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Market Research


The first step in doing research is to decide what really needs to be found out. The kind of information sought after should determine the type of research accomplished. (Perreault & McCarthy, 1999).
             What is the general feel for how key target buyers think about the product category and its various types of items, brands, and buying occasions? If so, interviewing groups of target buyers in focus groups may be the way to go, even though this type of research indicates only directional trends and may not be statistically reliable. Is the confirmation of general trends in the industry sufficient? In that case, reading information from outside information services, industry trade associations, and industry experts may be all that needs to be done. .
             Another example of primary research is focus groups and interviews. Traditionally, qualitative research consists of focus groups and individual interviews. Focus groups can be thought of as "group interviews", where a manageable number of target buyers are brought together, presented with an idea or a prototype product, and asked to discuss their opinions with a moderator and with each other. (Perreault & McCarthy, 1999).
             A research company can locate the focus group members according to criteria specified, and can conduct the session using a professional moderator. On the other hand, a more economical way is by personally conducting the sessions, using target buyers located via the phone book.
             Secondary Research.
             Since primary research can be costly, secondary research may be conducted as a starting point. This is usually the cheapest and easiest type of research for small businesses to perform. Secondary research is market research that already exists and was conducted by someone else. It could have been published five minutes ago or hundreds of years ago. Though this research may have been conducted for different reasons, some of the information available as secondary research can be helpful as a foundation for primary research.


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