Market Research

Market research is the process of gathering, analyzing and reporting data related to a particular market. Businesses do this to help them make better marketing decisions.

Primary Research

- Known as field research - New data no else has - Gathered specifically for the business needs - Can be expensive and time consuming

Surveys (Advantages/Disadvantages)

Advantages: - They can collect large quantities of data - Can collect a wide range of information on attitudes, preferences, etc - Can be quickly and easily completed by respondents Disadvantages: - Repose rates are generally low - Respondents might not represent the market - Much care needs to be taken to write good questions

Interviews (Advantages/Disadvantages)

Advantages: - Easier to ask more in-depth questions - Interviewers can ask follow up questions - Usually high response rate - Detailed information can be gained Disadvantages: - It is very time consuming to interview and analyze results - It can be expensive due to the time it takes - Interviewe might influence respondents answers making them biased

Focus Group

Small groups of people brought toghether to discuss a particular product or idea. Made of individuals whoa re representative of th consumers of the product

Focus Group (Advantages/Disadvantages)

Advantages: - Can ask more in-depth questions - Can ask follow up questions -High response rate - Detailed information is gained Disadvantages: - Time consuming - Expensive due to time it takes - One person might dominate the group, therefore not getting everyone's opinion

Observation

Observation is watching and trying to understand a situation or people’s behavior. For example how long it takes people to notice a display in a store.

Observation (Advantages/Disadvantages)

Advantages: - A cost effective way to gather data - Does not depend on respondents as they are only being observed - There is no interviewer bias Disadvantages: - Should be combined with other methods to get more in depth insights - Cannot collect information on attitudes, preferences, or opinions

Secondary Research

- Known as desk research - Data already exists - Was gathered for another purpose - Quick and cheap

Market Analysis

In-depth reports about markets, trends and other business specific issues. Advantages: carried out by professionals & highly detailed Disadvantages: can be very costly

Academic Journals

These are scholarly publications written by experts. Well-referenced and done by professors, graduate students or a field expert. Advantages: highly reliable due to the peer review process & quicker publish time than books Disadvantages: Can be very technical and specific

Government Publications

Articles provided by the government on a wide range of topics. Provide information on demographics, economics, social trends, etc of the country Advantages: usually free & large range of topics Disadvantages: can be difficult to access

Media Articles

Texts written on a variety of topics submitted for publication either online or in print. Advantages: widely available & many sources are free & easy to update in real time Disadvantages: most publication have some bias

Online Content

Gathering information from websites that are not media organizations Advantages: large variety of topics & easily accesible Disadvantages: information can be inaccurate, biased, and out of date

Quota Sampling

Segmenting the population into groups and setting targets for the number of people needed in each group. Advantages: Quick and easy when the segments are known Disadvantages: not random so may not be representative of the population

Random Sampling

Everyone in the population has an equal change of being selected as part of the sample. Advantages: reduces bias & easy way to obtain a sample Disadvantages: may not represent that population because it is random

Convenience Sampling

participants are chosen based on their proximity and ease of access to complete the research Advantages: Quick to gather information Disadvantages: not representative of the population