business studies

Financial Services Companies

2009-07-01T01:01:00.001+08:00

Financial institutions, such as brokerage firms and other financial consulting firms, are also in the business of producing original research. Financial firms assist investors by offering research reports presenting the financial firm’s take on an industry or company including providing market metrics. While such reports may be free to a broker’s clients, many reports can also be purchased by non-clients through financial portal websites.

Consulting Firms

Consulting firms consist of individuals who specialize in particular business areas such as by job function (e.g., human resource management), business need (e.g., strategy development) or industry (e.g., transportation). In addition to working for individual clients, consulting firms also produce reports covering their specialties that are made available to the general public. By and large the bigger the consulting firm the more valid and reliable are the reports they produce.

One group of companies to consider as a starting point is large accounting firms. Nearly all the major accounting firms now have divisions focused on management consulting. These divisions regularly make available industry reports.

Market Research Companies

2009-06-22T11:31:00.000+08:00

Many companies engaged in market research services offer both customized research activities (i.e., produce work only for a single paying client) and commercial research (i.e., produce work that nearly anyone can buy). Commercial reports produced by reputable firms are generally

well-researched and contain extensive product/industry metrics and statistics, including forecasts and trend analysis. Often these reports are produced by a specific researcher who has been following the market/industry for many years and produces regular updates which include offering comments and insight that go beyond the numbers.

But these reports come with a high price tag. It is not uncommon to pay a large sum for a report that is only a hundred or so pages long. However, as we noted earlier, many research reports are updates of existing reports. The older reports may be available for lower cost.

The Internet has made it convenient for market research firms to sell reports, including single copies, directly through their website However, several of the leading firms do not offer an e-commerce purchase option for single research reports. Instead, these firms continue to follow a subscription model where clients are required to purchase of service agreements in order to gain access to many reports.

High-Cost Market Research Sources

2009-06-20T11:30:00.000+08:00

While research seekers can get lucky finding information through inexpensive means, the realty is that, in many situations, locating in-depth, numbers-related market information is difficult and expensive. Companies in the business of producing market metrics are mostly doing so to make money and do not give the information away for free. Consequently, in many research situations, especially those in which reliable market estimates are critical, acquiring the best researched market information requires a fee.

Expensive sources of information generally include accessing reports from the originators of the research, such as market research firms. However, since gaining access to good research can be costly, on the surface it may not seem practical for small companies or individuals to take advantage of these sources. Yet, research seekers also know that the level of detail available in a single report may be enough to provide answers to most of their questions in which case these reports can be real time savers (though marketers are cautioned against relying on a single source for information to make marketing decisions).

Also, while the cost of reports can appear prohibitive, today’s reports are much more accessible than in the past when research suppliers required clients to sign up for high-priced subscription services. Purchasing a subscription would then give the client access to a large number of reports. Today many information sources permit the purchase of single research reports without the requirement to commit to a subscription.

Our coverage of high-cost market research looks at the following sources:

* Market Research Companies
* Financial Services Companies
* Consulting Firms
* Research Distributors

It should be noted that some of these sources may make a limited amount of material available for free so it is worth a look no matter how much money the research seeker has to spend.

Other Sources

2009-06-18T11:29:00.000+08:00

While the options listed above are the most widely used methods for obtaining low-cost market research, there are a few additional options to consider.

Academic Research

College professors often cite industry research as part of their own scholarly efforts and they conduct their own research studies. Many of these academic works can be found in academic journals and within research centers established by many universities. The websites of these centers frequently post articles and working papers containing market data, most of which are freely accessible. An Internet search using the keywords “research center” along with industry or product keywords may yield a list.

News and Media Outlets

2009-06-17T01:24:00.000+08:00

Possibly the most widely used method for acquiring secondary research is through articles and other reports found through commercial news sources. Options include magazines, newspapers, television news, and other video/audio programming. Nearly all of these sources are available online.
Magazines and Newspapers

Journalists who write about industries and markets often have access to expensive market research reports parts of which may be mentioned in an article. Aside from major business publications, research seekers may find the most value in examining trade magazines which focus on specific industries. These magazines are rarely available on news stands, so unless a research seeker is in the industry or knows someone who is, it is unlikely he/she would have been exposed to many of these publications. Certainly an Internet search with industry name and the words “trade publication” could yield more results.

