Market Research

By the end of this lesson, you should

be able to:-

AO1 Explain the advantages and

disadvantages of primary and
secondary market research

Keywords

Market research
Primary and secondary research
Quantitative and qualitative research
 Primary research
Advantages Disadvantages
• Research will be specific to • Expensive to conduct
the aims of the business • Research can be biased
• More reliable source of • Takes a long time to
research conduct and analyse
 Secondary research
Advantages Disadvantages
• The information is already • Information many be
available outdates and could be
• It is cheaper than primary misleading
research • Information is also available
to other organisations
How would the market research conducted differ
between a small local coffee shop & Starbucks?

Do you think that Starbucks will conduct the exact same

research as Flat White?
Do you think that Flat White would spend as much money on
market research as Starbucks?
Backyard Shoez is now planning to sell shoes to men and
children as well as ladies. They plan to conduct market
research before doing this. It’s considering two options
Option A: Primary research
Option B: Secondary research

Justify which one of these options Backyard Shoez should

choose. (9)