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Understanding Market Research: Types, Processes, and Data Collection Techniques

Market research is a critical process for identifying customer needs and preferences. This includes total market research to assess the potential fan base, sales research to compare customer bases against competitors or historical data, product research to gauge reactions to promotions and products, and advertising research to evaluate the effectiveness of marketing strategies. This guide discusses the significance of primary and secondary data, as well as obtrusive and unobtrusive methods for collecting information, aiding businesses in making informed decisions.

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Understanding Market Research: Types, Processes, and Data Collection Techniques

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  1. Survey Design Project

  2. What is Market Research? • MARKET RESEARCH: THE PROCESS OF DETERMINING WHAT YOUR CUSTOMERS WANT

  3. Types of Market Research • TOTAL MARKETRESEARCH: WHAT IS THE POTENTIAL FAN BASE FOR MY PRODUCT? • SALES RESEARCH: WHAT IS MY FAN/CUSTOMER BASE COMPARED TO COMPETITION OR PRIOR YEARS? • PRODUCT RESEARCH: STUDY FAN REACTION TO PROMOTIONS AND PRODUCTS SOLD • ADVERTISING RESEARCH: HOW EFFECTIVE IS MY FRANCHISE’S/PRODUCTS ADVERTISING?

  4. Vocabulary SAMPLE: People surveyed who represent a larger group TEST MARKET: Marketing goods in carefully selected areas prior to releasing on a larger scale PRIMARY DATA: First hand information that has never before been collected This is very efficient and can focus on needed info It may be biased SECONDARY DATA: • Information already collected for another purpose • Sources: Newspapers, libraries, U.S. Government, local and state governments.

  5. Vocabulary OBTRUSIVE: Visually obtaining information: personal survey, taste tests.. UNOBTRUSIVE:Unseen, quiet observation: quiet observation, written surveys

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