• Use of primary data in market research- primary research is research that is collected at first hand. It is very important to a business because it helps business to find out the general market like why they like the product, how does price affect their decision, what is your opinion of the business. The purpose of the primary research is to show the business what you should do in next. The main uses of primary research are to work out does it possible to enter the market with the new product or services. To find out what situation and position we are. To estimate potential profitability and evaluate trends in the market and find out is it a growth or decline. In primary research, we usually use questionnaire, focus group, surveys, observation and experimentation. Here are some following example:
• Use of secondary data in market research- secondary research is research that has been collected by someone else. It is useful to a business because it exists already and can provide information about what is happening in a market. In some case, business would like to do secondary research before the primary research because they can get some ideas in the market like trends, market share, changes in population or effectiveness of sales promotions. Why business may want to do secondary research before the primary research, it’s because it gives useful information to business also about a range of product and services that are already available in a market and any changes affecting the market. Here are some following example:
• Factors affecting the demand for a product or service- quality can be affect the product or services because customers may not want it if the product is very bad, e.g. shoes come form Italy and have special design usually they are popular than the shoes made by machine and import from China or India. The product range and its image would... [continues]
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