Market Research

• Market research?


  process of collecting, recording and analysing data about customers, competitors and the whole market for a product
• Uses of market research?

  • helps know the size of market
  • helps decide a price for product
• Primary Research?


  the first hand collection of data for specific needs of the firm
• Secondary Research?


  process of indirectly collecting data that has already been collected for another reason
• Tools for primary research?

  • Survey
  • focus group
  • testing and observation
• Types of survey?

  • Questionnaire
  • interview
  • sampling
• Advantages of primary research?

  • data is up to date
  • data helps achieve the purpose
• Accuracy of research data?

  • methos of research chosen
  • data may be recorded incorrectly
  • interviewees might now answer truthfully