Types of Market Research.

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Priya Thakrar 11B

Controlled Assessment A

Investigation 1

Market research is when a business analyses their potential market, by observing what customers are buying. This is important for Tom, as he can see if there is a demand for a business offering catering, and entertainment, and therefore see if his business will be successful. There are two types of research Tom could use. Firstly product orientated research is when a business idea already exists, and research is used to find out who to sell it to. Secondly market orientated research is when research is done beforehand and then the business idea is developed. Therefore the business can produce what consumers want. Most of Tom’s questionnaire is market orientated research. For example question four of his questionnaire, where Tom asks what type of entertainment consumers want. He does not assume that the public would want for instance music for entertainment, he gives consumers a choice. However question one of his questionnaire could be product orientated research, because he is only giving consumers one option to choose from. He doesn’t give customers the option of having an adult birthday party service or a special occasions service. He assumes consumers want a children’s birthday party service.

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There are two main types of market research Tom could use.  Primary research is when the data or information is collected first hand; consequently the business collects the information directly.  Secondary research is when information is used that already exists.  For example the internet and newspapers.  Tom could use questionnaires and testing for his research.  Tom has already started to make a questionnaire and he could use testing by asking someone he knows in his target market that will be truthful to rate his service and give him advice on how he could improve.  This is a good idea ...

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