P3 Unit 3

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P3 – Unit 3

Market research
Market Research is the process of gathering, analysing and interpreting information about a market, product or service to be offered for sale in that market. It also involves information about the past, present and potential customers for such products or services. The strategy consists on gathering information from possible future buyers or current ones (generally to improve the product). This information is recorded through questionnaires over websites, fax, emails, in shops, and so on.
Market Research is also important to notice the trends of the public, and to therefore produce new products according to the statistics to sell a product, do more quantity of something or create a product.
Primary and Secondary research
Primary research (field research) involves experiments, investigations and tests carried out to acquire first-hand data, rather than being gathered from published resources. This market research technique is to record new information from a customer or a group of them and take out key information out of them to be able to produce a successful product that they would buy.
Secondary research (desk research) is the type of research that is already compiled and organized for the business. Examples of secondary research include reports and studies by government agencies, trade associations or other businesses within the industry. However there can be problems with the validity and reliability of such information. Quantitative and Qualitative research
Quantitative research is the use of sampling techniques (such as consumer surveys) whose findings may be expressed numerically, and are amenable to mathematical manipulation enabling the researcher to estimate future events or quantities.
Qualitative research is primarily exploratory research it is used to gain an…...

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