Summary
Summary types of market research
- Institution
- PEARSON (PEARSON)
a detailed understanding of the different ways to conduct a market research
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Topic:Marketing
Research
Theme
1:
Section
1.1
Meeting
Customer
Needs
What
You
Need
to
Know
Product
and
market
orientation
Primary
and
secondary
market
research
data
Quantitative
and
qualitative
research
Limitations
of
market
research,
sample
size
and
bias
Use
of
ICT
to
support
market
research
Segmentation
(covered
in
a
separate
presentation)
What
is
Marketing
Research?
Marketing
research
involves
the
gathering
and
analysis
of
research
to
help
support
the
implementation
of
marketing
strategy.
The
right
kind
of
market
research
can
provide
important
insights
that
aid
marketing
strategy
and
decision-‐making.
For
example:
• Dimensions
of
the
market
(size,
structure,
growth,
trends
etc.)
• Competitor
strategies
(market
share,
positioning,
USPs)
• Needs,
wants
and
expectations
of
customers
(&
how
these
are
changing)
• Market
segments
–
existing
and
potential
opportunities
for
new
segments
Product
and
market
orientation
A
broad
distinction
can
be
made
between
a
business
that
has
a:
Product
orientation
Business
develops
products
based
on
what
it
is
good
at
doing
Market
orientation
Business
responds
to
customer
needs
and
wants
–
designs
products
accordingly
It
is
generally
agreed
that
having
a
market
orientation
is
more
likely
to
result
in
a
successful,
sustainable
business.
Market
orientation
is
linked
to
marketing
success
because:
Markets
are
much
more
dynamic
E.g.
Impact
of
technological
change
which
is
shortening
product
life
cycles
Customers
are
becoming
much
more
E.g.
Expecting
much
higher
level
of
demanding
customer
service
and
able
to
share
experiences
via
social
media
Barriers
to
market
entry
getting
lower
E.g.
Many
new
entrants
to
consumer
markets
utilising
online
and
mobile
technology
© tutor2u http://www.tutor2u.net
, Topic:
Marketing
Research
Theme
1:
Section
1.1
Meeting
Customer
Needs
Primary
and
Secondary
Research
There
are
two
main
types
of
marketing
research
–
primary
and
secondary:
The
main
benefits
and
drawbacks
of
primary
and
secondary
research
are
outlined
below:
PRIMARY
RESEARCH
SECONDARY
RESEARCH
BENEFITS
Directly
focused
to
research
objectives
Often
free
and
easy
to
obtain
Kept
private
–
not
publicly
available
Good
source
of
market
insights
More
detailed
insights
–
particularly
into
Quick
to
access
and
use
customer
views
DRAWBACKS
Time-‐consuming
and
costly
to
obtain
Can
quickly
become
out
of
date
Risk
of
survey
bias
Not
tailored
to
business
needs
Sampling
may
not
be
representative
Specialist
reports
often
quite
expensive
The
main
formats
of
primary
and
secondary
research
are:
PRIMARY
RESARCH
SECONDARY
RESEARCH
Focus
groups
Published
market
research
reports
Observation
Internal
transactional
data
Surveys
Telephone
interviews
Official
statistics
(ONS)
Test
marketing
Trade
associations
Experiments
Media
reports
Competitor
materials
© tutor2u http://www.tutor2u.net
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