Market research: Is a big part of marketing, market research is when the company asks their customers or new customers to find out more about in the market in which they currently operate in or a market they wish to operate in. Companies may do this so they can reduce risk when bringing out new products.
There are two types of research and two types of data. The first type is primary research. Primary Research is when the business or the worker conducts the research their self, therefore it is fresh data and it is current and applicable to their current market. Market research is conducted to gain a better knowledge of the market in which they operate in and to find out the wants and needs of the customers. Examples of this could be surveys, observations and interviews. Advantages of primary research are that it is brand new data in this current market and with current customers therefore it is applicable to your business. The disadvantages of primary research is that it may take a long time Internal research could be when Tesco use past sales figures from with in the company and project them to find out cash forecasts or to analyse buying habits. This is internal as it about the business they work for not any other business. External primary can be used to this can be when Tesco can people who do not currently shop in Tesco or work in Tesco questions, they could also use Mystery shoppers as external primary as someone who isn't a stake holder in the business evaluates the business, this counts as research as they will find out about the branch they work in.
Another of research type is Secondary research this is also known as desk research this is when the company uses published data which already exists, they do not need to go out and ask customers wants and needs, they can just use internet or books to find whatever they need to find out. This is