Market Research

The process of collecting and analysing data about your target market

Primary market research are methods of research that collects data directly from a market

Secondary research is someone else's market research (i.e. it has not been collected by a researcher first hand)

Numerical/statistical data

Data which includes people's opinions, viewpoints and attitudes

High quality data

Data that tells you 'what'

Numerical and statistical data

Data that tells you the reasons behind something

Data which includes people's opinions, viewpoints and attitudes

High quality data

Focus groups

Interviews

Market research reports

Observations

Which of the following is not a type of secondary research?

Government statistics

The internet

Trade journals

Multiple reasons - identify needs & wants, find opportunities to create/sell a product or service, reduce risk, identify trends and patterns, to gather opinions about your product or service...

It is expensive and you can over spend

Not knowing what you are looking for

Learning from previous mistakes

Not knowing who your competitors are

Qualitative data is information which gives you opinions, viewpoints and attitudes

Quantitative data is information about numbers and statistics - tells you 'what'

Provides detailed insight into a product/service

Reduces assumptions - can be used alongside quantitative data

Provides detailed insight into a product/service

You need to have a skilled researcher to conduct the research

You can easily judge whether something will work or not

Large sample required

Cannot find out why people have made their responses

Not very detailed

You could consider methods such as surveys, focus groups and interviews for primary research. Research into other schools could be used for secondary research as well as using the internet.