There are two main sources of market research information:
- PRIMARY RESEARCH
This kind of research involves the collection of new information by conducting market surveys, telephonic interviews, questionnaires and focus group interviews. This information is gathered by directly contacting the customers. This research is customised according to the research requirements of the company. Firms can gain insights about the target markets by means of focus groups, surveys, interviews or observation. Primary research is generally based on sampling techniques and requires statistical methodologies. The sample size could be as small as 1 percent of the market and thus the information and results gathered are highly accurate. Primary research examples will now be discussed in detail.
- Interviews
Interviews are among the most challenging and rewarding forms of measurement. They require a personal sensitivity and adaptability as well as the ability to stay within the bounds of the designed protocol. Below is a description of the preparation one need to do for an interview study and the process of conducting the interview itself.
The interviewer is really the “jack-of-all-trades” in survey research. The interviewer’s role is complex and multifaceted. It includes the following tasks:
- Locate and enlist cooperation of respondents: The interviewer has to find the respondent. In door-to-door surveys, this means being able to locate specific addresses. Often, the interviewer has to work at the least desirable times (like immediately after dinner or on weekends) because that’s when respondents are most readily available.
- Motivate respondents to do good job: If the interviewer does not take the work seriously, why would the respondent? The interviewer has to be motivated and has to be able to communicate that motivation to the respondent. Often, this means that the interviewer has to be convinced of the importance of the research.
- Clarify any confusion/concerns: Interviewers have to be able to think on their feet. Respondents may raise objections or concerns that were not anticipated. The interviewer has to be able to respond candidly and informatively.
- Observe quality of responses: Whether the interview is personal or over the phone, the interviewer is in the best position to judge the quality of the information that is being received. Even a verbatim transcript will not adequately convey how seriously the respondent took the task, or any gestures or body languages that were evident.
- Conduct a good interview: Last, and certainly not least, the interviewer has to conduct a good interview! Every interview has a life of its own. Some respondents are motivated and attentive, others are distracted or disinterested. The interviewer also has good or bad days. Assuring a consistently high-quality interview is a challenge that requires constant effort.
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