Market Research by Mackenzie Shaw https://padlet.com/13mshaw/4n9p4gid0oly en-us 2017-11-28 13:42:29 UTC 2025-12-20 17:25:22 UTC hello@padlet.com Market Research 13mshaw https://padlet.com/13mshaw/4n9p4gid0oly/wish/210879824 What is market research and why does a business need it ? 
Market research is research that a business will find in order to help the business. Market Research can tell a business: 
•What features a customer wants.
•How much they are willing to pay. 
•Where they shop. 
•What age and gender they are.
•Who the main competitors are.
•If the market is shrinking or growing. 
]]> 2017-11-28 13:47:44 UTC https://padlet.com/13mshaw/4n9p4gid0oly/wish/210879824 The two types of Market Research 13mshaw https://padlet.com/13mshaw/4n9p4gid0oly/wish/210881002 •Primary- (field research) is collecting information that did not exist before. Information is accurate, up to date, specific and good for qualitative data. Examples: surveys, focus groups, questionnaires and observations. 
•Qualitative data- information about opinions, judgements and attitudes.
•Secondary- (desk research) information that already exists. Information collected is more general, less time consuming and effective for quantitative data. Examples: sales data, internet sites, local newspapers, market reports and government statistics. 
•Quantitative data- data that can be expressed as numbers and statistically analysed.
]]> 2017-11-28 13:49:41 UTC https://padlet.com/13mshaw/4n9p4gid0oly/wish/210881002 The advantages and disadvantages of each type of Market Research 13mshaw https://padlet.com/13mshaw/4n9p4gid0oly/wish/210882095 Primary research
•Advantages: More accurate and up-to-date than secondary research. Accurate market research helps to reduce the risk of launching new or improved products.
•Disadvantages: More time consuming than secondary research.
•Secondary research 
•Advantages: Less time consuming than primary research and easier to collect. 
•Disadvantages: At risk of being inaccurate and therefore its usefulness decreases. 
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