MARKET RESEARCH Flashcards
What is market research
Market Research: The process of collecting information about customers and competitors in order to make informed decisions.
What does market research include
the process of evaluating the viability of a new service or product through research conducted directly with potential customers
What is primary market research
a unique study conducted to discover the wants and needs of consumers who fit the description of your target market.
What does primary market research include
Surveys & Questionnaires - Physical, Telephone, Internet
Focus Groups - Interviewing a small group about aspects of a businesses marketing mix
Observations - Of business behaviour and attitude
Experiments - Such as free samples of new products or trying a new system
What are some pros of primary research
Collected first hand for specific needs
Targeted towards specific groups of customers.
Up to date
What are some weaknesses of primary market research
Time Consuming
Expensive
May be biassed if the decision maker is keen about one decision, and not considering others.
What is secondary market research
Secondary Market Research: Data used by a company that has been collected by another organisation.
What is included in secondary market research
Government Data - such as census data
Market intelligence providers - Mintel, you can buy reports
Competitors websites
Media - Newspapers and trade magazines
What are some pros of secondary market research
Pros of secondary research
Likely to be more comprehensive, covering more data points.
Time Saving
What are some weaknesses of secondary research
The source/ collection methodology may not be clear.
Could be out of date
Not specific to organisations needs
