Market research involves collecting objective data about markets, competitors, and consumers in order to create successful products and market them effectively. There are two primary types of research: primary research collects data directly from consumers through surveys or feedback, while secondary research analyzes previously collected data from reports or surveys. Researchers also use either qualitative or quantitative methods - qualitative involves open discussions to understand perspectives while quantitative collects data from large samples to accurately measure opinions.
2. What is it?The collection of objective data about a market, competitors, and consumers.Used to:Essential in creating a successful product and to market it effectively
3. Primary/ SecondaryPrimary:Directly from consumeri.e. feedback questions from hotel/resturauntLarge companies employ market research companiesSecondaryBased on data previously collectedi.e. data from market report/ gov. surveyMay not be currentGeneral info- not targeted to answer specific question
4. Qualitative/ QuantitativeQualitativeIn depth researchOpen ended questions/ discussionsExpensiveQuantitativeTakes a sample of populationEx. Random, stratified, cluster, snowball samplesLarger the sample the more accurate