In the KnowledgeCity course Market Analysis Types, you will learn about the common types of market research and the four methods for conducting…
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.
Learning Objectives:
- Identify four primary research methods
- Recognize the best use of each research method
- Describe advantages and disadvantages of each method
- Explain how each research method is implemented
Skills you’ll gain
Customer AnalysisMarket AnalysisMarket IntelligenceMarket ResearchMarket Share AnalysisMarketing ResearchWhat 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 methods alone or in combination with one another
Key Takeaways
- Market analysis relies on primary research, which collects information directly from the source, such as your customers.
- The four primary research methods 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 that focuses on facts and numerical data.
- Interviews are well suited for exploratory research and going deep into issues such as customer problems, psychological motivations, attitudes, and perceptions.
- Focus groups combine a group interview and group discussion to uncover beliefs, perceptions, attitudes, opinions, and feelings, while customer observation captures actual behavior in real-life situations.
Frequently Asked Questions
What does the Market Analysis Types course cover?
It 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.
What are the four primary research methods taught in this course?
The four primary research methods are surveys, interviews, focus groups, and customer observation.
When should I use a survey versus an interview?
Surveys are best suited for objective quantitative research focusing on facts and numerical data, while interviews are great for exploratory research and going deep into issues such as customer problems, psychological motivations, underlying attitudes, and perceptions.
What skills will I gain from this course?
The course builds skills in customer analysis, market analysis, market intelligence, market research, market share analysis, and marketing research.
What lessons are included in the course?
The course includes an Introduction, Surveys, Interviews, Focus Groups, Customer Observations, and a Test Your Knowledge lesson.
Transcript
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(upbeat music) What type of market analysis should you opt for? How can you productively pursue market research? There are several kinds of research, and you can potentially combine two or more methods to expand your overall analysis. Learn about the different categories of market analysis with our course on market analysis types. This course will help you understand the basics of each type of marketing research, including surveys, interviews, focus groups, and customer observations; realize the pros and cons of each type of marketing research and explain how each is conducted. So before you decide on doing any sort of market analysis, join us in this detailed primer covering market analysis types.
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