value of primary secondary market research Flashcards
what is primary mkt research
data colected firsthand for a specific research purpose
give exampels of primary mkt research
focus groups
interviews
myster shoppers
product testing
obsv
questionnaires
focus groups involve
showing producrs to gather thoughts + opinions
who can I intvieew
suppliers
customers
mystery shoppes report
experiences + findigns
product testing / trials means
gainin ginsight vefore launchinf
+ves
directly focused for researc obj therfore fit for purpose -
tend to be up to date
more detailed insight particulary into customer views
explain +ves in general of primar
more likely to get info you need - get rlevant info means make betetr descisions
tweak stuff for customers - leads to betetr custoemr satisfaction
-ves of primary mkt research
time consuming and constly to obtain
risk of survey bias
samples could be unrepreseantitive of population
primary mkt research ebing time consuming and costly depends on
scope +method of primary mkt research used
explain risk of survey bias
pt might lie
samples being unrepresentative of population means
cou.d be getting irrelevnat infor
depends on who and how carry out samplig
secondary mkt resarch
datat already exists and has been collected for a different purpose
state type of secondary mkt reseach
mkt reports
big datat
trade industry associations
analytics
whya re mkt reports useful
often deveopd by specialsist mkt reseach busienss
trade 7 industry associations produe
regular reports on the mktts
what type of anaytics and waht can we do with this
googel analytics
draw conclusuions
research insights
+ves secondary mkt research
often free and easy to obtain
good source of mkt insights
quick to access and use
often free and easy toobtain 2ndary
can be digital or printed
buy detailed for a few hundred piunds
expertise of those rhat produce data provides goos dource of insigh t
good source of mkt inights expkain
therfore leatn and adpat to mkt to be able to better cater for custoemrs needs and wants
quick to access and use
reduces oc of time
allows research to be gatherd wuickl therfore implemetn decision quick - pujt action
gneratebenefotsquicker comp to primary mkt research
-ves of 2ndary mkt research
can quickly become our of date
not always tailord to specific research needs
explain 2ndary can quickly become out of date
nature of bs constantly changing so what amy be relevant a few motnsh ago knwo is irrelevant
affects validity and usefulness/outcome of product/service/descision you based info on
explai not always tailored to specific research needs
therfore not necessariy what you need to help inform dm
