Lesson 13: Market Research PDF

Lesson 13 Market Research 13 October 2024 Market research Market research is the process of gathering, analysing and interpreting information about a market. Questions for Market research » Would customers be willing to buy my product? » What price would they be prepared to pay? » Wh...

Lesson 13 Market Research 13 October 2024 Market research Market research is the process of gathering, analysing and interpreting information about a market. Questions for Market research » Would customers be willing to buy my product? » What price would they be prepared to pay? » Where would they be most likely to buy my product? Market research There are two methods of market research Primary research is the collection and collation of original data via direct contact with potential or existing customers. (Also called field research.) Secondary research uses information that has already been collected and is available for use by others. (Also called desk research.) Advantages of primary research » It is up to date and relevant to the business undertaking it. » It is usually planned and carried out by the people who want to use the data; it is first-hand. Advantages of secondary research » Often a much cheaper way of gathering information than primary research, » It can be used to help assess the total size of a market by finding out the size of the population and its age structure. Disadvantages of secondary research » Data may have been collected several years ago and be out of date. » Data is available to all businesses – not just collected for the sole use of one business.