P1 M1 describe types of market research
Market research is the method of gathering and analyzing information about customers, competitors and the market. Market research is used when companies want to focus on things like market trends, customer habits and lifestyle, what price customers will pay for a product and what competition exists. This type of research assists companies build an idea on how competitive the market is also business owners can price their products efficiently with the understanding of the current market research.
Market research can provide companies with vital information which allows them to make choices based on what the customer wants. It can allow businesses to predict what might happen in the future of a…show more content… The data can be used to classify employees and work units, and to award raises or promotions. Additionally, you can also use such data to justify the termination or discipline of poorly performing workers. If you operate a manufacturing company, for example, you may track quantitative data that details the number of units that each worker produces over a particular period of time. Service companies often track the number of worker-client interactions on a daily basis. You can gather data over long periods of time such as a month, quarter or year. Some businesses, however, prefer to review production data on a daily basis to ensure that workers are being productive at all times.
Primary research is research which is conducted first hand it can include collecting information from interviews, surveys and observations.
Interviews provide a way for businesses to collect detailed qualitative information from a small selection of people by face to face discussions
Interviews can provide much more information and detail as the interviewer can spend far longer with the person and ask them questions based on their responses.
Unlike surveys the respondent is not limited to a list of set answers which enables more in-depth responses.
* With a small sample the results may not be representative of the whole population. * As interviews are