Unit 10 - P1 - Various Market Research Techniques
Various Market Research Techniques
Market Research
The definition of market research is simple, it is basically researching information whether it is primary, secondary, internal or external for a product that a business wants to sell or push in to a selected market.
Primary Research (Internal)
This type of research occurs when the business or person who wants to find information, researches it by himself with surveys, observation, focus groups, experimentation and e-marketing. Primary Research mainly uses Surveys for research because it has different sections of surveys and is the cheapest, most reliable type of research.
Survey
Interviews, Questionnaires, E-mails, Tasters, Phone Calls
This type of research has many sections of it as I have listed above, each sector has a up and down side for example, interviews consume a lot of time and are costly but they give valuable information whereas questionnaires online would be cost efficient and would not take up so much time, but the quality of the questionnaire online followed by the Appropriateness would not be sufficient research for most cases.
Observation
This type of primary research is mostly used by big businesses against its rivals when they want to research what type of strategies its rivals are using which are probably doing better than their own business. Observation can also be used by new businesses that want to find a location to expand or open up for the first time, they would look at businesses near the chosen location of theirs to analyse and find out if their business would make any profit and possibly overtake the current businesses in that location that are in the same market and or selling similar or the exact same products.
Focus Groups
A focus group is a qualitative type of research because it is a group of people, who have been picked for a type of research to answer questions, give their opinions and discuss about a product or anything relevant to the business. The reason why this is
Market Research
The definition of market research is simple, it is basically researching information whether it is primary, secondary, internal or external for a product that a business wants to sell or push in to a selected market.
Primary Research (Internal)
This type of research occurs when the business or person who wants to find information, researches it by himself with surveys, observation, focus groups, experimentation and e-marketing. Primary Research mainly uses Surveys for research because it has different sections of surveys and is the cheapest, most reliable type of research.
Survey
Interviews, Questionnaires, E-mails, Tasters, Phone Calls
This type of research has many sections of it as I have listed above, each sector has a up and down side for example, interviews consume a lot of time and are costly but they give valuable information whereas questionnaires online would be cost efficient and would not take up so much time, but the quality of the questionnaire online followed by the Appropriateness would not be sufficient research for most cases.
Observation
This type of primary research is mostly used by big businesses against its rivals when they want to research what type of strategies its rivals are using which are probably doing better than their own business. Observation can also be used by new businesses that want to find a location to expand or open up for the first time, they would look at businesses near the chosen location of theirs to analyse and find out if their business would make any profit and possibly overtake the current businesses in that location that are in the same market and or selling similar or the exact same products.
Focus Groups
A focus group is a qualitative type of research because it is a group of people, who have been picked for a type of research to answer questions, give their opinions and discuss about a product or anything relevant to the business. The reason why this is