Introduction
What is market research and why it is done
‘’The process of gathering, analyzing and interpreting information about a
market, about a product or service to be offered for sale in that market, and
about the past, present and potential customers for the product or service;
research into the characteristics, spending habits, location and needs of your
business's target market, the industry as a whole, and the particular
competitors you face’’ Market research is collecting and gathering the
necessary information to find out what the customers wants, needs and
preferences are such as finding out more about the target market to be able to
attract them to the business and make sure that they are satisfied.
Market research is one of the most important strategies of all businesses as it
helps them understand the target market better so their needs and
preferences can be met. Businesses have to carry out research when opening
the business in a new location and launching a new product. For example,
when opening the business in a new location, they have to carry out research
on the new area, such as the crime rate and population. When launching a new
product, the business has to research on their target market so they are able
to develop a product that their target market will be interested in.
Primary and secondary research
Secondary research
There are two methods of market research, secondary and primary. Secondary
research is the research that has already been done and is available for the
public to see and use, for instance gathering information from newspapers,
magazines and also books. Secondary research is easy to obtain because it is
already available, there are no costs required. ‘’Secondary research is a type of
research that has already been compiled, gathered, organized and published by
others. It includes reports and studies by government agencies, trade
associations or other businesses in your industry.’’ Secondary research covers
materials such as market research reports, sales figures, and competitor
marketing literature, government publication and many more.
Primary research
Primary research is the new research that businesses carry out, it can involve
questionnaires, focus groups, surveys and interviews. ‘’primary research is
research you conduct yourself (or hire someone to do for you.) It involves going
What is market research and why it is done
‘’The process of gathering, analyzing and interpreting information about a
market, about a product or service to be offered for sale in that market, and
about the past, present and potential customers for the product or service;
research into the characteristics, spending habits, location and needs of your
business's target market, the industry as a whole, and the particular
competitors you face’’ Market research is collecting and gathering the
necessary information to find out what the customers wants, needs and
preferences are such as finding out more about the target market to be able to
attract them to the business and make sure that they are satisfied.
Market research is one of the most important strategies of all businesses as it
helps them understand the target market better so their needs and
preferences can be met. Businesses have to carry out research when opening
the business in a new location and launching a new product. For example,
when opening the business in a new location, they have to carry out research
on the new area, such as the crime rate and population. When launching a new
product, the business has to research on their target market so they are able
to develop a product that their target market will be interested in.
Primary and secondary research
Secondary research
There are two methods of market research, secondary and primary. Secondary
research is the research that has already been done and is available for the
public to see and use, for instance gathering information from newspapers,
magazines and also books. Secondary research is easy to obtain because it is
already available, there are no costs required. ‘’Secondary research is a type of
research that has already been compiled, gathered, organized and published by
others. It includes reports and studies by government agencies, trade
associations or other businesses in your industry.’’ Secondary research covers
materials such as market research reports, sales figures, and competitor
marketing literature, government publication and many more.
Primary research
Primary research is the new research that businesses carry out, it can involve
questionnaires, focus groups, surveys and interviews. ‘’primary research is
research you conduct yourself (or hire someone to do for you.) It involves going
