Describe the purpose of market research.
Marketing research is a crucial management tool for helping businesses to discover whether or not the product or service that they are providing is actually desired by their customer base. An example of a market research strategy is convening a focus group to determine how a demographic experiences interactions with a company. Market research should be conducted constantly to ensure that the business is still meeting the needs of a changing market.
Explain the difference between primary research and secondary research. Primary research is the research you generate by asking questions, conducting trials and collating results. This research can take the form of quantitative or qualitative research. Quantitative
Quantitative research uses a scientific approach. An hypothesis may be stated and the researcher attempts to prove or disprove that hypothesis. The techniques used are usually easy to measure. The data generated can be analysed mathematically. Qualitative
Qualitative research on the other hand is more concerned with opinions and feelings. The data does not necessarily end up as a set of numbers that can be analysed. It looks at the total picture rather than the separate components. Secondary research
Secondary research is based on the findings from other people's research. It involves the gathering of the results of other's research from books, reports or the Internet. Selections or summaries are made of the research allowing for evidence to be gathered to support your conclusions.
Analyse why an organisation like Kellogg’s would use both qualitative and quantitative data.
Evaluate why market research can reduce the risks of a new product launch.
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