P1 - describe types of market research.
Introduction
Market research is the method of gathering and analyzing information about
customers, competitors and the market. It is a very important component of a business
strategy as s used when companies want to focus on things like market trends,
customer habits and lifestyle, what price customers will pay for a product and what
competition exists. This type of research assists companies build an idea on how
competitive the market is also business owners can price their products efficiently
with the understanding of the current market research.
Types of market research
Primary - This involves the collection of new information for a specific
purpose.Primary research is new research, carried out to answer specific issues or
questions. It can involve questionnaires, surveys or interviews with individuals or
small groups.
Secondary -Secondary research makes use of information previously researched for
other purposes and publicly available.
Primary research
1. Surveys: Surveys are a form of questioning that is more rigid than interviews and that
involve larger groups of people. Surveys will provide a limited amount of information
from a large group of people and are useful when you want to learn what a larger
population thinks.
2. Observation, Involves watching some type of behaviours. Eg: watching
customers shop, the observer can watch how long customers spend in a
particular aisle and which products they look at. This type of observation is
very useful in providing information about the best possible layout for a
supermarket, and the sorts of display and offer that appeal to customers.The
main advantage is that the researcher watches behaviours first-hand, the
results is therefore more accurate. The main disadvantage of observation is
that is it very time consuming and hence expensive.
3. Interviews: Interviews are one-on-one or small group question and answer sessions.
Interviews will provide a lot of information from a small number of people and are
useful when you want to get an expert or knowledgeable opinion on a subject.
4. Analysis: Analysis involves collecting data and organizing it in some fashion based
on criteria you develop. They are useful when you want to find some trend or pattern.
A type of analysis would be to record commercials on three major television networks
and analyze gender roles.
Introduction
Market research is the method of gathering and analyzing information about
customers, competitors and the market. It is a very important component of a business
strategy as s used when companies want to focus on things like market trends,
customer habits and lifestyle, what price customers will pay for a product and what
competition exists. This type of research assists companies build an idea on how
competitive the market is also business owners can price their products efficiently
with the understanding of the current market research.
Types of market research
Primary - This involves the collection of new information for a specific
purpose.Primary research is new research, carried out to answer specific issues or
questions. It can involve questionnaires, surveys or interviews with individuals or
small groups.
Secondary -Secondary research makes use of information previously researched for
other purposes and publicly available.
Primary research
1. Surveys: Surveys are a form of questioning that is more rigid than interviews and that
involve larger groups of people. Surveys will provide a limited amount of information
from a large group of people and are useful when you want to learn what a larger
population thinks.
2. Observation, Involves watching some type of behaviours. Eg: watching
customers shop, the observer can watch how long customers spend in a
particular aisle and which products they look at. This type of observation is
very useful in providing information about the best possible layout for a
supermarket, and the sorts of display and offer that appeal to customers.The
main advantage is that the researcher watches behaviours first-hand, the
results is therefore more accurate. The main disadvantage of observation is
that is it very time consuming and hence expensive.
3. Interviews: Interviews are one-on-one or small group question and answer sessions.
Interviews will provide a lot of information from a small number of people and are
useful when you want to get an expert or knowledgeable opinion on a subject.
4. Analysis: Analysis involves collecting data and organizing it in some fashion based
on criteria you develop. They are useful when you want to find some trend or pattern.
A type of analysis would be to record commercials on three major television networks
and analyze gender roles.
