4.4 Market Research Flashcards
Market research
the process of collecting and analysing of any data that is relevant to the market for the business about customers
Quantitative research
research based on numbers
qualitative research
research not based on numbers - usually opinions, thoughts etc
pros of market research
- identify future trends
- identify gaps in the market
- improve your product
cons of market research
- costly
- time-consuming
- not always correct
primary research
collection of first-hand data i.e. collecting it yourself
e.g. surveys, interviews, focus groups, observations
PR surveys
a document where respondents fill out the answers to a variety of questions
quantitative and qualitative
P: can collect many responses at once
C: often low response rate and can’t ask questions
PR Interviews
a discussion where an interviewer asks questions to an interviewee
usually focused on qualitative data
P: Can ask followup questions
C: more time consuming
PR Focus Groups
small and interactive discussion groups with multiple people
P: get a wider range of opinions than interviews
C: one member may dominate
PR Observations
watching how people behave rather than asking
P: can watch natural behavior
C: time-consuming, ethical issues, can’t ask followup questions
Secondary research
collection of data that was collected by someone else
e.g. market analyses, academic journals, government publications, media articles, online content
sampling
identifying a group of people that are representative of the whole population
how do you choose people in the sampling?
convenience sampling
identify respondents because they are easy to ask e.g. ask people u see on the street
likely to have sampling bias - people are likely to be the type of people who would stop and answer
random sampling
respondents are chosen using random chance
less bias but still some possible
people chosen are random but results might not be random
quota sampling
respondents are chosen in proportion to the overall population
less bias but still some
