Market research:
Primary data - quantative/qualitative = 10%
Secondary data - desk research, most common, 90%
Quantitative
3 types:
Geographic - where you live, how you live
Psychographic - how you think, what you buy
socio economic - class/finance, what you can buy
Pros - detail and clarity, statistic info, objective
Cons - costly of £150,000 +, difficult, needs control
Qualitative
Here, you discuss with those in the "know! about a market/issue you need to understand
Pros - cheap, easy, offers a holistic view
Cons - no statistical validation, subjective, success relies on control of discussion
Secondary data:
covers data that's already been published - loads of it!
Market segregation
understand the client: age, sex, class (finance/social), hobbies, interests, geography
Primary data - quantative/qualitative = 10%
Secondary data - desk research, most common, 90%
Quantitative
3 types:
Geographic - where you live, how you live
Psychographic - how you think, what you buy
socio economic - class/finance, what you can buy
Pros - detail and clarity, statistic info, objective
Cons - costly of £150,000 +, difficult, needs control
Qualitative
Here, you discuss with those in the "know! about a market/issue you need to understand
Pros - cheap, easy, offers a holistic view
Cons - no statistical validation, subjective, success relies on control of discussion
Secondary data:
covers data that's already been published - loads of it!
Market segregation
understand the client: age, sex, class (finance/social), hobbies, interests, geography
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