Market research provides information about:
Businesses use the information they gather to design new products and modify existing ones. This approach helps to maximise the potential success of products and services.
There are two main types of market research:
Sampling is the process of creating a small unbiased population to be used in a test or experiment. The sample removes the impractical idea of surveying everyone in a market or a population.
Random Sampling is when a sample is created by chance. It is the luck of the draw.
Quota Sampling is a sample that has been created to mimic the characteristics of a market or a nation’s population. For example if 30% of the population are over 70, then the quota sample will reflect this in addition to other criteria set.