Methods of market research

Question	Answer
Research aims to find out:	- What would people be willing to pay for the product. - Would they buy the product, how many - How best to promote the product
Primary research	- Collecting and using original data. - Requires direct contact with customers (Potential or existing) - Can be time consuming and expensive.
Methods of primary research:	- Interviews: face-to-face, telephone, postal, groups. - Consumer Panels or focus groups. - Competitor analysis: e.g what do they charge for a similar product.
Secondary Research	- Researching information that has already been gathered and collected by someone else and is available to be used. - Information can be gathered from internal and external sources.
Internal sources of information:	- Employee surveys - Customer service department
External sources of information:	- Internet - Newspapers - Media reports

Resource summary

	Created by Emerson Dobbs almost 12 years ago