White Papers,Presentations

2009-06-15T01:37:00.001+08:00

White Papers

White papers are detailed, sometimes highly researched, documents intended to offer a much fuller picture of the capabilities of a product or company. Unlike an advertisement or press release, white papers are normally not promotional (though certainly some are) but rather, through strong writing and hopefully good research, these documents attempt to establish a level of credibility for a company and its products or services. Since many white papers are grounded in research these often contain good information, especially in terms of results of customer surveys, sales trends, and industry forecasts.

Unfortunately, many companies place all but the title and a brief abstract of their white papers behind a login (often free but requiring registration) and use these registrations to capture sales leads. Besides the obvious downside of having to give out personal information in order to access white papers located behind a login, search engines often cannot find much detail beyond the title and abstract. Consequently, doing an Internet search containing metrics-related keywords (e.g., market share, return on investment, industry sales growth) may yield few results when in fact white papers do exist. The best solution is to use search queries describing general industry or product terms (e.g., white paper worldwide construction equipment) rather than using keywords referring to market statistics or specific market sectors or products (e.g., white paper market share tower cranes). The chances are much greater that a general keyword search for white papers will be successful since this information is more likely to appear in a white paper’s title and abstract which are accessible to search engines.

Presentations

In addition to white papers, more companies are including presentations on their websites. Most of these are in the form of slide presentations (e.g., PowerPoint) with many also including audio voice-over. To locate presentations in slide format the research seeker should utilize the Advance Search feature on Internet search engines and limit the file type to PPT (i.e., PowerPoint).

A growing trend is to exhibit presentations in an online video format by either converting a basic slide presentation to video or actually filming a live presentation. To locate video presentations researchers can search key video upload sites and video search engines.

Annual Reports,Press Releases

2009-06-15T01:35:00.001+08:00

Annual Reports

For publicly traded companies annual reports to shareholders may allude to quantitative information regarding the markets in which a company operates. For instance, these reports may mention the company’s market position within a particular product category. The reports may also suggest spending levels for marketing efforts as well as problems the company experienced while selling within a market.

Most publicly traded companies place their annual reports on their website but there are also one-stop clearing houses that collect these reports.

Press Releases

A press release is a document intended to gain news media attention or to provide information to other company stakeholders (e.g., customers, investors). In general, press releases are part promotion and part useful information. For those seeking metrics for an overall market or industry the most useful releases are those provided by market research firms (see Market Research Companies under High-Cost Market Research Sources below), who are using the release to sell their research reports (which are often quite expensive). To entice purchasers, the release may reveal some of the market statistics that can be found if the entire report is purchased.

Most companies that issue press releases post them on their website often within a Media section where publicly issued documents are located. Alternatively, research seekers can locate releases through third-party wire services. Searching these sites may yield good data, however, most wire services only retain releases in their database for a month or two while a company site may retain the release for many years.

Company-Provided Information

2009-01-12T14:01:00.000+08:00

If the need is for information on a specific company, and if research seekers are willing to believe what a company provides in its own literature, then it may be worth the effort to spend time evaluating company-provided information. While many materials published by organizations are promotional pieces (i.e., trumpets their successes), there may be a few gold nuggets of information found amongst the hype.

Options for finding information include company websites, annual reports, press releases, white paper, and presentations.
Company Websites

The first step to uncovering company-provided information is to visit the company’s website. For company websites that are densely packed with information, it may be more practical to search the site using an Internet search engine. Search engines generally offer more robust search features than search options found on a company’s site. Searching can be made easier by using a search engine’s Advanced Search feature where search results can be limited to just the company’s website (e.g., limit domain searched to the company’s domain). In this way the only search results displayed are those located on the company’s site. However, be warned that not all information available on a company website is indexed in a search engine especially information only accessible through a user login.

Since not all company websites have the same name as the company name, locating a corporate website can be time consuming. Certainly if the company name is known using an Internet search engine will almost always locate the website address. However, if the company name is not known then consider finding it by searching a business directory.

