Answer in Management for Prabhdeep #159221
Give examples of different types of Market research designs?
Types of Market Research Designs
Market research is a set of techniques used to better understand the target market. It is used by companies to design better products, improve user experience and create a marketing strategy that attracts quality leads in the market.
Primary Market Research Design
Primary market research is designed through a process where businesses interact with the end consumers to carry out relevant studies and collect data. Examples include:
- Focus groups: A focus group is a small group of people who participate in surveys.
- One-on-One interview: It involves personal interaction with the customer through interviews.
- Ethnographic research: It is an in-depth research design that is conducted in the natural settings of the respondents.
- Observation of the customer as they engage with the product.
Secondary Market Research Design
Secondary market research design uses information from outside sources like the media, government agencies, Non-governmental organizations, and chambers of commerce to collect information. The market research design uses information from the following sources:
- Commercial sources
- Public sources like the library, government libraries.
- Educational institutions.
Businesses use these techniques to design and implement a market research strategy in different aspects of the market, customer, and the products. Market research can be design in the following categories :
- Brand research
- Product development
- Competitive effectiveness
- Competitive analysis
- Customer satisfaction research
- Consumer insights
- Usability testing research.