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Market ResearchBy: Christian Kostal
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
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
Qualitative/ QuantitativeQualitativeIn depth researchOpen ended questions/ discussionsExpensiveQuantitativeTakes a sample of populationEx. Random, stratified, cluster, snowball samplesLarger the sample the more accurate

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Market research

  • 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