Government Sources

2009-01-12T13:56:00.000+08:00

Many national, regional and local governments offer a full range of helpful materials including information on consumer, domestic business, and international markets. For those operating in the United States, information available through the U.S. Government is staggering. The U.S. Government is a behemoth with agencies and offices found in more nooks and crannies than one could ever imagine and the uninitiated can spend hours on end trying to find relevant information. But once found and digested the reports are often very good.

Because government sites can be overwhelming to sift through, research seekers may find their time is better spent using one of several government portal sites that tend to organize and present material in a more search friendly manner.

Trade Associations

2008-12-17T22:48:00.000+08:00

Trade associations are generally membership-supported organizations whose mission is to offer assistance and represent the interests of those operating in a specific industry. One of the many tasks performed by trade associations is to provide research information and industry metrics through such as conducting member surveys. Accessing this information may be as simple as visiting a trade association’s website, although some associations limit access to the best research to members only, in which case joining the association (if they permit) may include paying dues.

Finding trade associations for a particular industry or product can be a challenging task. In many cases the title of the association provides guidance on the industry they represent but this is not always the case. Another problem is that certain industries are represented by multiple trade associations. Thus, finding the right association can be a trial-and-error exercise.

If finding a trade association proves difficult, the research seeker may look to websites that are in the business of operating trade shows. Trade shows, organized events that bring both industry buyers and sellers together, are often sponsored by one or more trade associations. The trade show sites often identify the sponsors of these events.

Low-Cost Market Research Sources

2008-12-16T14:43:00.001+08:00

Many marketers mistakenly believe marketing research, while important in helping make marketing decisions, is something that is far too expensive to do on their own. While this is true for some marketing decisions, marketers should also know that not all marketing research must be expensive to be useful.

In the first half of this tutorial we discuss secondary research sources that are easily obtainable and relatively low cost (often free). Many of these inexpensive sources hold great potential to aid marketers in several ways. First, for marketers seeking information to help with marketing decisions, the material found through these sources can be extensive and, on many occasions, will meet the marketer’s needs. Second, even in situations where the available information is not sufficient quantity or quality to be used for marketing decision-making, the information could still be used to fill smaller needs, such as the need to enter a metric in a slide presentation. Third, the information located through these sources may suggest to the research seeker that conducting their own primary research is necessary in which case the secondary research could serve as a guide for how this can be done.

Despite these advantages, inexpensive research carries many disadvantages making it unsuitable for some situations. As we noted in the Planning for Market Research Tutorial , these problems include:

The information lacks sufficient detail to address the marketer’s needs.
The method in which the research is presented does not provide sufficient supporting material to allow the research seeker to judge the quality of the research.
The amount of information presented represents only a “teaser” that requires the purchase of a full report to obtain full details.

Our coverage of low-cost market research looks at the following sources:

Trade Associations
Government Sources
Company-Provided Information
News and Media Sources
Other Sources

Links for 2008-12-14 [Digg]

2008-12-15T00:00:00-08:00

Secondary Research
Hi Here We are going to discuss about finding secondary research.what is secondary research in the marketing research?
Do age and social networking really matter?
So, there were some interesting tweets in the Twitter-verse yesterday and I think it started with Alan Lepofsky (yes, of the one-time Lotus fame) talking about some “Gen Y” people who had come to his booth today and spent a great deal of time talking about how they wanted to change the world, and that their needs for tools were different than any

Links for 2008-12-13 [Digg]

2008-12-14T00:00:00-08:00

The Beautiful View Just Got a Little Less Beautiful....

Finding Secondary Research

2008-12-13T21:42:00.002+08:00

In the Marketing Research Tutorial , we discussed how marketers follow two main paths for gathering information. The first path, called primary research, involves data collection projects developed by the market researcher, such as using surveys, focus groups, experiments, and observation. While primary research is widely used to address many marketing questions, it is not the leading type of research used by marketers. That distinction belongs to the other research path – secondary research.

