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Here are some market-research basics that can help get you started and some mistakes to avoid.
Types of Market Research: -
Primary Research: The goal of primary research is to gather data from analyzing current sales and the effectiveness of current practices. Primary research also takes competitors' plans into account, giving you information about your competition.
Secondary Research: The goal of secondary research is to analyze data that has already been published. With secondary data, you can identify competitors, establish benchmarks and identify target segments. Your segments are the people who fall into your targeted demographic--people who live a certain lifestyle, exhibit particular behavioural patterns or fall into a predetermined age group.
Collecting Data: No small business can succeed without understanding its customers, its products and services, and the market in general. Competition is often fierce, and operating without conducting research may give your competitors an advantage over you.
There are two categories of data collection: quantitative and qualitative. Quantitative methods employ mathematical analysis and require a large sample size. The results of this data shed light on statistically significant differences. One place to find quantitative results if you have a website is in your web analytics (available in Google’s suite of tools). This information can help you determine many things, such as where your leads
Secondary market research involves the processing of information that is already collected by previous researchers. For the secondary market research, I will use a research company. They will give me the information of the surrounding hotels of my hotel location. It is then possible to promote my hotel with another, so I’ll be able to compare my hotel with the others to improve. Based on the information of the other hotels are be seen what they can do and what not. This
Secondary research is done to research the data collection through the study of information which has already being researched from the hospital websites, articles, discharge and intake records or through primary research.
To be able to do this project you should select a company of your choice and identify the various market research techniques the company has used to gather information of the market.
According to Denscombe (2007 cited by Saunders 2009), secondary data is not always presented in a form which would satisfy a researcher’s needs. One of its main reasons is either the data is out-dated or the methods of collecting that information would have been different which thus may offer information of very less value in fast changing market. Therefore it becomes important for a researcher to check the validity and reliability of the information. Another disadvantage of secondary research is that sometimes gaining access to secondary data becomes costly. According to Saunders (2009), market reports produced by big research firms like Mintel and Keynote costs a lot and thus researchers may not get the full version access to get full value of their research.
Before launching or expanding a business venture, there needs to be an understanding of the industry, its competitors, and its customers. Market research is vital in assisting companies in the decision-making process and their marketing direction. Data from marketing research is important because it provides companies with ways to identify opportunities, identify market potential, minimize chances of loss, devise effective marketing strategies, gauge customer satisfaction, and serve as an evaluation tool.
Secondary Research is research about information from someone, (like my client), that already exists or produced. I will probably use textbooks and the Internet, for Secondary Research.
This is existing research that has been gathered previously either by the firm itself or by other organisations. This type of research is collected quicker and cheaper as it has been already archived. Secondary data is normally found in internal and external sources.
In the article ‘Data Collection: Primary Research Methods’, Christ (2009) wrote that, the responsibility for collecting data under primary research falls to the marketer. Marketers can select two basic approaches to collect data using primary methods:
Sample size is typically small and more open ended. Interviews, inhome ethnographies, and focus groups are used to explore consumer and understand consumer behavior. Skilled administrators are more likely to carry out quantitative research due to its complex and objective nature.
Secondary marketing research is based on information previously gathered by an individual, the government, and other agencies. “Secondary sources are those sources of information that have been collected previously by other individuals or organizations. Secondary sources of information can help you to identify other sources of information, it can help you to get an overall picture of your market or it may provide more detailed information on a specific segment of the market” (Karen Paiyo). There are also various research tools used when conducting secondary research. Secondary research can be acquired from previous reports, public sources, newspapers, magazines, commercials, educational sources, and websites. Secondary research is often easy to find and generally free. It is much more inexpensive than primary research. An example of secondary research is a general manager, of a professional baseball team, gathering a summation of statistical information (of a player whose contract is expiring) from previous
In market research content, secondary research is taken to include the re-use by a second party of any data collected by a first party or parties.
Data and information will be collected and recorded to ensure reliability and validity of the research result. Measurement is at the core of doing research (Santayana, 2011). The progress of doing research is measured by its quantity, not its quality (Santayana, 2011). Collecting enough data is advisable since after measurement some of the data would be discredited.
Marketing plan and marking research for primary and secondary details of existing customers. For example in primary information is collected at first by hand. Kellogg’s would do research on what customers like and what they don’t like in order to make a decision on what customers like to eat for breakfast. For secondary they would publish and keep a sources of information for example those produced by marketing and organisation for
They can also measure this through sending out a survey to customers who did not accept the organizations quote. Survey questions can include reasons for the quote being rejected, such as cost, quote turnaround time, and delivery lead time. One of the major advantages of primary data is that it can be “more specific to the problem being studied” (Kerin, R.A., Hartley, S.W., Berkowitz, E.N., and Rudelius, W., 2006) and one of the main disadvantages is the cost associated and time associated with collection. So what is the difference between primary and secondary research?
Secondary market research is market research that’s already gathered and prepared for you. Secondary research also known as desk research is when an organisation identifies suitable sources and getting access to them; reviewing and accessing their suitability for their specific research objectives (Mcgivern 2013). There are many benefits and drawbacks of using secondary market research for an organisation.