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Unit 10 Task 1

In: Business and Management

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UNIT 10 TASK 1- DEFINING MARKETING RESEARCH

Market research is the process of gathering, analyzing and interpreting information about a market, about a product or service to be offered for sale in that market, and about the past, present and potential customers for the product or service; research into the characteristics, spending habits, location and needs of your business's target market, the industry as a whole, and the particular competitors you face .

The three types of market research to be focused on are ; primary research, quantitative and qualitative research and secondary research. There are however reasons why these market researches are used or needed.

Firstly, primary research is the process of gathering, analyzing and interpreting information about a market, about a product or service to be offered for sale in that market, and about the past, present and potential customers for the product or service; research into the characteristics, spending habits, location and needs of your business's target market, the industry as a whole, and the particular competitors you face . the three types of primary research include: observation, interview, and survey or questionnaire.

Observation – observation market research involves watching your potential customers and their behaviours in action. This means without interacting watching customers buying products or services similar to yours, listening to what they say as they shop, noticing what they buy and how much they paid. This type of market research works best if your business caters to customers, not to other businesses. This is used in o0rde3r to have a feel of the research being conducted which is mostly being present as the research is conducted.

Secondly is Interviews which are like focus groups, but there is only one participant speaking to one researcher, who leads the discussion....

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