REVISIT MARKET RESEARCH

Market research seeks to gather the opinions, beliefs, and feedback from both existing and potential customers.

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Focus groups are the use of small discussion panels drawn from a firm's target market to gain insights into attitudes and behaviour of the group members.

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Market analysis refers to the marketing activities that attempt to discover the preferences, values, and views of current and prospective customers.

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Observations are a form of primary market research that involves watching how people behave in and respond to different situations.

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Quantitative responses from primary research tend to be more difficult to collect and collate than qualitative responses.

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An advantage of using interviews as a method of collecting primary market research is that it helps to discover the interviewee’s opinions and beliefs about certain issues.

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Population is a statistical term used in market research to refer to all the people who fulfil a certain criterion.

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Human errors in recording, processing, and/or analyzing market research data are not a source of sampling error.

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Government publications are official documents and publications released by the authorities that can be used as a form of secondary market research.

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Surveys can be an expensive and time consuming method of primary market research and can often suffer from selection bias resulting from an unrepresentative sample.

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