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Market Research Methods

The document outlines two main types of market research methods: primary and secondary research. Primary research involves collecting first-hand data through methods like surveys and interviews, while secondary research utilizes existing data from sources like government reports and newspapers. It also distinguishes between quantitative data, which is numerical and useful for statistical analysis, and qualitative data, which provides insights into customer behavior and preferences.

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cheickbarkire
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12 views1 page

Market Research Methods

The document outlines two main types of market research methods: primary and secondary research. Primary research involves collecting first-hand data through methods like surveys and interviews, while secondary research utilizes existing data from sources like government reports and newspapers. It also distinguishes between quantitative data, which is numerical and useful for statistical analysis, and qualitative data, which provides insights into customer behavior and preferences.

Uploaded by

cheickbarkire
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd

Business Topic: Market Research Methods

Primary Research - First-hand data collected by the business. - Examples: surveys, interviews, focus
groups, observations. - Pros: specific, up-to-date, targeted to business needs. - Cons: expensive, time-
consuming.

Secondary Research - Data that already exists, collected by others. - Examples: government reports,
market reports, internet, newspapers. - Pros: cheaper, faster to access, good for trend spotting. - Cons:
may be outdated or not specific to business needs.

Quantitative Data - Numerical data (e.g. % of customers who prefer a product). - Useful for estimating
demand and making statistical analysis.

Qualitative Data - Non-numerical data (e.g. opinions, attitudes, motivations). - Useful for
understanding customer behaviour and preferences.

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