Types of Market Research

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Types of Market Research: Primary and Secondary Research
Primary Research
Observation
This is a form of research whereby researchers watch how consumers behave to certain products or services. Observation works well in retail markets; sit outside a shop and watch how many people walk by, look at the window display etc. Experimentation

This form of research involves experimenting with a product and seeing how people react to it. The results are recorded and analysed so they can make any necessary changes to the products. For example experimentation maybe done by changing the price of a product to see hoe the market will react. Focus Groups

This is a group of potential and existing customers brought together to focus on a particular product or consumer issues. The purpose of this research is to gather qualitative data as opposed quantitative data that focuses on the numbers. Panels

Panels are surveys that are conducted over longer period of time with same group of people. They provide information about the typical things consumers buy how consumers respond to marketing campaigns like special offers and increased advertising. E–market Research

This is as referred as “Achieving marketing objectives through applying digital technologies”. These digital technologies include Internet media such as web sites and e-mail as well as other digital media such as wireless or mobile and media for delivering digital Television such as cable and satellite. Field Trials and Piloting

Field trial involves testing a new product/service in the market before launching it. The purpose of this is to find out how real consumers respond to the product thou expensive it does produced very relevant and important information. Piloting is a similar process but this identifies the strengths and weaknesses. This may also mean piloting of market research questions. Surveys

These are the most frequently used methods of research which mainly involve the use of questionnaires. There are many ways of conducting surveys for example: * Face to Face: This is live question and answer interviews were once the most accurate form of information gathering available they are good when collecting * Postal: A survey method in which a printed questionnaire is produced and is sent by mail to consumers for them to fill in and send back. Postal surveys traditionally have a very low response rate. * Telephone: Consumers are interviewed via the telephone. The telephone interview is normally conducted from a central telephone facility. * E-mail: A survey in which respondents are contacted by e-mail and they respond to the survey via e-mail. This has a very low sometimes no response rate as some respondents may redirect the e-mails to their junk mail. Secondary Research

This is research that mainly involves using existing information rather than finding out new information. There are two main sources of finding this information and they are Internal and External sources. Internal Sources

Data Records
These are records that a company keeps in their database, particularly the important ones like the sales figures and customer based information like invoices and personal details. Loyalty Schemes/Cards

The increasing availability and use of loyalty cards has given retail outlets the chance to gather a wide range of valuable information on customer buying habits, allowing them to target promotional campaigns more effectively. EPOS (Electronic Point of Sale)

This is self-contained, computerized equipment that performs all tasks of a store checkout counter. It allows payments by bank or credit cards, verifies transactions, provides sales reports, coordinates inventory data, and performs several other services normally provided by employees. Website monitoring

It is essential to keep a record of browsers who show an interest in your website and the goods and service you offer. So this makes it easy for them to offer promotional offers to...
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