Market Research

• What is market research?


  Finding out information about the market in which a business operates in.
• What are the methods of primary research?

  Surveys - Carried out using questionnaires either face to face or online (cheaper)

  Focus groups - Small, carefully chosen groups of people who discuss the products and services of a business. Qualitative data.

  Consumer panels - Groups of people chosen to to test a new product. Qualitative data.

  Interviews - Structured conversations used to obtain detailed info. Qualitative data.

  Observation - Observing how people react to products in stores. Lots of results in a short time. Quantitative data.
• What are the methods of secondary research?


  Internal Sources - Invoices showing who they're selling to and how much.

  Internet - Enables companies of all sizes to access information.

  Newspaper/magazines - Publish data about their own market for the public to see.

  Government statistics - Provide data for lots of people. High rate of response.

  Competitor information - Limited companies have to publish their accounts for other competitors to see.