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market research - Coggle Diagram
market research
primary/secondary
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primary examples= surveys, observations, questionnaire and interviews etc.
secondary examples= government publications, websites, books, journal articles, internal records etc.
pros- updated data, specific to the business and provides detailed infomation
pros- quick and easy to gather, can provide industry information and easy to analyse
cons- expensive, time consuming and sometimes difficult to collect
cons- not specific to the business, could be out of date and may be bias or inaccurate
quantitative/qualitative
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quantitative examples= age, weight, height and population etc.
qualitative examples= colour, smell, taste and touch etc.
pros- specific, easier to generate data and straight to the point questions
pros- flexible, context and rich descriptive data
cons- closed answers, no depth in information and possible misinterpretation to the reader
cons- time-consuming, less generalizing and potential of bias
validity
validity example= in a brand assessment study, researchers can use comparison testing to verify the results of an initial study.
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reliability
reliability examples= reliability measures consistency. for example, a scale should show the same weight if the same person steps on it twice.
reliability- reliability is defined as the probability that a product, system, or service will perform its intended function adequately for a specified period of time, or will operate in a defined environment without failure.
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methods of market research- the five primary research methods are questionnaires, focus groups, interviews, observation, and field research.