E-market research – E-market research is a modern day phenomena, it has grown as with technology and is one of the most popular ways of market research. E-market research is research conducted through the medium of the internet such as online questionnaires and interactive questionnaires. The advantages to this there is physical stress because it’s all through the internet, also its easy to setup and straight forward, also there is large potential sample because of the amount of internet users. Also any type of customer can be targeted on e-market research because of the enormous size of the sample.
Focus Groups – The focus group is a group of the target market i.e. potential customers, they are brought together and asked questions. The researcher can interact with the participants, pose follow-up questions or ask questions that probe more deeply. Results can be easier to understand than complicated statistical data. The researcher can get information from non-verbal responses, such as facial expressions or body language. Information is provided more quickly than if people were interviewed separately.
Panels – A consumer panel is longitude type of research, it’s a survey with the same people over a period of time where the participants are not changed. There are many advantages such as lower cost than primary data collection methods, rapid availability of brand switching and shifts in buyer preferences accurate. Report of sensitive expenditures: beer, liquor, cigarettes high level of specificity e.g. actual products not intentions anymore .information on aggregate sales activity and shifts in retail outlets (store performances)
Field trials and piloting – Field trial is when a product or service developed by a business is tested on trial in the appropriate market before launching it. The advantage is that this is the best way to see if the product/service is viable and also the business can see if there are any problems. From this alterations can take place and can be changed for the better.
Piloting is testing the product therefore it’s not forced into the market the advantage to this is that it is cheaper than the field trial and more thorough testing can take place analysing each detail to maximum precision. The product/service will undergo heavy analysis making sure that flaws are drawn out from this the business can make applicable changes for the better. In general there are many advantages of primary research methods such as addresses specific research Issues this is where carrying out their own research allows the marketing organization to address issues specific to their own situation. Primary research is designed to collect the information the marketer wants to know and report it in ways that benefit the marketer. For example, while information reported with secondary research may not fit the marketer’s needs e.g., different age groupings no such problem exists with primary research since the marketer controls the research design.
Greater Control – Not only does primary research enable the marketer to focus on specific issues, it also enables the marketer to have a higher level of control over how the information is collected. In this way the marketer can decide on such issues as size of project location of research and time frame for completing the project.
Efficient Spending for Information - Unlike secondary research where the marketer may spend for information that is not needed, primary data collections’ focus on issues specific to the researcher improves the chances that research funds will be spent efficiently.
Proprietary Information – Information collected by the marketer using primary research is their own and is generally not shared with others. 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. PayPal.
There are many advantages such as it reduces errors: no need to enter transaction amounts at both the cash register and processing terminals.
Creates Transaction Database: Stores transaction information in your database for as long as you want. Increases Accountability: It is easy to confirm whether you have received the proper amount of credit for each transaction.
Minimizes Fraud: Performs address verification (AVS) and eliminates the chance of shipping to someone using a stolen credit card, saving you from a charge back.
Quicker Transactions: Allows you to send multiple transactions as a batch, thus reducing authorization time to as low as three seconds per transaction.
It also eliminates equipment: Multiple registers can share a single modem and phone line, thus saving money.
From this business can see the most popular method of E-transactions.
An Accounting and production record – This information is kept in the accounting department and is records of show a large range of information such as customer details and sales. The advantage to this is that the information is all primary and is relevant to the business. Therefore there is no excess of information in terms of data that is irrelevant.
Sales personnel – This is information gained through certain employees, these employees will be salesmen. This method is used to gain information about customer behaviour mainly and also can be used to assess other business faults. This is a great method because it’s relevant to the business and nobody knows the business better than the employees they may offer some great critic. And they knowledgeable about all aspects of the business, if used correctly this is a great tool of retrieving information.
Delphi technique – The Delphi technique is method used to draw up estimates by using past trends, these estimates can range from future sales to future employee numbers. Depending on the accuracy of this it can be a very useful method of market research because it will tell the business what they will achieve in the future. Also they can make changes accordingly to subsidise these changes.
External Sources
Internet – The internet is the most accessible use of market research; any market research can be conducted over the internet because of the large scale, and however data will often be irrelevant and out of date. The advantages of this is that its free, is accessible, and any market can be researched through the internet also search engines can be used to your advantages to capture the information one is looking for.
Government statistics – Government statistics are data and information collected through censuses therefore the sample size huge, this information is free to access and almost any sort of demographic, financial, regional trends can be indentified however this information can be outdated because a census is not carried out yearly. The advantages of this are there is a large scope of information one which would be relevant to many market researchers; also it’s free to access and easy to access.
Libraries and universities – libraries and universities are a great source of secondary research again there is large scope of information available from a large range; libraries and universities may even contain previous market research. An advantage to this method is that it’s free and easy to access and direct and valid information may not be hard to stumble upon.
Company reports – All public companies are required legally to publish an annual general report, upon demand companies must hand these documents over to any entity. Companies in competition can use these reports as a source of market research for example is business was looking a trends in petrol demand over the last decade one would look at shells annual general report. Advantages to this method are data can always be irrelevant, also one would be able to acquire knowledge of an opposing company, and also the research is free and easy.
Market Research reports – This is where companies will carry out market research for a fee. There are many advantages to this method the information gained will be the most precise of all other methods also the information will not be outdated. It is the researchers choice of the sample scale, any particular market can be researched to its fullest extent, by using the right company one can acquire such knowledge that it would take an arm person years to yearn. However the fee will be incomprehendable.
Trade journals – A trade journal is information for businesses in a particular trade, these journals help business know about what is going in there sector and other relevant information for their business. Because a trade journal is so specialized, such journals are usually not readily available at bookstores, newsstands, and other places that the average person might turn to for printed media. The best source is often the publisher or a professional association that caters to members of the industry. Some publishers will send out issues for free to people in the industry, or journalists who request them, and a subscription is often included with membership in a professional organization.
Quantitative and qualitative research
Qualitative research is a method that measures information based on opinions and values as opposed to statistical data. Whereas quantitative research refers to counts and measures of things, qualitative research refers to the meanings, concepts, definitions, characteristics, metaphors, symbols and descriptions of things.
Qualitative research is much more subjective that quantitative research and uses very different methods of collecting information, mainly individual, in-depth interviews and focus groups. 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.