Market research helps Nike to make decisions by helping them to understand the changing dynamics of the market. Market research helps Nike understand who their target market are along with its competitors it has and where they differ. It helps Nike to make improvements, change their business plan or change their product. There are 2 types of market research, these are primary and secondary research.
Primary Research would be research that Nike have conducted first hand, meaning that Nike have done their own research. This could be internally or externally. If Nike was to do internal primary research they would look at things that are within the organisation. Such as their sales figures to see what products are selling well and in which areas, but also to see what products aren’t selling so well so they can try and improve them. They could also look at the customers data held on Nikes central database. This would be good for Nike as they could contact them customers and ask them what they liked about the products and what they didn’t like to give Nike more of an idea on how they can improve. Nike could also conduct external primary research which is doing primary research outside of the organisation. This could include things like questionnaires and surveys. These would also benefit Nike as they could find out more about what people like about their products and what sort of people they are. Interviews and focus groups are also another part of external primary research. These would be good to Nike as they would be able to see peoples’ reactions and find out about their product.
Secondary Research would be Research that Nike have already done before, or research that another organisation would have conducted. This type or research would also be known as ‘Desk Research’ as it would normally take place at a desk. This could be helpful to Nike as they could look at a...