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ENTREPRENEURSHIP DEVELOPMENT

ASSIGNMENT-I

TOPIC: SOURCES OF MARKET RESEARCH INFORMATION

SUBMITTED TO: Prof. Anil G.S Nair Department of MBA BJSM

SUBMITTED BY: Chaithra c s 4 th sem MBA Roll no: 10 BJSM

SUBMISSION ON: 12-04-2013

which includes social and opinion research. . cheapest and most convenient source of information available. Internal data will also be exclusive to the organisation that generated it. Primary data sources 1. Secondary data sources Secondary data is data that already exists and has been collected by someone else for another purpose. records of past advertising campaigns within the marketing department can be compared with copies of invoices held in the sales department in order to judge their effectiveness and get ideas for future campaigns. Sources of secondary data can come from within the firm itself – this is known as internal secondary data. Market research provides important information to identify and analyze the market need. Secondary research involves the investigation of secondary sources of data. Market research. Past sales figures can also be used to spot trends and forecast future figures. allowing them to target promotional campaigns more effectively. Internal sources of data should always be considered as a first line of enquiry for any investigation because they are usually the quickest. Market research is a key factor to get advantage over competitors.MARKET RESEARCH Market research is any organized effort to gather information about markets or customers. so that rival firms will not have access to it. For instance. Secondary data sources 2. market size and competition. The increasing availability and use of loyalty cards has given retail outlets the chance to gather a wide range of valuable information on customer buying habits. It is a very important component of business strategy. External secondary data. on the other hand. is data that has been published by other organisations Internal sources of Secondary Data Every department within an organisation will have its own records that represent a potential source of valuable data. is the systematic gathering and interpretation of information about individuals or organizations using statistical and analytical methods and techniques of the applied social sciences to gain insight or support decision making SOURCES OF MARKET RESEARCH INFORMATION There are two main sources of market research information that are:1.

internal data may be incomplete or out of date. In such cases. an organisation may need to consider using external sources of secondary data. Government data. It is likely to be accurate and updated regularly. Keynote and Euro monitor The Government – e. such as www. Annual Abstract of Statistics.. because it is available to everyone. and. the Grocer The general media – to the archives of newspapers such as the Financial Times and the Guardian and journals such as the Economist are now accessible online. Competitors – company reports and websites are easily accessible and contain a limited amount of information Trade Publications – e. there may be no relevant data at all. Social Trends. making them a useful starting point for research Uses of Secondary Data       It can solve the problem on hand all by its own It can lead to new ideas and other sources Helps to define the problem more clearly It can help in designing the primary data collections process Helps in defining the population / sample It can serve as a reference base Advantages and Disadvantages of using Secondary Data Secondary data sources should always be considered by any firm conducting research. be out-of-date. it may be too general and. The advantages and disadvantages of using secondary data will vary from source to source. it is unlikely to give an organisation any competitive edge. it may be in the wrong format or incomplete.However.. No firm can afford to waste time and money conducting expensive surveys to gather data that already exists! However. . secondary data may have been collected some time ago and. if a project is new.g. for example.g. is usually cheap or even free to access.gov. However. These include:      Commercial market research organisations – including MINTEL.statistics. In addition. there are now a number of government websites. therefore. Some information on competitors may be easily available via company reports or websites. but these are unlikely to contain sensitive information or data that gives the firm a negative image. Because it has been collected for another purpose. External sources of Secondary Data There are several sources of existing data available from outside of the organisation that may be of value. Monthly Digest of Statistics.

2. While useful. intentions are not a reliable indication of actual future behaviour Behaviour Primary data can be obtained by communication or by observation. secondary data must be supplemented by primary data originated specifically for the study at hand. since once needs only to ask for the information. This method is versatile. Personal interviews have an interviewer bias that mail-in questionnaires do not have. . such as attributes. Observation involves the recording of actions and is performed by either a person or some mechanical or electronic device. however. Communication involves questioning respondents either verbally or in writing. Some common types of primary data are:      Demographic and socio-economic factors Psychological and lifestyle characteristics Attitudes and opinions Awareness and knowledge. Observation also might take longer since observes may have to wait for appropriate events to occur. the response may not be accurate. in a personal interview the respondent’s perception of the interviewer may affect the responses. intentions and motivations. Primary Data sources Often.for example. awareness. purchase intentions. For example. Observation is less versatile than communication since some attributes of a person may not be readily observable.for example. knowledge. Communication usually is quicker and cheaper than observation. though observation using scanner data might be quicker and more cost effective. Observation typically is more accurate than communication. brand awareness Intentions.