Marketing consultancy in Sydney explain the different types of market research
Market Research (MR) is gathering information and knowledge about a specific market, in order to further understand their needs and wants. At our marketing consultancy in Sydney, if our client creates what it perceived to be a profitable product but if there are hardly any customers, then we have to do market research to find out why the consumers are not buying.
Firstly, our small business marketing consultants split up market research into five major components. These are:
- defining the research problem (profit or sales related clause)
- designing the research methodology (design) e.g. dropping prices by 5 per cent, increases sales by twenty per cent
- collecting data
- analysing data and drawing conclusions
- presenting the results and making recommendations.
When undergoing market research, there are two types of data that can be recorded. Primary data gathers specifically for the current research project. Secondary data is information that already exists. Our marketing consultants for small business in Sydney also split up the research methods into quantitative or qualitative research. Quantitative research collects data that can be represented numerically and analysed statistically. Qualitative research obtains rich and detailed info that underlie observable behaviour.
For more information regarding the different types of market research, please contact our marketing consultancy in Sydney today.