With secondary research the marketer taps into previously collected information in order to address their research requirements. Marketers are attracted to secondary research due to the time savings and potential cost savings in acquiring information. Yet while secondary information holds numerous benefits and may help address many marketing questions, finding the right information often proves difficult. This is especially the case when marketing professionals, academics and students seek product or market metrics such as finding market share figures, product sales growth rates, industry sales margins, etc.

In this part of our highly detailed Principles of Marketing Tutorials we present several alternatives for locating good secondary research information. While secondary research can include finding information that the company itself had previously collected (i.e., internal secondary research), our focus here is on information collected by outside sources (i.e., external secondary research).

We classify the hunt for secondary data into two categories: 1) low-cost, and 2) high-cost. For most options discussed we offer links to KnowThis.com Topic Areas where additional resources, including links to secondary research websites, can be found.

In this tutorial we use the term “research seeker” to apply to anyone who is looking for information. However, readers should view this as a generic term as the information provided is not only useful to those holding “market research” job titles but to anyone looking for information, such as the brand manager in charge of product decisions, salespeople prospecting for new business, students writing term papers, and many more.

It should be noted that while most of the resources mentioned here are accessible over the web, several sources may only be available in print form or through CD-ROM or DVD. For secondary research not found on the web, research seekers may look to access these through large libraries such as those at major universities.

Step 7: Communicate Results

2008-12-13T21:38:00.000+08:00

The final stage in the marketing research process is to report the findings. For marketers doing small-scale research for their own purposes, communication may be quite informal. The marketer may simply draw conclusions from what he or she gleans from the data analysis.

For more serious marketing research projects, those conducting the research will prepare a written report outlining what was researched and offer results. Additionally, an oral presentation may be required in which the research is explained within a slide presentation.

Links for 2008-12-12 [Digg]

2008-12-13T00:00:00-08:00

Dead Girl's Parents Assert Religious Rights in Faith Healing
A couple accused of letting their infant daughter die by relying on prayer, rather than medicine, say charges should be dropped as they infringe on their right to practice their religion.
Santa Sleigh Driver Punched For Singing Carols Too Loudly
Glen MacDonald, 72, who has helped Santa get from door-to-door delivering gifts for more than 20 years, was left with a broken chest bone after the unprovoked attack. Mr MacDonald was with Santa and a group of carol singers from the Tunbridge Wells Lions Club when a man approached the group and told them to shut up and stop singing.

Links for 2008-12-11 [Digg]

2008-12-12T00:00:00-08:00

Schoolboy archer survives after arrow fired into eye (PICS)
A schoolboy archer cheated death after he was shot through the eye by a friend. The arrow went through 11-year-old Liu Cheong's eye socket, completely through his head and was only stopped by the back of his skull.

Step 6: Analyze Data

2008-12-12T00:46:00.001+08:00

With the data in a form that is now useful, the researcher can begin the process of analyzing the data to determine what has been learned. The method used to analyze data depends on the approach used to collect the information (secondary research, primary quantitative research or primary qualitative research). For primary research the selection of method of analysis also depends on the type of research instrument used to collect the information.

Essentially there are two types of methods of analysis – descriptive and inferential.
Descriptive Data Analysis

Not to be confused with descriptive research, descriptive analysis, as the name implies, is used to describe the results obtained. In most cases the results are merely used to provide a summary of what has been gathered (e.g., how many liked or dislike a product) without making a statement of whether the results hold up to statistical evaluation. For quantitative data collection the most common methods used for this basic level of analysis are visual representations, such as charts and tables, and measures of central tendency including averages (i.e., mean value). For qualitative data collection, where analysis may consist of the researcher’s own interpretation of what was learned, the information may be coded or summarized into grouping categories.
Inferential Data Analysis

While descriptive data analysis can present a picture of the results, to really be useful the results of research should allow the researcher to accomplish other goals such as:

Using information obtained from a small group (i.e., sample of customers) to make judgments about a larger group (i.e., all customers)
Comparing groups to see if there is a difference in how they respond to an issue
Forecasting what may happen based on collected information

To move beyond simply describing results requires the use of inferential data analysis where advanced statistical techniques are used to make judgments (i.e., inferences) about some issue (e.g., is one type of customer different from another type of customer). Using inferential data analysis requires a well-structured research plan that follows the scientific method. Also, most (but not all) inferential data analysis techniques require the use of quantitative data collection.

