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Market Research (Market Research helps to improve the business by (Helps…
Market Research
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Types of market research
Primary Research
This involves a business doing their own research and getting information from customers or potential customers. Examples of this may include
- Questionnaires
- Focus groups
- Observation ( observing what people do and say
Primary research can be costly and takes a long time to complete
Primary research is up to date and relevant to the business and is more specific to the target market
Secondary Research
Looking at other peoples research and analysing past trends eg
- Government report
- Internet
- Newspapers
- Magazines
Its almost cheaper than primary research and is less timely it can be found easily and is also instantly available however the information is not always relevant or specific to the business and also might be out of date
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One purpose of market research is to identify who the businesses customers are and can use market segmentation to help them do this
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Quantitative data is measurable number based research and is normally used by large businesses it is easy to measure
Qualitative data is opinions and feelings it is hard to compare results and is normally a smaller greater depth of research