100%(2)2 out of 2 people found this document helpful
This preview shows page 1 - 3 out of 6 pages.
1Marketing Research ToolsMKT/441May 23, 2016Tim Kelly
2Marketing Research ToolsIntentionally or not, companies engage in marketing research on a daily basis. "Did you find everything okay?" seems like a trivial question, but management observes customer responsesand considers them during merchandising. These types of techniques used to analyze the market are called marketing research tools. Categorized by the manner in which information is obtained, the information is known as primary data or secondary data. The data is further classified by the method in which data is collected as quantitative and qualitative research. Market researchers then examine the data gathered to recognize market trends, customer opinions and behavior, and product perception.Primary Data"Primary data refers to information that is developed or gathered by the researcher specifically for the research project at hand" (Burns & Bush, 2006). Examples of primary data include surveys, experiments, interviews, focus groups, and observations. Since the data is specific to the research project, the researcher can tailor questions or parameters to reflect responses relevant to the information needed. "Observation research has the advantage of seeing what customers actually do instead of relying on their self-report of what they think they do. Sometimes data can be obtained at less cost and more accurately by using observation methods" (Burns & Bush, 2006). Although conducting primary research allows for a higher level of controlover how information is collected, it can be quite expensive and time-consuming because it requires the development and execution of a research plan (Boundless, 2015). For this reason, researchers conduct secondary research first.