Information About A Market Or Service / Product

2184 Words9 Pages
Market research is when businesses gather, analyse and then comprehend different information about a market or service/product. It allows the business to discover its target market, as well as what consumers think about its product/service before it is released to the public. Businesses achieve all these by using primary and secondary research. Primary research is the process of collecting first-hand data and is designed to answer specific questions that the business might have and it is gathered directly from the market with observation, surveys, focus group, e-marketing, panels and field trials. By using primary research businesses are able to address specific issues and these information are only what the business wants to know. Moreover, it offers a higher level of control to the business in regards of how big the project is going to be or the time frame for its completion. However, for every good thing there is a bad thing. Primary research can be very expensive since the expenses of preparing and carrying out a research can be quite high. Furthermore, it is time consuming as it needs time to first develop it and then execute it. Observation is a way of collecting and then analysing information by watching how consumers behave. The observation can be done in person, directly, or mechanically, indirectly, and are considerably helpful on gathering primary data. Businesses are monitoring the consumers’ eye movements at a display or at the aisles so that they can then
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