Market research
Introduced| English | Meaning |
|---|---|
| market research/ˈmɑːkɪt rɪˈsɜːtʃ/ | Collecting and analysing information about customers, competitors and market conditions. |
| secondary research/ˈsekəndəri rɪˈsɜːtʃ/ | Research using information that has already been collected for another purpose. |
| primary research/ˈpraɪməri rɪˈsɜːtʃ/ | Research that collects new data directly for the question being investigated. |
| surveys/ˈsɜːveɪz/ | surveys |
| focus groups/ˈfəʊkəs ɡruːps/ | focus groups |
| qualitative/ˈkwɒlɪteɪtɪv/ | Describing qualities or categories rather than numerical measurements. |
| quantitative/ˈkwɒntɪteɪtɪv/ | Based on numerical values, measurements or counts. |
| sampling/ˈsæmplɪŋ/ | Selecting a subset of people or observations to obtain information about a wider population. |
| sample/ˈsæmpl/ | A subset of a population selected for observation, measurement or analysis. |
| representative/ˌreprɪˈzentətɪv/ | Reflecting the relevant characteristics of the larger group or population. |
Asking before you act
- Launching a product on a hunch is gambling. Smart firms find out what customers want first.
- That is market research 市场调研 — turning guesses into evidence.
Market research cycle
Follow how a business turns customer data into a marketing decision.
Conducting a new customer survey is an example of:
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Primary research collects new first-hand data.
Using existing government statistics is:
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Secondary research uses data that already exists.
Primary vs secondary research 二手调研
- Primary research 一手调研: new data collected first-hand (surveys 问卷调查, interviews, focus groups 焦点小组). Specific but costly.
- Secondary research: existing data (reports, government stats, internal sales). Cheap and fast, but not tailored.
Market research: primary (first-hand) versus secondary (already exists)
Research that explores WHY customers feel as they do is:
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Qualitative research captures opinions and reasons.
Qualitative 定性 vs quantitative 定量
- Quantitative: numbers — how many, how much (sales figures, survey counts).
- Qualitative: opinions and reasons — why customers behave as they do (interviews, focus groups).
A mass market targets everyone; a niche serves a small specialist group
A sample that is not representative can give misleading results, however large it is.
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Representativeness matters as much as sample size.
A small group chosen to represent the whole market is a ______.
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Sampling avoids the impossible task of asking everyone.
Sampling 抽样
- A sample 样本 is a small group chosen to represent the whole market — you can't ask everyone.
- A bigger, more representative 有代表性的 sample gives more reliable results, but costs more.
Bad sampling ruins good research. If the sample isn't representative (e.g. only asking existing customers), the results mislead — no matter how many people you ask. Sample design matters as much as sample size.
You've got it
- primary research = new first-hand data; secondary = existing data
- quantitative = numbers; qualitative = opinions and reasons (the "why")
- a representative sample stands in for the whole market — design beats size
Write from a sample of 50
- A firm interviews 50 people on one street and treats them as the whole city.
- Say what is wrong with that sample.
A firm collects new answers from 50 people who all live on one street, then treats those answers as the whole city's view. Why is that sample weak, even though the research is primary?
One street cannot stand for a whole city.
What is the main weakness of this survey?
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Who is asked matters more than simply having 50 replies.