Market Research :
What’s inside: We begin with an introduction, and then it’s into the key terms and concepts of market research, quantitative and qualitative research, how to go about gathering data and the distinction between primary and secondary research. Learn about online research communities, conducting research surveys and get to grips with the valuable tools of the trade. Wrap things up with a chapter summary and a case study showing how BrandsEye has developed with the market’s demands.
introduction
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| Services such as PriceRunner, shown above, allow consumers to research product prices |
While the Internet was developed as a military project, the World Wide Web was developed as a tool for academics to allow information to be shared freely. This foundation of the Web as an information tool has had profound effects on the markets we transact in.
Consider that consumers are able to research companies and products easily, gathering information to compare prices and service with a few clicks of the mouse. Consumers are also able to share likes and dislikes easily, whether that information is shared with companies or with friends.
Likewise, the Web has an impact on market research. Its foundations in academia make it ideal for secondary research, with reports and data filed, indexed and available via a few savvy searches. Technology can also be used to easily, and accurately, conduct surveys. The connected nature of the Web also makes it possible to record data about consumers’ online habits.
For example, when researching the penetration of broadband in a particular market, a few web searches will reveal plenty of sources that can be compared and verified. If a company is wanting to gauge the demographics of visitors to their website, an online survey may be offered to website visitors. Thirdly, online reputation management tools allow companies to track consumer sentiment expressed online.
Consider that consumers are able to research companies and products easily, gathering information to compare prices and service with a few clicks of the mouse. Consumers are also able to share likes and dislikes easily, whether that information is shared with companies or with friends.
Likewise, the Web has an impact on market research. Its foundations in academia make it ideal for secondary research, with reports and data filed, indexed and available via a few savvy searches. Technology can also be used to easily, and accurately, conduct surveys. The connected nature of the Web also makes it possible to record data about consumers’ online habits.
For example, when researching the penetration of broadband in a particular market, a few web searches will reveal plenty of sources that can be compared and verified. If a company is wanting to gauge the demographics of visitors to their website, an online survey may be offered to website visitors. Thirdly, online reputation management tools allow companies to track consumer sentiment expressed online.
key terms and concepts
Focus Group A form of qualitative research where a group of people are asked questions in an interactive group setting. From a marketing perspective, it is important tool for acquiring feedback regarding new products and various topics.
ORM Online Reputation Management- the understanding and influencing of the perception of an entity online. This entails ensuring that you know what is being said about you, and that you are leading the conversation.
Primary Research The collection of data to present a new set of findings from original research.
Qualitative Data Data that can be observed but not measured. Deals with descriptions.
Quantitative Data Data, which can be measured or defined. Deals with numbers.
Secondary Research Collection of existing research data.
ORM Online Reputation Management- the understanding and influencing of the perception of an entity online. This entails ensuring that you know what is being said about you, and that you are leading the conversation.
Primary Research The collection of data to present a new set of findings from original research.
Qualitative Data Data that can be observed but not measured. Deals with descriptions.
Quantitative Data Data, which can be measured or defined. Deals with numbers.
Secondary Research Collection of existing research data.