As an example of the use of inferential data analysis, a marketer may wish to know if North American, European and Asian customers differ in how they rate certain issues. The marketer uses a survey that includes a number of questions asking customers from all three regions to rate issues on a scale of 1 to 5. If a survey is constructed properly the marketer can compare each group using statistical software that tests whether differences exists. This analysis offers much more insight than simply showing how many customers from each region responded to each question.

Step 5: Evaluate Data

2008-12-10T17:26:00.000+08:00

The researcher’s next task is to make sense of the collected data. Before the researcher can gain understanding from the collected data, he/she must first examine the raw information (i.e., what was actually collected) to make sure the information exists as required. There are many reasons why data may not be presented in the form needed for further analysis. Some of reasons include:

Incomplete Responses – This most likely occurs when the method of data collection (e.g., survey) is not fully completed, such as when the person taking part in the research fails to provide all information (e.g., skips questions).
Data Entry Error – This exists when the information is not recorded properly which can occur due to the wrong entry being made (e.g., entry should be choice “B” but is entered as choice “C”) or failure of data entry technology (e.g., online connection is disrupted before full completion of survey).
Questionable Entry – This occurs when there are apparent inconsistencies in responses such as when a respondent does not appear to be answering honestly.

To address these issues the researcher will take steps to “cleanse” the data which may include dropping problematic data either in part (e.g., exclude a single question) or in full (e.g., drop an entire survey). Alternatively, the research may be able to salvage some problem data with certain coding methods, though a discussion of these is beyond the scope of this tutorial.

Links for 2008-12-09 [Digg]

2008-12-10T00:00:00-08:00

Woman returns $100K found at restaurant
"Satan will tempt you," said Billie Watts, 75. "I have been having real bad teeth problems. I thought, 'I'll get my teeth fixed.' " But she decided not too! A Must Read!!!!!!!!!!!!!!!!!
Women find happiness is not about the economy, stupid
Men are happier with money, while women find greater joy in friendships and relationships with their children, co-workers and bosses, a new global survey reveals. The study found that globally, women are happier than men in 48 of the 51 countries surveyed, and only in Brazil, South Africa and Vietnam were men found to be happier than women...
15 y/o Teen Charged As An Adult for Planning School Shooting
A Pennsylvania teen has been charged as an adult for allegedly planning to kill classmates he did not like before turning the gun on himself in a high school shooting spree. Richard Yanis, 15, allegedly stole three handguns from his father and told police he planned to "shoot students in the school and then himself" at Pottstown High School.

Types of Qualitative Data Collection

2008-12-09T17:23:00.000+08:00

Qualitative data collection options include personal interviews, focus groups and observational research.

Personal Interviews - Talking to someone one-on-one allows a researcher to cover more ground than may be covered if a respondent was completing a survey. The reason lies with the researcher’s ability to dig deeper into a respondent’s comments to find out additional details that might not emerge from initial responses. Unfortunately, individual interviewing can be quite expensive and may be intimidating to some who are not comfortable sharing details with a researcher.
Focus Groups - To overcome the drawbacks associated with personal interviews, marketers can turn to focus groups. Under this research format, a group of respondents (generally numbering 8-12) are guided through discussion by a moderator. The power of focus groups as a research tool rests with the environment created by the interaction of the participants. In well-run sessions, members of the group are stimulated to respond by the comments and the support of others in the group. In this way, the depth of information offered by a respondent may be much greater than that obtained through individual interviews. However, focus groups can be costly to conduct especially if participants must be paid. To help reduce costs, online options for focus groups have emerged. While there are many positive aspects to online focus groups, the fact that respondents are not physically present diminishes the benefits gained by group dynamics. However, as technology improves, in particular video conferencing, the online focus group could become a major research option.
Observational Research - Watching customers as they perform activities can be a very useful research method, especially when customers are observed in a natural setting (e.g., shopping in a retail store, using products at home). In fact, an emerging research technique called ethnographic research has researchers following customers as they shop, work, and relax at home in order to see how they make decisions, use products and more.

