Methods of primary and secondary market research:
Primary research
The gathering of first-hand data that is specific to a firm's needs.
You could use: surveys or observation to collect information.
Secondary research
Information collected from second-hand sources such as google, reference books, government statistics or market intelligence reports.
Quantitative research
Research using pre-set questions among a large enough sample size to provide statistically valid data.
An example would be using a questionnaire to question 200 people in a particular market segment.
Qualitative research
In-depth research into the motivations behind consumer behaviour or attitudes.
It may include the use of focus groups. The video below shows how a focus group operates.
Sampling:
Choosing a group of respondents selected to be representative of the target market as a whole.
Random sampling
Every member of the population has an equal chance of being interviewed.
Quota sampling
Asking people in proportion to a specific profile. For example, 75 women and 25 men.
Stratified sampling
Choosing a specific subgroup of the population, for example a beer company questioning men between 18 and 30 years of age.
The choice of sampling method and size of the sample will be influenced by:
-the finance available.
-the nature of the product.
-the risk involved.
-the target market.
What method of sampling and what sample size would you have used before bringing this product to market?
