Market Research

Market Research

Types of Market Research
1. Primary
  1. Collected first hand for specific research
2. Secondary
  1. Information that already exists. Collected for a different use
3. Quantative
  1. Based on proper samples and provides insights on numerical data eg. How many
4. Qualative
  1. Based on attitudes, beliefs and opinions, asks questions such as why?
Why research is crucial for startups
1. What competition will there be?
2. What will the demand be like?
3. Will it meet the needs and wants of the customers?
4. Who is the target market?
Primary Market research
1. Advantages
  1. Specific to the needs
  2. Up to date
  3. Easy to obtain
  4. Cheap
2. Disadvantages
  1. Sometimes expensive
  2. Time consuming
  3. Can delay other pieces of research
Secondary Market Research
1. Advantages
  1. some are free
  2. Can be obtained internally
  3. Contains a lot of information
2. Disadvantages
  1. Will vary in usefulness
  2. Commercial market data is expensive
  3. Data also available to competitors
Quantative
1. Advantages
  1. Easier to analyse
  2. May highlight important trends
2. Disadvantages
  1. Usually time consuming and expensive
  2. Doesn't explain questions like "why?"
Qualitative
1. Advantages
  1. Can identify new projects and areas
  2. Target new customers with little research
  3. Can use opinions to re amend something
2. Disadvantages
  1. based on limited sample sizes
  2. Expensive
  3. Difficult to form definitive conclusions

Resource summary

	Created by Mingetron 4000 over 10 years ago