Market Research

Market Research

  1. Determining information needs: businesses need to decide what information is required e.g. why are sales failing? What are the competitors producing?
  1. Data collection

Primary data – the facts and figures collected from original sources for the purpose of the specific research problem.

  • Observational: observing a relevant group of people, their actions and how they respond to certain situations.
  • Survey: Personal interviews, focus groups, online, mail, telephone, questionnaires.
  • Experimental: Altering factors under controlled conditions to see how people react to different products and features. e.g. sample population/size, sampling frame/procedure

Secondary data – information that already exists, having already been collected for another purpose. Businesses may access secondary data from internal or external sources.

  1. Data analysis and interpretation: this is the final stage of market research.
  • It involves the preparation of a report for management based on findings.
  • Interpretation of results is best done by researchers and managers.

Extract from Business Studies Stage 6 Syllabus. © 2010 Board of Studies NSW.