Business Administration (BBA) / Marketing & Business Research

MARKET RESEARCH METHODS –
COMPLETE STUDY NOTES
(Premium Exam & Revision Guide)




📘 1. INTRODUCTION TO MARKET
RESEARCH
Market research refers to the systematic process of collecting, analyzing, and interpreting
information about customers, competitors, and markets.

Businesses conduct market research to understand customer needs, market trends, competition,
and opportunities for growth.

Key Objectives of Market Research:

 Identify customer needs and preferences
 Understand market trends
 Analyze competitors
 Reduce business risks
 Support decision-making
 Improve products and services




🎯 2. IMPORTANCE OF MARKET
RESEARCH
Market research is important because it helps businesses make informed decisions instead of
relying on assumptions.

Importance of Market Research:

 Understanding customer needs
Businesses can identify what customers want and develop products that satisfy those
needs.

,  Reducing business risks
Research helps companies avoid costly mistakes by providing accurate information
before launching products.
 Identifying market opportunities
Companies can discover new customer segments and growth opportunities.
 Improving marketing strategies
Research provides insights into customer behavior and effective promotional methods.
 Monitoring competition
Businesses can study competitor strengths and weaknesses to improve performance.




📊 3. TYPES OF MARKET RESEARCH
3.1 Primary Research
Primary research involves collecting original data directly from respondents.

Methods of Primary Research:

 Surveys
 Interviews
 Questionnaires
 Observation
 Focus groups

Advantages:

 Provides specific and accurate data
 Up-to-date information

Disadvantages:

 Time-consuming
 Expensive to conduct




3.2 Secondary Research
Secondary research uses existing data collected by other sources.

Sources of Secondary Data: