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market research - Coggle Diagram
market research
types of research
questionnaire surveys
observation
focus group
market reports
government report
internet
purpose of market research
identify gaps in the market
reduce risks
inform key business decisions
identify and understand customer needs
disadvantages of secondary
can be out of date
not tailored to business needs
specialists reports are often expensive
not always accurate
advantages of secondary
often free and easy to obtain
good source of market insights
quick and easy to access and use
primary research
advantages
directly focused to research objectives
kept private, not publicaly available
more detailed insights into customer views
disadvantages
time consuming and costly
risk of the survey being bias
sampling may not be reflective of all customers