Lecture on Primary Market Research

Overview

• Primary market research provides direct insights not previously available.
• Essential for informed decision-making and business growth.
• Conducted by the business or through external market research agencies.

Common Methods of Primary Market Research

1. Surveys and Questionnaires

   • Questionnaires: Written set of questions (open and closed).
   • Surveys: Encompass designing, collecting, and analyzing responses.
   • Methods: Online platforms (SurveyMonkey, Google Forms), postal, in-person interviews.
   • Pros: Quick feedback, large audience reach, cost-effective.
   • Cons: May lack depth, engagement challenges, can be perceived as not serious.

2. Focus Groups and Interviews

   • Focus Groups: Group interviews with target market members.
   • One-to-One Interviews: Individual interviews providing in-depth information.
   • Pros: Detailed insights, formal setting encourages serious responses.
   • Cons: Time-consuming, costly, may not be representative due to fewer participants.

3. Observation

   • Observing customer behavior to gain genuine insights.
   • Aim: Spot patterns and understand influencing factors.
   • Pros: Provides real-time customer experience data.
   • Cons: Can be subjective, potential for unanswered questions.

4. Test Marketing

   • Trials products in limited areas before a full-scale launch.
   • Focuses on product attributes, pricing, distribution, and promotions.
   • Pros: Real customer feedback, reduces full-scale launch risks.
   • Cons: Expensive, time-consuming, may not fully represent target market.

Benefits of Primary Market Research

• Tailored to the specific needs and aims of the business.
• Provides up-to-date and relevant data.
• Competitors don't have access to this data.
• Offers both quantitative and qualitative data.

Drawbacks of Primary Market Research

• Generally expensive and time-consuming.
• May experience research bias if participants aren't representative.
• Attracting sincere participation can be challenging.

Conclusion

• Primary market research explained, offering insights into its processes and importance.
• Encouragement to explore more educational resources on the subject.

These notes provide a comprehensive overview of the primary market research methods discussed in the lecture, including their benefits and drawbacks.