Task 1 P1 & P 2

Describe the main types of marketing research & Explain how different market research methods have been used to make a marketing decision.

Types of Market Research

Market research is the process of finding information about your competitors, current market trends or your customers. Most companies invest in market research when they release a new product, improve on an existing product or if they plan on introducing a particular product in a new market.

Market research can also prove helpful if you want to explore business opportunities in new markets. Market research can be conducted by two methods, primary research or secondary research.

Primary research
Primary research refers to information that is directly collected from the source. Another simple method of primary research would be to directly talk to your customers and get their feedback. Primary research can be both qualitative and quantitative.

1. Qualitative primary research

Qualitative primary research involves gathering information from interviews or focus groups

• Open ended interviews include questions that cannot be answered with a yes or no. You can get a lot of information from such interviews and also find out about the dislikes, likes, requirements, trends and emotional motivators of your primary market

• A focus group should ideally be led by experienced professionals who can lead a group of 6 or more people and ask them both general and specific questions. Since trained professionals are required to handle focus groups, they are very expensive

Quantitative primary research

Quantitative primary research involves the collection of numerical information from surveys. This information is then analysed.

• Surveys can provide you with the information you require if the survey has meaningful questions. More people would be willing to take a survey