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Market Research - Coggle Diagram

- - - - Pros
        
        More detailed feedback which helps with making decisions
        
        Easier to fix specified issues
      - Cons
        
        Harder to quantify
        
        Can get less detailed results
- - - - Pros
        
        Easier to quantify
        
        Easier to use in marketing/adverts
      - Cons
        
        Does not show what the customer liked, what they did not etc
        
        Harder to indeitify and fix any issues with products
- - - - Surveys
      - Observations
      - Control Group
    - - Pros
        
        Gives you access to new data to help make decisions
        
        Can give you a competitive advantage
      - Cons
        
        Only a small sample - might not reflect the wider market
        
        Usually more expensive
- - - - Government reports
      - News articles
      - Market trends
    - - Pros
        
        Cheaper then primary
        
        Easier to do since all the data already exists
      - Cons
        
        No new data is found
        
        Extremely unlikely to gain a competitive advantage from this
- - - - Comes from reputable sources (eg: major news sources, Bank of England etc)
      - If it’s (relatively) up to date/current
      - Being relevant to the business/decision being made (knowing that 54% of people like Hash Browns is cool and all but not useful for a business trying to decide if they should enter the ketchup market)
    - - If it’s out of date (limited exceptions if you’re looking at the long term trends of the market)
      - Questionable sources (EG: trying to source an argument from a random Reddit thread from a decade ago)
      - Biased data (usually with sources that are politically aligned)
- - - - Unconscious bias or beliefs in participants
      - Possible bias for or against the product or business
    - - Political slant (EG: The Guardian = left, Daily Telegraph = Right)
      - May exist to serve a agenda (unlikely but possible is sourcing from stuff like random websites or think tanks)
- - - - Accurate
      - Truthful
      - Not missing stuff