P1 - Marketing Research Manual
Market Research Manual
Market Research is gathering data, recording data and analysing research. I am going to explain the different types of market research including primary, secondary, quantitative and qualitative research.
Primary research also known as field research involves the collection of data that does not already exist, so this means you are collecting data of your own, not someone else’s.
Primary Research includes:
- Observation – This is observing/ watching something, which could be a company carefully in order to gain information for market research. Mystery shoppers are a good example of observation as this person will check on the products and services the business is offering. The main disadvantage for observation is that it is time-consuming and expensive.
- Experimentation – The purpose of experimentation is to find out what happens as a result of taking a particular action. In terms of primary market research, this typically involves making a change in the marketing mix and then recording and analysing the results. For example an experiment may consist of changing the price of a product.
- Surveys – This is when you’re researching a market and want to find out what people like or dislike, so you offer potential customers a survey to fill out, which then you get the data back and can come to conclusions about what you asked people. There are different types of surveys you get come in contact with, which include: Face-to-face, Postal, Telephone, e-mail and m-mail
- Focus Groups – A variety of people are brought together to take part in a guided discussion about a particular product before it is launched, promoted and put in shops, a focus group provides instant feedback back on the product and also allows you to hear what people would want to see in the product.
- Panels – Panels are small groups of people brought together to discuss, investigate, or decide a specific matter.
- Field trials and piloting – A field trial or pilot trial,
Market Research is gathering data, recording data and analysing research. I am going to explain the different types of market research including primary, secondary, quantitative and qualitative research.
Primary research also known as field research involves the collection of data that does not already exist, so this means you are collecting data of your own, not someone else’s.
Primary Research includes:
- Observation – This is observing/ watching something, which could be a company carefully in order to gain information for market research. Mystery shoppers are a good example of observation as this person will check on the products and services the business is offering. The main disadvantage for observation is that it is time-consuming and expensive.
- Experimentation – The purpose of experimentation is to find out what happens as a result of taking a particular action. In terms of primary market research, this typically involves making a change in the marketing mix and then recording and analysing the results. For example an experiment may consist of changing the price of a product.
- Surveys – This is when you’re researching a market and want to find out what people like or dislike, so you offer potential customers a survey to fill out, which then you get the data back and can come to conclusions about what you asked people. There are different types of surveys you get come in contact with, which include: Face-to-face, Postal, Telephone, e-mail and m-mail
- Focus Groups – A variety of people are brought together to take part in a guided discussion about a particular product before it is launched, promoted and put in shops, a focus group provides instant feedback back on the product and also allows you to hear what people would want to see in the product.
- Panels – Panels are small groups of people brought together to discuss, investigate, or decide a specific matter.
- Field trials and piloting – A field trial or pilot trial,