• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Describe the types of Market Research

Extracts from this document...

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.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our AS and A Level Marketing & Research section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related AS and A Level Marketing & Research essays

  1. Marketing Research. Explain how different marketing research methods have been used to make a ...

    All this information can help them when they are advertising or opening a new store. The information we could gather by doing secondary research could help us to work out what information we need to gain from our primary research. The median is a second way of calculating an average.

  2. For this assignment I have been asked to produce a new marketing strategy for ...

    A new product must do as much as it can in order to stay in the market for longer. A product life cycle has five stages that it should go through to be successful, these are: ? Development ? The launch ?

  1. Marketing Aims and Objectives - with examples from major companies.

    This constrains the marketing department from marketing a luxury product to their customers because no-one will be interested and the capital will go to waste if the luxury goods are advertised during the recession. All businesses need to be market focused as well as customer focused because they'll need to

  2. Marketing analysis of Marlboro cigarettes

    There is no single reason why young people engage in risky behaviors, such as experimenting with cigarettes, alcohol or drugs. Besides, Marlboro company is also implementing vision that to develop and create a new reduced-risk cigarette for consumers. "As Chief Operating Officer of the company, I can assure you that

  1. Business Studies Company Profile

    Politically BMW had to work very carefully around the apartheid laws, especially segregation. 1985 - increased competition in the car market. Technological: because the market was looking for new advances in technology BMW set up a think tank know as BMW Technik GmbH, this subsidiary company was free from the restraints of everyday routine.

  2. Opening a sandwich shop in huddersfield

    These people will be the target audience. Tally Daily 10 2-3 times per week 20 Monthly 20 60% of the people I asked either visit Huddersfield town centre daily or at least 2-3 times per week. This shows me that many people visit the town centre so I need to locate as close to the town centre as possible so that I can reach this target audience.

  1. Research project - market research for an elcetronic system to help restaurant waiters.

    I will also show the findings results in chart formats and analyse to what they represent. I will also show the risk analysis of the system implementation and financial forecasts. The system is designed by A.Z technologies and the purpose of this system is to reduce waiting time for the

  2. Mcdonalds India. Porters Five Forces Model and Consumer Behaviour Analysis

    (Aap ke zamaane mein, baap ke zamane ke daam) 4. Continuing with its ?family restaurant offering value for money meals? positioning, McDonald?s is now focusing on youngsters and celebrating happiness. 1. McDonald?s is also focusing on distribution and is opening up outlets at busy locations and malls and shopping centres making itself easily available to customers.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work