Market Research
Market Research
Market Research
Market research is the process of collecting and analysing information about the consumers and competitors in the market.
Primary Research
Primary research is research that is done first hand e.g. focus groups, questionnaires, interviews and surveys.
Advantages of primary research
1.Up to date
Primary research is up to date as the research is conducted first hand.
2.Specific
Primary research is tailored to meet the requirements of the researcher.
3.Ownership
Ownership of the primary research belongs to those who conducted it, Therefore it does not have to be shared with others. This can create a competitive advantage for firms.
Disadvantages of primary research
1.Time
Collecting primary research can be very time-consuming.
2.Costly
Primary research can be very costly to set up and organise. Researchers also might have to pay others to participate in their research e.g. focus groups.
Secondary Research
Secondary research is carried out using existing sources of information e.g. reports, books, journals.
Advantages of secondary research
1.Convenience
Secondary research is usually convenient for researchers as it is already available.
2.Affordable:
It is usually cheaper as the research has already been carried out for you.
3.Availability
Secondary research is becoming more and more available due to the improvement in technology such as the internet.
Disadvantages of secondary research
1.Out of date:
Secondary research may sometimes be old and out of date.
2.Not specific to your requirements
Secondary data may not specific enough for your requirements.
Questions
1. Define primary research? (2 marks)
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2. Define secondary research? (2 marks)
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3. State and explain three advantages of primary research? (6 marks)
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4. State and explain two disadvantages of primary research? (6 marks)
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5. State and explain three advantages of secondary research? (6 marks)
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6. State and explain two disadvantages of primary research? (6 marks)
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