Research

Research

1. Primary

   • First hand information gathered about a market which has been self collected
   • Advantages
     • Up to date
     • Asks the questions you want to know
     • Collects results nobody else has access to
   • Disadvantages
     • Time consuming
     • Costly
     • May be biased due to who has been asked. (Generalisable)

2. Secondary

   • Research that already exists and has been collected by someone else for another purpose
   • Advantages
     • Cheap
     • Fast
     • Can still answer the questions you want to be asked
   • Disadvantages
     • May not answer the question you want to be asked
     • May be out of date
     • Anyone has access to the info

3. Product Trial

   • Research conducted on a sample of people to determine the success of the product and to find out how any improvements can be made
   • Advantages
     • Helps identify any flaws the product has
     • Helps to find out how well the product will do
     • Customers opinions are taken into account in order to improve the product
   • Disadvantages
     • Make the product available to competition
     • Costly
     • Sample size can often be too small to generalize