JD sports
Retail marketing
Describe the differences between primary and secondary market research.
The difference between primary and secondary research mainly lies in the way in which the information is collected. Primary market research data is collected by observing the behaviour and opinions of consumers through questionnaires, experiments etc… Secondary market research relies on data that has already been collected whether it is by internal or external sources such as government census, trade associations or transaction records.
Primary research tends to be more valuable as it is designed with a specific company aim in mind. Secondary research whilst potentially more cost efficient isn’t as reliable as it may be available to competitors or out of date.
Use an example from the case study to explain the purpose of market research.
The purpose of market research is to gain an understanding and awareness of consumer trends, competitor activity, possible future planning and the need to identify changes within a given sector.
One way that companies conduct this research is via an exit survey with consumers before they leave the premises. Usually covering a cross section of stores exit surveys provide the ideal opportunity to obtain valuable face to face information and views from the consumers spread across various locations and regions. This helps assist with demographic variants within current trends, gives an idea of travelling distances and may potentially help to identify new locations for company expansion.
Whilst conducting exit surveys it is possible to identify the reason for the visit to the store and why the consumer did or didn’t make a purchase. The company can then take this information and use it to help identify any possible changes in trends helping to provide sound planning strategies and gain an understanding of current consumer needs reducing any risk or uncertainty in the future.
When used in conjunction with other forms of market
Describe the differences between primary and secondary market research.
The difference between primary and secondary research mainly lies in the way in which the information is collected. Primary market research data is collected by observing the behaviour and opinions of consumers through questionnaires, experiments etc… Secondary market research relies on data that has already been collected whether it is by internal or external sources such as government census, trade associations or transaction records.
Primary research tends to be more valuable as it is designed with a specific company aim in mind. Secondary research whilst potentially more cost efficient isn’t as reliable as it may be available to competitors or out of date.
Use an example from the case study to explain the purpose of market research.
The purpose of market research is to gain an understanding and awareness of consumer trends, competitor activity, possible future planning and the need to identify changes within a given sector.
One way that companies conduct this research is via an exit survey with consumers before they leave the premises. Usually covering a cross section of stores exit surveys provide the ideal opportunity to obtain valuable face to face information and views from the consumers spread across various locations and regions. This helps assist with demographic variants within current trends, gives an idea of travelling distances and may potentially help to identify new locations for company expansion.
Whilst conducting exit surveys it is possible to identify the reason for the visit to the store and why the consumer did or didn’t make a purchase. The company can then take this information and use it to help identify any possible changes in trends helping to provide sound planning strategies and gain an understanding of current consumer needs reducing any risk or uncertainty in the future.
When used in conjunction with other forms of market