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Market Research - Coggle Diagram
Market Research
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Primary Research
Focus groups
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Drawbacks
If the group is too small not enough opinions will be gathered. If the group is too big, some people may not get a chance to contribute.
Primary research is new research that a business undertakes itself. It involves collecting new data and information that has not been collected before.
Questionnaires
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Drawbacks
Can be time consuming to get a wide range of responses- this can be very costly to carry out.
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Observations
Benefits
It is a direct opinion from customers and can observe their reaction so the data would be up to date
Drawbacks
This can be time consuming as it may be hard to get customers to try out products and let them asses them
Secondary research
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Internet research
Benefits
Can take information from competitors and provides a business with an overview of information relating to its industry and the types of products and services other businesses offer.
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