Describe the types of Market Research

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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.

Benefit of primary research: the research data is up to date and organisation collects this information for a particular purpose. This is confidential information between the researcher and the consumers.

Consumer’s panels: this is a survey that is carried out over a long duration period of time with the same group. Example is working with consumer panel. It is likely to measure their changing purchasing pattern over time. Consumer panel supply information about items that consumer has brought.

Observation – This is where one would be in the process of looking (observing) something in order to gain market research, for e.g. peoples behaviour to certain issues or problems in daily life. The main advantage to this is the researcher can observe and gain information first hand instead of relying on another source; therefore reliability of information would not be an issue.

Experimentation - Experimentation involves establishing a controlled experiment or model that simulates the real-world marketing situation being investigated. The advantages is that the researcher can observe the behaviour of participants, also the independent variable can be changed in order to gain different results also experiments are planned so relatively easy to carry out.

Face to face interviews = Face to face interviews is the method of managing a questionnaire which involves face to face interaction with a participant. There are several advantages of face to face interviews.

Advantages

* Allows the interviewer to create a relationship with the interviewee

* Allows the interviewer to observe as well as listen

* More complex questions can be asked rather than using any other types of data collection

* The interviewer can adapt the questions as necessary

* The interviewer can clarify doubts and make sure that what is asked is properly understood.

* It is easier to understand how the interviewee is feeling or thinking as you can see his/her body language. This is good as you can tell how confident he/she is when answering a question.

Join now!

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.

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