Unit 10 Assingment 1
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- Date Submitted: 11/15/2015 08:41 AM
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Definition of market research- The action or activity of gathering information about consumers' needs and preferences.
Describe the difference between primary and secondary market research.
Primary market research is made to a company’s particular needs and is conducted either by you or by a company that you pay to conduct the research for you. Focus groups, surveys, field tests, interviews, and observation are examples of primary market research.
Primary market research lets you investigate an issue of specific interest to your business, get feedback about your website, assess demand for a future service, gauge response to various packaging options, find out how much consumers will pay for a new product, and more.
Primary research delivers more specific results than secondary research, which is an especially important consideration when you’re launching a new product or service. In addition, primary research is usually based on statistical methodologies that involve sampling as little as 1 percent of a target market. This tiny sample can give an accurate representation of a particular market.
The downside of professionally conducted primary market research is that it can be expensive — several thousand or more. Fortunately, a growing number of online tools allow you to conduct primary research such as surveys yourself at very little cost.
Secondary research is based on information from studies previously performed by government agencies, chambers of commerce, trade associations, and other organizations.
Secondary market research is easy to find, and much of it is free or low-cost. For instance, you can find secondary market research online at government or industry websites, at your local library, on business websites, and in magazines and newspapers.
The downside of secondary market research is that it is not customized to your needs, so it may not be as useful as primary market research.
Describe different types of primary market...
Describe the difference between primary and secondary market research.
Primary market research is made to a company’s particular needs and is conducted either by you or by a company that you pay to conduct the research for you. Focus groups, surveys, field tests, interviews, and observation are examples of primary market research.
Primary market research lets you investigate an issue of specific interest to your business, get feedback about your website, assess demand for a future service, gauge response to various packaging options, find out how much consumers will pay for a new product, and more.
Primary research delivers more specific results than secondary research, which is an especially important consideration when you’re launching a new product or service. In addition, primary research is usually based on statistical methodologies that involve sampling as little as 1 percent of a target market. This tiny sample can give an accurate representation of a particular market.
The downside of professionally conducted primary market research is that it can be expensive — several thousand or more. Fortunately, a growing number of online tools allow you to conduct primary research such as surveys yourself at very little cost.
Secondary research is based on information from studies previously performed by government agencies, chambers of commerce, trade associations, and other organizations.
Secondary market research is easy to find, and much of it is free or low-cost. For instance, you can find secondary market research online at government or industry websites, at your local library, on business websites, and in magazines and newspapers.
The downside of secondary market research is that it is not customized to your needs, so it may not be as useful as primary market research.
Describe different types of primary market...