Describe Types of Market Research
- Submitted by: Danielle397
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- Date Submitted: 01/14/2015 03:56 AM
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Task 1
If businesses are considering introducing changes to their marketing strategies – for example, new product development, opening a new store, new advertising campaign - they need to conduct market research.
Define the following terms used in marketing research:-
• Primary research –
This can also be referred to as ‘field research’. This form of research involves gathering new data that hasn’t been collected before. Primary research is carried out to find the answers for specific issues or questions.
• Secondary research –
This can also be referred to as ‘desk research’. This research involves collecting data that has already been gathered by another business for a different purpose. Secondary research data provides a fact based overview of the market. It can be gathered both internally and externally within a business using different methods. Internal form of secondary research include data records, sale figures, loyalty cards, EPOS etc. External forms include, Government statistics, newspapers, commercial organisations and trade journals.
• Qualitative research –
This form of research is mainly exploratory. It is used to gain an understanding of underlying reasons, opinions, and motivations. It provides insights into the problem or helps to develop ideas for potential quantitative research. Qualitative Research is also used to uncover trends in thought and opinions, and get a better understanding of the problem. Qualitative data collection methods vary. Some common methods include focus groups, individual interviews, and observations.
• Quantitative research –
Quantitative research is about measuring a market and quantifying that measurement with data. Often the data required relates to market size, market share, penetration, installed base and market growth rates. However, quantitative research can also be used to measure customer attitudes, satisfaction, commitment and a range of other useful market data that can tracked over time....
If businesses are considering introducing changes to their marketing strategies – for example, new product development, opening a new store, new advertising campaign - they need to conduct market research.
Define the following terms used in marketing research:-
• Primary research –
This can also be referred to as ‘field research’. This form of research involves gathering new data that hasn’t been collected before. Primary research is carried out to find the answers for specific issues or questions.
• Secondary research –
This can also be referred to as ‘desk research’. This research involves collecting data that has already been gathered by another business for a different purpose. Secondary research data provides a fact based overview of the market. It can be gathered both internally and externally within a business using different methods. Internal form of secondary research include data records, sale figures, loyalty cards, EPOS etc. External forms include, Government statistics, newspapers, commercial organisations and trade journals.
• Qualitative research –
This form of research is mainly exploratory. It is used to gain an understanding of underlying reasons, opinions, and motivations. It provides insights into the problem or helps to develop ideas for potential quantitative research. Qualitative Research is also used to uncover trends in thought and opinions, and get a better understanding of the problem. Qualitative data collection methods vary. Some common methods include focus groups, individual interviews, and observations.
• Quantitative research –
Quantitative research is about measuring a market and quantifying that measurement with data. Often the data required relates to market size, market share, penetration, installed base and market growth rates. However, quantitative research can also be used to measure customer attitudes, satisfaction, commitment and a range of other useful market data that can tracked over time....