Market Research

The need for market research

Market research is necessary in order to help a company understand the market in which they operate and what their customers want. This is important to gain and keep customers and therefore increase profit levels and the businesses reputation.

The most valued research is primary, this is first hand research and can be tailored specifically to the company.

Secondary research is looking at research that has already been done by a third party. It can be useful to gain rough ideas, but is often out dated or not specifically relevant. However it is much cheaper than primary research.

Sampling Methods

• Random
• Quota
• Stratified
• Convenience
• Systematic
• Opportunity