What is market research?
Market research is the process of collecting vital information about a company’s target audience, market,
and competition.
Through market research, companies can understand their target audience better. They can make better
products, improve user experience, and design a marketing strategy that attracts quality leads.
Primary market research
Primary market research is a unique study conducted by yourself to discover the wants and needs of
consumers who fit the description of your target market. The process involves approaching your targeted
source and asking questions about your product or service.
Secondary market research
Secondary market research is when a company uses existing information from other sources, like
reports, articles, or surveys, to learn about its market and customers. It's like using someone else's
research to help you make decisions for your business, without having to collect new data yourself.
Techniques used in primary market research
The most common primary market research methods are interviews, surveys, and focus groups.
Interviews
Interviews take the form of a one-to-one or small group question and answer session, which can be
conducted over the phone or in a face-to-face environment. Interviews are most useful where a large
amount of information needs to be collected from a small sample of subjects. Interviews are often used
to obtain information from an expert about a specialist topic. This type of research is highly personal, so
follow-on questions can be asked to ensure clarity.
Surveys
Surveys are most frequently conducted online using paid or free survey tools and offer a convenient and
cost-effective solution where a response is required from a larger population. Questions are pre-written,
offering the respondent little flexibility if their answer doesn’t fit (making functionality such as skip logic
essential) and response rates can be variable. The length of a survey is a delicate balance: if a survey is
too long, participants may get bored and leave the survey incomplete. However, if the survey is short,
not enough data will be collected to form a full picture
Focus groups
Focus groups are used to collect data from a small group of people who are often subject matter experts
in the topic of research. Discussion is initiated between the group members to discover their thoughts.
This method is commonly used by businesses to gain insight into niche markets and learn about their
customers.
Techniques used in secondary market research
Source market of Maldives
Reference
https://www.tourism.gov.mv/en/statistics/annual (ministry of tourism website)
https://emeritus.org/
https://www.studysmarter.co.uk/
https://www.surveymonkey.com/
https://www.smartsurvey.co.uk/
Travel and Tourism teams powerpoints
