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Market Analysis Types
Learn the four common types of market research and how to implement themPreview the first lesson free — get full access to all 6 lessons.
Intermediate Provider : Terry Cornelison 6 Lessons · 22m in Arabic, German, English, Spanish, French, Portuguese, Chinese
Course Description
In the KnowledgeCity course Market Analysis Types, you will learn about the common types of market research and the four methods for conducting primary research: surveys, interviews, focus groups, and customer observations. You will understand the primary purpose for each method, the advantages and disadvantages of each, and how to implement them.
Market analysis involves the use of primary research, which is collecting information directly from the source, such as your customers. The four methods designed for conducting primary research are surveys, interviews, focus groups, and customer observation. Each method is best suited for gathering particular kinds of data, information, and insights. The types can be used alone or in combination with one or more of the other methods.
Surveys are best suited for objective quantitative research that focuses on facts and numerical data. Interviews are great for exploratory research and when you want to go deep into any issue, such as looking for customer problems and understanding psychological motivations, underlying attitudes, and perceptions. Focus groups are a combination of a group interview and a group discussion. They are used to discover the beliefs, perceptions, attitudes, opinions, and feelings associated with your product, for example, and encourage open discussion to uncover the reasons behind them. Customer observation is used to collect information on the actual behavior of people in real-life situations by observing what they do, how they act, interact, and react.
What You'll Learn
- Identify the four primary research methods: surveys, interviews, focus groups, and customer observations
- Recognize the best use and primary purpose of each research method
- Describe the advantages and disadvantages of each method
- Explain how each research method is implemented
- Distinguish when to use surveys for quantitative data versus interviews for exploratory, in-depth research
Key Takeaways
- Market analysis uses primary research, which collects information directly from the source, such as your customers.
- The four methods for conducting primary research are surveys, interviews, focus groups, and customer observation, and they can be used alone or in combination.
- Surveys are best suited for objective quantitative research focused on facts and numerical data, while interviews are best for exploratory research and going deep into issues like customer problems and psychological motivations.
- Focus groups combine a group interview and group discussion to discover beliefs, perceptions, attitudes, opinions, and feelings and encourage open discussion of the reasons behind them.
- Customer observation collects information on actual behavior by observing what people do, how they act, interact, and react in real-life situations.
Frequently Asked Questions
What does this course cover?
The course covers the common types of market research and the four methods for conducting primary research: surveys, interviews, focus groups, and customer observations, including the primary purpose, advantages and disadvantages, and implementation of each method.
What is primary research as defined in this course?
Primary research is collecting information directly from the source, such as your customers, and the four methods designed for it are surveys, interviews, focus groups, and customer observation.
Which research method should I use for numerical data versus deeper insights?
Surveys are best suited for objective quantitative research that focuses on facts and numerical data, while interviews are great for exploratory research and going deep into issues such as customer problems and understanding psychological motivations, underlying attitudes, and perceptions.
What lessons are included in this course?
The course includes an Introduction, Surveys, Interviews, Focus Groups, Customer Observations, and a Test Your Knowledge lesson.
What skills does this course help develop?
The course supports skills in Customer Analysis, Market Analysis, Market Intelligence, Market Research, Market Share Analysis, and Marketing Research.
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