Theory on Market Research For Lesson 2. Market Research  Is finding out what your customers want from a businesses new product or service.  They do.

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Presentation transcript:

Theory on Market Research For Lesson 2

Market Research  Is finding out what your customers want from a businesses new product or service.  They do this to make sure that they are successful and do not fail.

Types of Market Research There are two types of Market Research:  Primary Research  Secondary Research

Primary Research  Also known as Field Research  Information that is newly created and has a specific purpose  Collecting the research first hand:  Questionnaires  Surveys  Focus Groups  Interview Panels

Secondary Research  Also known as Desk Research  Uses data that has already been collected  Books  Internet  Journals  Government statistics

Types of data from research Qualitative DataQuantitative Data Based on peoples opinions Difficult for interviewer to record Takes longer and interviewee may not want to spend time giving detailed answers Can be analysed statistically Saves time and money Interviewee happier asking shorter questions or just ticking a box

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