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Describe the types of Market Research

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Introduction

P1 Describe the types of Market Research Market Research Market research is when one would gather data through various means and methods in order to gain knowledge of the desired market of their choice. Market research is used to see what problems there are in the market and if there is room for a new product or service through this a business can see if a product is viable or not. Primary research Primary research: this is information which is collected from scratch, as company gather primary research based on their research feedback. They get from the date which company team members produces, this is a primary effort because new fresh data which has been collected is done first handed. All members within the company are involved, in collecting primary by participating their ideas and opinions on question which the company select before handing out the data to consumers targeted. Collecting original data is also known as field research by using different research method such as questionnaire, surveys, observation, postal telephones and e-mailing, as Primary research is collected for a particular purpose such as finding out how ?many people in Milton Keynes area are in employment?. Also this helps to classify clearly which service or product will interest a particular age range. Therefore this helps big companies to predict and identify whether the product or a service will be successful or not. Using these research methods many companies are able to use different types of date research collect primary researches. ...read more.

Middle

Thus, information can be kept hidden from competitors and potentially offer an ?information advantage? to the company that undertook the primary research. Secondary research Internal Data records ? This is where an organisation would keep information in a database, this information can be very sensitive and not all can be accessed but a select few can be free of charge. The advantage to this is a large amount of information can be retrieved, it?s quick and easy and also its usually free. EPOS ? An example of this is the barcode because it tracks how much stock has been sold in that specific range, it can also track changes in levels of sale and where sales are made i.e. what retail shop. An advantage to this type of research is that it is free, also it is directly applicable to your business, and also it shows rifts in demand and displays change in demand patterns. Website monitoring ? This is where the business monitors who visits there website this is done through cookies because its stores a small file on that web server so it recognises what computer visits it what it browses and how long it is on the site. The advantage to this is that the business knows how popular its website is, also they know when people start/stop visiting therefore rifts can be shown, and monitoring websites does not require a large amount of finance. E-transactions ? This is where consumers pay online through electronic transactions e.g. ...read more.

Conclusion

The nature of this type of research is exploratory and open-ended. Small numbers of people are interviewed in depth and/or a relatively small number of focus groups are conducted. Participants are asked to respond to general questions and the interviewer or group moderator probes and explores their responses to identify and define people?s perceptions, opinions and feelings about the topic or idea being discussed. The quality of the finding from qualitative research is dependent upon the skills, experience and sensitivity of the interviewer or group moderator. This type of research is often less costly than surveys and is extremely effective in acquiring information about people?s communications needs and their response to and views about specific communications. Quantitative research is a method that?s based on collecting statistical data through questionnaires or surveys in order to determine public opinion. Quantitative research involves the use of structured questions where the response options have been predetermined. For reliable conclusions to be drawn from the research, questions must be clearly defined and widely understood, and samples for quantitative research must be representative of the target group. Different methods are used to undertake quantitative research including face-to-face, telephone, postal and online methods. Each has its pros and cons, depending on the objectives of the research, time and budget constraints. Cost-effective ways to obtain quantitative research include conducting an online survey via your website, interviewing young people at a taster day or similar event, and including specific questions on an event feedback form. In a nutshell quantitative involves number and statistics and qualitative involves words and opinions. ...read more.

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