Market Research Report: Data Analysis, Business Development Strategies

This report provides a comprehensive overview of market research, emphasizing its importance for business development. It details the distinction between primary and secondary research, explaining the methodologies and applications of each. The report also highlights the differences between quantitative and qualitative research, illustrating how each approach contributes unique insights through statistical analysis and in-depth understanding of opinions and motivations, respectively. The structure includes an introduction, explanation of research types, and concluding remarks, supported by a list of cited references. This report is aimed at guiding students through the fundamentals of market research, emphasizing practical applications for business development.

PRIMARY RESEARCH

Table of Contents
TASK 2............................................................................................................................................1
Market research to help develop business...................................................................................1
Primary Research will conduct and why.....................................................................................1
Secondary research will conduct and why..................................................................................1
Quantitative research will conduct and why...............................................................................1
Qualitative research will conduct and why.................................................................................2
REFERENCES................................................................................................................................3
.........................................................................................................................................................3

TASK 2
Market research to help develop business
Market research refers to an organized efforts for collect information about the target
consumers and markets. In order to develop business, it is an effective strategy that need to be
used.
Primary Research will conduct and why
It refers to new investigation for carried out answers to the particular questions. It is
conducted for address certain issue that needs an in- depth analysis. Through this, investigation
researcher can collect the fresh data from different sources such as questionnaire, surveys,
interviews, observation and many others (Barro and Lee, 2013). This research is necessary
because in market research, company can understand target markets which changes over the
time such as preference, needs, demands etc.
Secondary research will conduct and why
This research included summary, collation and synthesis of the existing investigation.
Under this, researcher uses the primary sources of research as data source for analysis. In context
to market research, information or data is already organised as well as compiled. There are
different sources of collect secondary information like books, articles, journals, newspapers and
many others. The reason of using this research is that information is collected already and helpful
in analyse external market environment.
Quantitative research will conduct and why
Quantitative research refers to structured way of gathering as well as analysing data that
obtained from various sources. It includes use to statistical, mathematical and computational
tools in order to derive the results (Brannen, 2017). In context to market research, use of the
numerical analysis technique is helpful in provide an information that is useful to firm in
promote services or products. The reason for using this research is that, it provides more efficient
information and as well as statistical data.
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Qualitative research will conduct and why
Qualitative investigation refers to scientific observation methods to collect non-
numerical data. It is mainly used to gain understanding of the underlying opinions, reason and
also motivations (Taylor, Bogdan and DeVault, 2015). Under this, information is measured in
terms of facts and quality. It is helpful in gaining deep understanding of particular concept.
Reason behind using this research is that it provides information about the specific research area
in detailed manner.
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REFERENCES
Books & Journals
Barro, R.J. and Lee, J.W., 2013. A new data set of educational attainment in the world, 1950–
2010. Journal of development economics. 104. pp.184-198.
Brannen, J., 2017. Mixing methods: Qualitative and quantitative research. Routledge.
Taylor, S.J., Bogdan, R. and DeVault, M., 2015. Introduction to qualitative research methods: A
guidebook and resource. John Wiley & Sons.
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