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Market Research & KPIs - Coggle Diagram
Market Research & KPIs
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Type of Research
Primary Research
- It is created specifically for us
- It is NOT already out there
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Disadvantages: time consuming, costly, complex
Examples: questionnaires, web analytics, focus group interview, observations of customers' behavior
Secondary Research
- It is NOT created specifically for us
- It is already out there
Benefits: relatively quicky, easy, low-cost
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Examples: websites, social media, databases, rating platforms (Trip Advisor), own financial statements
Quantitative Research
- It is based on asking closed-ended questions (predefined answer options)
- Quantitative data can be counted / measured
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Disadvantages: CAN NOT uncover in-depth info, relatively costly
Examples: questionnaire, experiment, observations, google analytics
Qualitative Research
- It is based on asking open-ended questions (what, how, when,…)
- Qualitative data CANNOT be quantified / counted
- Uncovers people’s motivations, feelings, preferences, behaviours
Benefits: uncovers in-depth info, relatively low cost
Examples: focus group interviews, customer behaviour observations, 1-on-1 in depth interviews