Links for 2008-12-08 [Digg]

2008-12-09T00:00:00-08:00

Thirumathi Selvam- 08/12/2008
Indian Sun TV Serials,08/12/2008 - Thirumathi Selvam.YOU CAN WATCH SUN TV SERIALS AT, www.icineworld.blogspot.com continuously.

Qualitative Data Collection

2008-12-08T17:20:00.000+08:00

Sometimes referred to as “touchy-feely” research, qualitative data collection requires researchers to interpret the information gathered, most often without the benefit of statistical support. If the researcher is well trained in interpreting respondents’ comments and activities, this form of research can offer very good information. However, it may not hold the same level of relevancy as quantitative research due to the lack of scientific controls with this data collection method. For example, a researcher may want to know more about how customers make purchase decisions. One way to do this is to sit and talk with customers using one-on-one interviews. However, if the interview process allows the researcher to vary what questions are asked (i.e., not all respondents are asked the same questions), then this type of research may lack controls needed to follow a scientific approach.

An additional drawback of qualitative research is that it can be time consuming and expensive and, consequently, only a very small portion of the marketer’s desired market can participate in qualitative research. Due to the lack of strong controls in the research design (i.e., not as well structured, fewer participants), using results to estimate characteristics of a larger group is more difficult. Thus, qualitative data collection is generally not used for hypothesis testing. This is not to say qualitative research is not useful, it is very useful if its limitations are understood.It is widely employed for marketing research especially for research for the purpose of discovery, and to a lesser extent, explanation.

Types of Quantitative Data Collection

2008-12-07T13:23:00.001+08:00

Quantitative data collection comes in many forms but the most popular forms are surveys, tracking and experiments.

Surveys - This method captures information through the input of responses to a research instrument containing questions (i.e., such as a questionnaire).. Information can be input either by the respondents themselves (e.g., complete online survey) or the researcher can input the data (e.g. phone survey, mall intercept). The main methods for distributing surveys are via postal mail, phone, website or in person. However, newer technologies are creating additional delivery options including through wireless devices, such as smart phones.
Tracking - With tracking research marketers are able to monitor the behavior of customers as they engage in regular purchase or information gathering activities. Possibly the most well-known example of tracking research is used by websites as they track customer visits. But tracking research also has offline applications, especially when point-of-purchase scanners are employed, such as tracking product purchases at grocery stores and automated collections on toll roads. This method of research is expected to grow significantly as more devices are introduced that provide means for tracking. However, as we discussed in the Marketing Research Tutorial, some customers may see tracking devices as intrusive and many privacy advocates have raised concerns about certain tracking methods especially if these are not disclosed to customers.
Experiments - Marketers often undertake experiments to gauge how the manipulation of one marketing variable affects another (i.e., causal research). The use of experiments has applications for many marketing decision areas including product testing, advertising design, setting price points and creating packaging. For example, a market researcher for a retail chain may want to study the effect on sales if a product display is moved to different locations in a store. Unfortunately, performing highly controlled experiments can be quite costly. Some researchers have found the use of computer simulations can work nearly as well as experiments and may be less expensive, though the number of simulation applications for marketing decisions is still fairly limited.

Types of Primary Research

2008-12-06T13:21:00.000+08:00

In general there are two basic types of primary research – quantitative data collection and qualitative data collection.
Quantitative Data Collection

Quantitative data collection involves the use of numbers to assess information. This information can then be evaluated using statistical analysis which offers researchers the opportunity to dig deeper into the data and look for greater meaning (see Step 6: Analyze Data below).

Certain information is by nature numerical. For example, asking a person their actual age or yearly income will result in a number. But under the right circumstances numbers can also be used to represent certain characteristics which are not on the surface considered numerical. This most often occurs with data collected within a structured and well-controlled scientific research design. For instance, research of customers’ attitude toward a company’s products may include the following:

Place an "X" on the line that best indicates your impression of the overall quality of our company’s products:

Poor _ _ _ _ _ _ _ Excellent

In this example each line, which represents a potential customer response, could be assigned a number. For example, checking the left-most line could result in the researcher entering a “1”, the next line a “2”, the next line a “3” and so on. Once research is completed this question can undergo statistical analysis.

