Primary and Secondary market research

• What is primary market research?


  collecting data first hand for a specific purpose
• what is primary market research also known as?


  field research
• what is secondary market research?


  using data that already exists
• what can secondary market research also be called?


  desk research
• what is sampling?


  Sampling is the process of selecting a subset of individuals or items from a larger population in order to gather information or make inferences about the whole population.
• what can data be used for?

  • identifying and anticipating customer needs and wants
  • gain insight into consumer behaviour
  • quantifying likely demand
• What is a survey?

  • collecting data through questionnaires
  • reduced bias
  • quantitative data
  • can be collected online, via email or in person
  • can have a large sample size
• what is a focus group?

  • small group of individuals in guided discussions about the product
  • collects qualitative data
• what are consumer panels?

  • gathers a group of individuals who represent the target market
  • happens over a long period of time
  • collects qualitative data
• what is observation?

  • directly observing customers
  • helps to understand real life situations
• what is test marketing?

  • assesses the viability of a product
  • release the product to specific people and get feedback
• what is online analytics?

  • collecting data from digital sources
  • provides insight to online preferences
• types of primary market research?

  • surveys
  • focus groups
  • consumer panels
  • test marketing
  • observation
  • online analytics
• advantages of primary market research?

  • specific and targeted
  • up to date
  • reduces risk
  • only avaliable to the business who carried it out
  • gives a competitive advanatge
• types of secondary market research?

  • government publications
  • industry reports
  • trade publications (magazines)
  • commercial databases
  • social media data
  • online customer reviews
  • competitor websites
  • past sales
  • loyalty card databases
• advantages of secondary market research?

  • free or cheap
  • available instantly
  • large smaple
• disadvantages of secondary market research?

  • anyone can see data
  • not specific
  • out of data
  • primary research can be free