Summary
Summary Market research
- Institution
- WJEC
Summary of market research.
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Market researchMarket research is the process of collecting information and data about a business’s
customers, the market place and activities of competitors within a marketplace.
Primary research (field research) gathers first-hand information. E.g.,
Questionnaires
Surveys
Taste tests
Focus groups
Interviews
Observations
Primary research advantages
Provides results specifically about your company
You can ask questions specifically about your business
Up to date
Relevant
Specific to your research objectives
Competitors don’t have access to your data
Primary research disadvantages
Expensive
Time consuming
Sample size may not be large enough
Secondary research (desk research) involves the use of previously collected information. E.g.
Books
Internet
Magazines
Government statistics
Competitors data
Secondary research advantages
Free or low cost
Quick
Easy to obtain
Secondary research disadvantages
Results aren’t specific to your business
Could be old
Could be Inaccurate
Could be biased
Difficult to obtain research specific to your business
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