Market Research on Customer Satisfaction

Market research
Market research is a very important part of every business and it can be done
to examine existing and potential markets. It is particularly important for
companies to know and understand their consumer choices. Market research
can also reach high levels of customer satisfaction, reduce customer turmoil
and develop the business. In relation to Customer Service it helps determine
what customers want and what to expect.
Primary research
Primary research is the collection of data directly from people through
different research methods:
* questionnaires - a series of questions used to collect useful information from
respondents;
* surveys - the collecting data from a predefined group of respondents to gain
information and insights into various topics of interest;
* interviews - the collection of data from a small group of subjects on a broad
range of topics;
* observations – the gathering data by watching people, events, or noting
physical characteristics in their natural setting.
Primary research is solely carried out to address a certain problem, which
requires in-depth analysis.
Advantages:
 information can be collected for specific purposes;
 the information is binding - it can be causally related to a specific
product or service;
 you can focus on those questions to which you need answers;
 the information gathered is up to date.
Disadvantages:

 because of the processes involved, primary research can be very time-
consuming;
 it can be quite expensive to conduct as collecting data is a costly
process;
 in case the research involves taking feedbacks from the targeted
audience, there are high chances that the feedback given is not correct.
Secondary research
Secondary research or desk research is a research method that involves using
already existing data. Existing data is summarized and collated to increase the
overall effectiveness of the research. Secondary research includes research
material published in research reports and similar documents.
Advantages:
 most information is secondary research is readily available
 this is a less expensive and less time-consuming process
 collected data gives us an idea about the effectiveness of primary
research
Disadvantages:
 data credibility evaluation must be performed to understand the
authenticity of the information available
 the researcher may have difficulty obtaining information specific to his
or her needs
 available data may not be updated enough to accommodate recent
timelines.
Quantitative research
Quantitative research is the process of gathering observable data to answer a
research question using statistical, computational, or mathematical
techniques. Quantitative research looks at measurable, numerical
relationships. Strengths of this approach include replication, large samples,
direct comparisons of results. Its limitations include lack of content, narrow
focus, structural bias.