Data Collection Techniques for Marketing Research

 What’s Market Research

 Why use marketing research
 Importance of the Market research
 Market research methods
 Primary research
 Secondary research
 Quantitative and qualitative research
 Advantages of Market Research
 Describe what’s market research
 Explain the Importance of the market research
 Describe the methods of the market research
 Describe the Quantitative and qualitative research
 Discuss the advantages of market research
Data Collection Techniques for Marketing Research
What’s Market Research

 Market research is any organized effort to gather information about

target markets or customers. It is a very important component of
business strategy.

 Market research is the process of collecting valuable information to

help you find out if there is a market for your proposed product or
service.

Why use marketing research

Market Research is defined as the process of gathering data on goods

and services to determine whether the product or service will satisfy
customers' needs.
Why conduct market research?

Market research allows you to identify threats and opportunities in the

market place and provides the information on which you can make
informed decisions. The more accurate the information - the better the
decision. Market research therefore reduces the risk involved in making
these decisions. It also reduces the risk of not being able to make
decisions because you did not have the information at hand (for
example, a change in the market that catches you by surprise).

Market research helps you to

 Identify new products or services.

 Spot or anticipate market trends or changes.
 Determine if customers are satisfied, and if not, what is wrong.
 Keep one step ahead of your competitors.
 Spot trends or warning signals in your own business.
 Decide which advertising medium works best for your business.
 Keep up to date with new technology in your industry.
 Tell you if a new idea is likely to be viable or not, and so on.

Market research is therefore the business tool that helps you reduce
the risk that a new idea will fail, and helps reduce the risk of being in
business. In short, it helps you both stay in business and build a more
profitable business. However, in most businesses very little research is
conducted. This is because people are unsure how to perform such
market research properly.
Market research methods

The type of information you want to gather about your customers,

market or competitors will influence the research methods you
choose. There are different ways to gather information (from
primary or secondary sources) and different types of information
to gather (quantitative and qualitative). You may use any
combination of these research approaches to get the results you
need.

 Primary research
 Secondary research

Primary and secondary research relate to the way you gather

information.
Primary research

Primary research (or field research) gathers original information

directly for your purpose, rather than being gathered from published
sources. Primary research includes:
 surveys
 direct observations
 interviews
 focus groups
 Experiments
 Field Trials

Primary research gives you control over the type of questions you
ask and information you gather. Primary research results can be
extremely valuable; however, they can also be much more time-
consuming and costly to gather than secondary research.
Secondary research

Secondary research (or desk research) gathers existing information

through available sources. Secondary research examples include:

 information on the internet

 existing market research results
 existing data from your own stock lists and customer database
 information from agencies such as industry bodies, government
agencies, libraries
Quantitative and qualitative research

Quantitative and qualitative research defines the type of information

you gather.

Quantitative research

Quantitative research gathers numerical data. Quantitative research

includes:

 surveys on customer return frequency

 sales figures
 industry product sales numbers
 financial trends.
Qualitative research

Qualitative research gathers views and attitudes. Qualitative research

includes:

focus groups with customers and potential customers to understand

their feelings and attitudes towards your products and services
formal and informal conversations with customers about their
satisfaction with your business
Advantages of Market Research

 Understand where your customers are

 Estimate the size of the market you can serve
 Be clear on what your customers require
 Create a marketing plan to target them effectively
I. Describe what’s Market Research
II.Explain the importance of the market research
III.
What’s Primary research
IV.Explain the difference between Quantitative and qualitative
research
V. Write 03 advantages of market research