While quantitative analysis is potentially used for all types of research purposes (Step 1) it is most critical for hypothesis testing. As discussed below in Step 6: Analyze Data, such analysis may prove very relevant by allowing the researcher to draw conclusions.

Links for 2008-12-04 [Digg]

2008-12-05T00:00:00-08:00

Karate and change
The 3k’s Are Not EnoughI’m sure that there have been karate teachers in every generation who have tried to make karate practice as relevant to real fighting (as they understood it), and as safe to practice as possible.

Primary Research - Disadvantages

2008-12-05T13:14:00.002+08:00

Cost - Compared to secondary research, primary data may be very expensive since there is a great deal of marketer involvement and the expense in preparing and carrying out research can be high.
Time Consuming – To be done correctly primary data collection requires the development and execution of a research plan. Going from the start-point of deciding to undertake a research project to the end-point to having results is often much longer than the time it takes to acquire secondary data.
Not Always Feasible – Some research projects, while potentially offering information that could prove quite valuable, are not within the reach of a marketer. Many are just too large to be carried out by all but the largest companies and some are not feasible at all. For instance, it would not be practical for McDonalds to attempt to interview every customer who visits their stores on a certain day since doing so would require hiring a huge number of researchers, an unrealistic expense. Fortunately, as we will see in a later tutorial there are ways for McDonalds to use other methods (e.g., sampling) to meet their needs without the need to talk with all customers.

Primary Research - Advantages

2008-12-03T10:47:00.000+08:00

Addresses Specific Research Issues – Carrying out their own research allows the marketing organization to address issues specific to their own situation. Primary research is designed to collect the information the marketer wants to know (Step 2) and report it in ways that benefit the marketer. For example, while information reported with secondary research may not fit the marketer’s needs (e.g., different age groupings) no such problem exists with primary research since the marketer controls the research design.
Greater Control – Not only does primary research enable the marketer to focus on specific issues, it also enables the marketer to have a higher level of control over how the information is collected. In this way the marketer can decide on such issues as size of project (e.g., how many responses), location of research (e.g., geographic area) and time frame for completing the project.
* Efficient Spending for Information - Unlike secondary research where the marketer may spend for information that is not needed, primary data collections’ focus on issues specific to the researcher improves the chances that research funds will be spent efficiently.
* Proprietary Information – Information collected by the marketer using primary research is their own and is generally not shared with others. Thus, information can be kept hidden from competitors and potentially offer an “information advantage” to the company that undertook the primary research.

Primary Research

2008-12-02T22:38:00.000+08:00

When marketers conduct research to collect original data for their own needs it is called primary research. This process has the marketer or someone working for the marketer designing and then carrying out a research plan. As we noted earlier, primary research is often undertaken after the researcher has gained some insight into the issue by collecting secondary data.

While not as frequently used as secondary research, primary research still represents a significant part of overall marketing research. For many organizations, especially large consumer products firms, spending on primary research far exceeds spending on secondary research.

The primary research market consists of marketers carrying out their own research and an extensive group of companies offering their services to marketers. These companies include:

Full-Service Market Research Firms – These companies develop and carryout the full research plan for their clients.
Partial-Service Market Research Firms – These companies offer expertise that address a specific part of the research plan, such as developing methods to collect data (e.g., design surveys), locating research participants or undertaking data analysis.
Research Tools Suppliers – These firms provide tools used by researchers and include data collection tools (e.g., online surveys), data analysis software and report presentation products.

Primary research is collected in a research “instrument” designed to record information for later analysis. Marketing researchers use many types of instruments from basic methods that record participant responses to highly advanced electronic measurement where research participants are connected to sophisticated equipment.

Primary data collection offers advantages and disadvantages that include....

Secondary - Marketing Research.

