There are a mainly two types of the Market Research.
i) Primary Research
(Qualitative and quantitative research)
&
ii) Secondary Research
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i) Primary Research :-
Primary research involves finding out new information. It
finds the answers to specific questions for a particular purpose. These
enquirers may take the form of direct questioning. For example, it may include
face-to-face surveys, postal or online questionnaires, telephone interviews or
focus groups. This type of direct contact with people is valuable as it gives
specific feedback to the questions asked.
Quantitative research presents information in a numeric way,
such as graphs, tables or charts that can be used to analyses the information.
For example, Barclays found from the questionnaire that 81%
of students surveyed held a savings account and 32% an investment savings
account (ISA). The opinion panel also
provided qualitative feedback on what was of interest to students and what they
wanted from an account.
ii) Secondary Research :-
Market research reports
i) Primary Research
(Qualitative and quantitative research)
&
ii) Secondary Research
............................................................................................................................................
i) Primary Research :-
Primary research involves finding out new information. It
finds the answers to specific questions for a particular purpose. These
enquirers may take the form of direct questioning. For example, it may include
face-to-face surveys, postal or online questionnaires, telephone interviews or
focus groups. This type of direct contact with people is valuable as it gives
specific feedback to the questions asked.
However, it is important that the questions are clear and
that the researcher is trained. This will ensure that the results are not
influenced. Although primary research can be expensive and time-consuming, the
up-to-date and relevant data collected can give organizations a competitive
advantage. This is because their rivals will not have had access to it.
a) Qualitative and quantitative research :-
After this an external agency was employed to carry out an
opinion panel. This took the form of an online questionnaire. The results of
this delivered data about the market itself, as well as Barclays' market share
among this target audience.
For example, Barclays found from the questionnaire that 81%
of students surveyed held a savings account and 32% an investment savings
account (ISA). The opinion panel also
provided qualitative feedback on what was of interest to students and what they
wanted from an account.
Qualitative research provides information on consumer
perceptions, such as:
How they feel about products and services
What they like or do not like
What they would want from a new product.
The panel produced valuable insights which Barclays used to
help re-evaluate its existing student account. It then used the information to
develop new features and benefits to meet the established needs.
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Secondary research focuses on existing infor
mation. It uses
published data that previous research has already discovered. This covers a
wide range of materials, such as:
Market research reports
Sales figures
Competitor marketing literature
Government publications, e.g. national statistics.
Secondary research may be quicker to carry out but may give
less specific outcomes for the topic in question. This part of Barclays
research revealed that student accounts in 2009 amounted to 0.4 million out of
a total market of 5.4 million new accounts.
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