4.4 Marketing Research Flashcards
Marketing research
Marketing research refers to marketing activities designed to discover the opinions, beliefs and prefercnes of potienal and existing customers
. Market research serves to idenfiy and anticipate the needs and wants of customers
Market research can be conducted in two ways
Primary research and secondary research
Primary research is market research that involves gathering new data first hand fo a specific purpose
Adv: relevance: primary research is carried out for a specific purpose, so directly address the questions that need to be an sered
Up to date: Secondary market research tends to be more old and therefore often less reliable than primary research
Dis:
Time consuming, costly, validity: faults in market
Examples of primary market:
Observations, interview, surveys
Secondary research involves the collection of second hand data and information that already exists. This means that the data and information have been previously gathered by others
ADV: Cheaper/Faster, Insight or trends on industry, huge range of resource and more accessible, finding are often based on large sample size
DIS: secondary sources is second hand so results may be outdated or wrong, Data might be an the wrong format for the researchers as it was used for another purpose
Secondary research might only provide information as it was produced for a different purpose
Accesibble to compeitiors
Examples: Market analyses, academic journals , media articles, government publications, the interent
