4.4 Market Research

Market research: the process of collecting, analyzing, and reporting data related to a particular market.

 The Purposes of Market Research 
 * Identify consumers needs and wants/ aim to understand consumer’s satisfaction levels.Market_research.jpeg
 * Predict what is likely to happen in the business in the future.
 * Reduce the risk of product failure
 * Measure the effectiveness of a marketing strategy.
 * Provide current/latest information regarding activity in the market.

 Market Research Methods 

Primary research: the collection of first-hand information from the market.

Secondary research: the collection of second-hand information from the market.

 Primary Market Research Methods and Techniques 

Survey: questionnaires sent out to a particular target audience to enable the researcher to gather useful information.

Pro's: Con's:
 * enable you to collect large amount of data in a relatively short period of time.
 * can be administered and completed easily.
 * can be used to collect info. on a wise range of aspects (attitudes/preferences/opinions).

Qualitative research: the collection, analysis and interpretation of numerical data or data that can be measured.

Quantitative research: the collection, analysis and interpretation of data about consumer opinions, attitudes or beliefs.

Sample: a group of people selecred to represent the population or target market under research.

Sampling: the process of selecting an appropriate sample.