MARKET RESEARCH

Ms. Sheamon Machado

 Learning Outcomes
• What is Market Research?
• The purpose of Market Research
• Primary Research Vs. Secondary Research
• Quantitative Vs. Qualitative Data
• Role of social media in collecting market
research data
• Importance of the reliability of market
research data
 Market Research
Definition:
Market Research is the process of
collecting, analysing and interpreting of
information relating to the marketing
and consumption of goods and services.
 Purpose of Market Research
TO IDENTIFY AND UNDERSTAND CUSTOMER
NEEDS
Identify Business Meets the
Gather
Customer designs a specific
Information
needs product needs

Predict Business Meet

Gather
Customer responds to Customer
Information
needs changes needs
Purpose of Market Research
TO IDENTIFY GAPS IN THE MARKET
Gather Information

Find Untapped Markets

Business Caters to the

Untapped Market

Competitive Edge,
Increased Revenue & Profit
Purpose of Market Research
TO REDUCE RISK
Invest in Market Research

Understand the Market

Launch New Product

Reduced Risk:
Product Failure
Purpose of Market Research
TO INFORM BUSINESS DECISIONS
Provide a wide range of information

Improved quality; Decision Making

Example: Pricing Decision

What price should be charged for a product?
Primary Research Vs. Secondary Research
Definition:

Primary research is the collection of original

data via direct contact with potential or
existing customers. (First-hand Data)

Secondary Research is information that has

already been collected and is available for use
by others. (Second-hand Data)
 ACTIVITY
Identify and explain TWO Advantages &
Disadvantages of each method of research
Primary Research Secondary Research
Questionnaires Business Websites

Focus Groups Media E.g. Newspapers,

Magazines, Television

Observation Competitors E.g. Annual

Reports, Price lists, Catalogues

Test Marketing Internal Data E.g. Sales figures,

budgets, reports

Interviews
Qualitative Vs. Quantitative Data
Definition:

Qualitative Data is the information about the

attitudes, beliefs and intentions of consumers.

Quantitative Data is the information that can

be quantified, that is expressed in numbers.
Qualitative Vs. Quantitative Data
 ROLE OF SOCIAL MEDIA IN COLLECTING
MARKET RESEARCH DATA
Social media market research is the process of
gathering data from social media platforms to
understand consumers, market trends etc.
ADVANTAGES

Free or Low Cost

Broad Reach

Fast

Easy
 IMPORTANCE OF THE RELIABILITY OF
MARKET RESEARCH DATA
• Market Research Data
Reliable/ Out of date?

• Sample
Biased?

• Interviewers
Trained?

• Questionnaires