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Secondary marketing research, or desk research, already exist in one form or another. It is relatively cheap, and can be conducted quite quickly .However, it tends to have been collected for reasons other than for the problem or objective at hand. So it may be untargeted, and difficult to use to make comparisons (e.g. financial data gather on Australian pensions will be different to data on Italian pensions). There are a number of such sources available to the marketer, and the following list is by no means conclusive:

Trade associations
National and local press Industry magazines
National/international governments
Websites
Informal contacts
Trade directories
Published company accounts
Business libraries
Professional institutes and organisations
Omnibus surveys
Previously gathered marketing research
Census data
Public records

We have given a general introduction to marketing research. Marketing research is a huge topic area and has many processes, procedures, and terminologies that build upon the points above.

Disadvantages:

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Quality of Researcher – As we will discuss, research conducted using primary methods are largely controlled by the marketer. However, this is not the case when it comes to data collected by others. Consequently, the quality of secondary research should be scrutinized closely since the origins of the information may be questionable. Organizations relying on secondary data as an important component in their decision-making (e.g., market research studies) must take extra steps to evaluate the validity and reliability of the information by critically evaluating how the information was gathered, analyzed and presented.
Not Specific to Researcher’s Needs – Secondary data is often not presented in a form that exactly meets the marketer’s needs. For example, a marketer obtains an expensive research report that looks at how different age groups feel about certain products within the marketer’s industry. Unfortunately, the marketer may be disappointed to discover that the way the research divides age groups (e.g., under 13, 14-18, 19-25, etc.) does not match how the marketer’s company designates its age groups (e.g., under 16, 17-21, 22-30, etc). Because of this difference the results may not be useful.
Inefficient Spending for Information – Since the research received may not be specific to the marketer’s needs, an argument can be made that research spending is inefficient. That is, the marketer may not receive a satisfactory amount of information for what is spent.
Incomplete Information – Many times a researcher finds that research that appears promising is in fact a “teaser” released by the research supplier. This often occurs when a small portion of a study is disclosed, often for free, but the full report, which is often expensive, is needed to gain the full value of the study.
Not Timely – Caution must be exercised in relying on secondary data that may have been collected well in the past. Out-of-date information may offer little value especially for companies competing in fast changing markets.
Not Proprietary Information – In most cases secondary research is not undertaken specifically for one company. Instead it is made available to many either for free or for a fee. Consequently, there is rarely an “information advantage” gained by those who obtain the research.

Secondary Research

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By far the most widely used method for collecting data is through secondary data collection, commonly called secondary research. This process involves collecting data from either the originator or a distributor of primary research (see Primary Research discussion below). In other words, accessing information already gathered.

In most cases this means finding information from third-party sources such as marketing research reports, company websites, magazine articles, and other sources. But in actuality any information previously gathered, whether from sources external to the marketer or from internal sources, such as accessing material from previous market research carried out by the marketer’s organization, old sales reports, accounting records and many others, falls under the heading of secondary research.

Secondary research offers advantages and disadvantages that include:

Advantages:

Ease of Access - In years past accessing good secondary data required marketers to visit libraries or wait until a report was shipped by mail. When online access initially became an option marketers needed training to learn different rules and procedures for each data source. However, the Internet has changed how secondary research is accessed by offering convenience (e.g., online access from many locations) and generally standardized usage methods for all data sources.
Low Cost to Acquire - Researchers are often attracted to secondary data because getting this information is much less expensive than if the researchers had to carry out the research themselves.
May Help Clarify Research Question – Secondary research is often used prior to larger scale primary research to help clarify what is to be learned (Step 2). For instance, a researcher doing competitor analysis, but who is not familiar with competitors in a market, could access secondary sources to locate a list of potential competitors.
May Answer Research Question - As noted, secondary data collection is often used to help set the stage for primary research. In the course of doing so researchers may find that the exact information they were looking for is available via secondary sources thus eliminating the need and expense to carrying out their own primary research.
May Show Difficulties in Conducting Primary Research – The originators of secondary research often provide details on how the information was collected. This may include discussion of difficulties encountered. For instance, the secondary research may be a research report written by a large market research company. These types of reports often include a section discussing the procedures used to collect the data and within this may disclose problems in obtaining the data, such as a high percentage of people declining to take part in the research. After reading this the marketer may decide the potential information that may be obtained is not worth the potential difficulties in conducting the research.