4.4 Market research Flashcards
What is market research
Market research - range of marketing activities designed to determine the opinions, beliefs and feelings of existing and potential customers. - primary and secondary market research, used to help identify and anticipate the needs and wants of customers.
How do organisations carry out market research?
Ad hoc - market research that is conducted when required for a specific problem.
continuous market research - conducted on regular basis, rather than a one off basis.
What is primary and secondary market research?
Primary market research involves the gathering new data and info –> surveys, interviews, focus groups, and observations
Secondary market research involves the collection of data and information that have already been collected by another source. –> market analyses, academic journals, government publications, and media articles.
Market research can be qualitative or quantitative.
Qualitative research - based on opinions, perceptions, preferences of research participants.
Quantitative research - based on gathering numerical data and figures, i.e. quantifiable data. It enables researchers to determine trends, correlations and patterns, such the number of people prefer a particular brand.
