Market Research

What is it?

This is the process of gaining information about the market (customers and competitors) through the collection, analysis and reporting of data related to a particular market

Refers to marketing activities designed to discover the opinions, beliefs and preferences of potential and existing customers.

For example: it serves to identify and anticipate the wants and needs of customers.

There are two different types of market research, adhoc and continuous:

• Adhoc: Only when needed or when necessary basis

• Continuous: Takes place on a regular and ongoing basis

Sampling Methods:

• Quota

• Random

• Stratified

• Cluster

• Snowballing

• Convenience

(Scroll down to see the table of Sampling Methods)

Primary Research

• The collection of new and original information (primary data) for a specific purpose

Examples:

• Interviews, Surveys, Questionnaires, Focus Groups

Quantitative Research

• Research based off of numeric data - the focus is on creating graphs and analyzing the numbers

• Collecting numerical and measurable data

• Results are less open to interpretation because they are harder to argue with number

Weaknesses:

• Numbers can often lead to outliers

• It is difficult to eke out opinions from the data

Secondary Research

• Looking into and examining published information (secondary data)

Examples:

• Third Party Market Analysis & Government Publications

Qualitative Research

• Research based off of opinions, perspectives, ideas from specific people and are also specific to those people

• Researcher is a part of the process

• Results can vary due to beliefs, religions, faiths

Weaknesses:

• Results much harder to interpret

• Bias

• Time consuming and expensive