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

Different types of primary and secondary market research

Extracts from this document...

Introduction

´╗┐Unit 10 P1 Different types of primary and secondary research Market research is an essential part of any business plan, whether it is a fledgling business or a multinational organization. Knowing that there is a sustainable market for your product and understanding of what your audience expects from you is vital from a successful business launch. 1. Primary research is when the creation of your own research, whether it is a question you ask to your friends and family or a survey put together alongside, agency and managed to a wide panel. Primary research will instantly make you feel more in control of your project. You choose your questions and select your panel through qualitative research, allowing you detailed responses from an individual person. You decide how, when and where your research will be managerial. You can ensure that your research is focused: the number of participants and their backgrounds, the number of nature of the questions, the number of time that your survey is available. Types of primary research: Observation: watching how consumers behave provides many insights, but can leave questions unanswered. Observation works well in retail markets; sit outside a shop and watch how many people walk by, look at a window display etc. ...read more.

Middle

The review of literature in any research is based on secondary data. Mostly from books, journals and periodicals. Importance of Secondary Data: Secondary data can be less valid but its importance is still there. Sometimes it is difficult to find primary data; in these cases getting information from secondary sources is easier and possible. Sometimes primary data does not exist in such situation one has to restrain the research on secondary data. Sometimes primary data is present but the respondents are not willing to reveal it in such case too secondary data can do, so you can collect data from books or other published sources. Loyalty schemes Consumer loyalty is one of the most valued assets a retailer could have. With increased competition from challenging stores and brands, a massive range of product choice and differences, and the increase of internet trading and contrasting websites, loyalty barely exist in the modern selling environment. The investigation into loyalty schemes founds their effectiveness in living up to their name. Research has extended knowledge of previous authors, and examines what does and does not make a customer loyal, taking into account the effect of loyalty cards for both the customer and retailer. It goes to develop an understanding of the most effective way for retailers to turn a simple customer into a loyal customer. ...read more.

Conclusion

Primary data can be collected via clever use of online surveys and the internet contains many websites providing Secondary data. The internet can save companies valuable time and money by proving information at the click of a button. The important thing is to have an understanding of the type of information available and how to access it. The difference between qualitative and quantitative Quantitative research focuses on numbers or amounts. Measurable studies have results that are based on numeric analysis and statistics. Often, these studies have many participants. It is not unusual for there to be over a thousand people in a quantitative research study. It is ideal to have a large number of participants because this gives analysis more statistical power. Qualitative research studies are focused on differences in quality, rather than differences in quantity. Results are in words or pictures rather than numbers. Qualitative studies usually have fewer participants than quantitative studies because the depth of the data collection does not allow for large numbers of participants. Triangulation Triangulation is a way of assuring the validity of research results through the use of a variety of research methods and approaches. It is a means of overcoming the weaknesses and biases which can arise from the use of only one of the methods described, such as observation, questionnaires etc. ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our GCSE Marketing and Markets 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 GCSE Marketing and Markets essays

  1. Telemarketing Project

    This possibility has grown up only since the introduction of toll-free 800 numbers by AT&T in 1967, which made it practical to have call centers receiving calls from the entire country. In brief, toll-free service led to centralized nationwide call facilities which led to increased call volumes at single locations, which increased the incentive to maximize revenue and cut costs.

  2. Promotional campaign for Pizza Pan foods in Malaysia

    For example, price pack offers consumer's saves regular price of products like price packs can be single packages sold at a reduced price. This can be said (such as two for the price of one) like a lite cheese, single- size, wholemeal pizza and a jumbo, topping- plus pizza for

  1. DJ RESEARCH

    Our club DJ s play all over the world, with current London residencies at The "Tattershall Castle" - Embankment and "Sound" in Leicester Square. The Discotheque Division have a reputation in London's West End for supplying top quality DJs and state of the art discotheques and lighting for a whole spectrum of private functions and public events.

  2. Business GCSE Unit 1, A1

    Nemesis being added to the park is a major change to the park because this would have brought Alton Towers more income, this is because it was Europe's first inverted roller coaster and would therefore attract more customers, also other roller coaster's being added for example Oblivion and Air would

  1. In this assignment I will carry out both primary and secondary research to find ...

    This means they can make slightly more profit and this will also make their customer relations better, which would result in better customer service and larger market share. To start up my business I needed a source of income. I could get the source from taking out a loan from a bank.

  2. Questionnaire Effectiveness

    the service should have or comment on anything that they thought was necessary. The results received for these questions were a lot more varied than those received for the first 10 questions for the obvious reason that no limitations were placed on the answers that could've been given.

  1. Types of Market Research

    1. It is quite inexpensive. 1. Only provide basic figures and not reasons why people do things. Experiments Experimenting involves giving products to consumers to see what they think about it. 1. Easy to set up, carry out, and gather consumer opinions.

  2. Marketing research - To decide which products and services will be available in my ...

    I asked the question "What do you need to set up?" Mrs. Sayania informed me that to set up a beauty salon, you need a licence, wash units, mirrors, styling units, reception desks, nail stations, beauty lamps, dryers and processors, steamers and styling chairs.

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