stay updated on current market trends and consumer demands.
    2. Understand competitor strategies and market position.
    3. Identify potential new markets for expansion.
    4. Test new products or services before launch.
    5. Improve customer service and experience based on feedback.

Strategies for Gathering Information

  • Challenge Activity: List different strategies a company can use to gather information about customers and distributors
    • Surveys
    • Questionnaires
    • Focus groups
    • Observations
    • Market analysis

Primary Market Research (Field Research)

  • Definition: Primary market research, also known as field research, is new research that a business undertakes itself. It involves collecting data and information directly from sources that has not been previously collected.
  • Characteristics:
    • Customised: Provides information tailored to the business's specific circumstances.
    • Direct: Often uses the business's own customers to find out relevant insights.
  • Methods of Primary Research:
    • Surveys: Structured questionnaires administered to a group of people.
    • Questionnaires: Written sets of questions aimed at gathering information from respondents.
    • Focus groups: Group discussions guided by a facilitator to gather diverse opinions.
    • Observations: Directly watching consumers in natural settings to gather insights.

Secondary Market Research

  • Challenge Activity: What is meant by the term “Secondary Market Research”?
    • Definition: Secondary market research involves the summary, collation, and synthesis of existing research rather than primary data collection. It typically uses data that was collected by someone else for a different purpose, such as reports, academic articles, and previous market studies.

Additional Notes

  • Always ensure to apply findings from market research to inform business decisions and refine marketing strategies effectively.
  • Market research is critical in recognizing opportunities and threats in the marketplace, thus informing strategic planning in businesses.