Summary Market research

Market research
Market research is the process of collecting information and data about a business’s
customers, the market place and activities of competitors within a marketplace.
Primary research (field research) gathers first-hand information. E.g.,
 Questionnaires
 Surveys
 Taste tests
 Focus groups
 Interviews
 Observations
Primary research advantages
 Provides results specifically about your company
 You can ask questions specifically about your business
 Up to date
 Relevant
 Specific to your research objectives
 Competitors don’t have access to your data
Primary research disadvantages
 Expensive
 Time consuming
 Sample size may not be large enough
Secondary research (desk research) involves the use of previously collected information. E.g.
 Books
 Internet
 Magazines
 Government statistics
 Competitors data
Secondary research advantages
 Free or low cost
 Quick
 Easy to obtain
Secondary research disadvantages
 Results aren’t specific to your business
 Could be old
 Could be Inaccurate
 Could be biased
 Difficult to obtain research specific to your business