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Direct Hit

Unit 4 - Marketing - QB

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Chart Increasing

Unit 1 - Introduction To Business Management - QB

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Briefcase

Unit 2 - Human Resource Management - QB

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Money Bag

Unit 3 - Finance & accounts - QB

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Factory

Unit 5 - Operations management - QB

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Bar-Chart

Unit 6 - Assessment

It&#39;s like playing detective 🔍. Businesses try to understand what customers want and how their tastes might change.

<ul>
	<li>Primary Market Research (think of it as being &quot;first&quot; or &quot;main&quot; &ndash; like a primary school!)</li>
	<li>Secondary Market Research (it&#39;s like referring to your classmate&#39;s notes!)</li>
</ul>

<ul>
	<li>Imagine you&#39;re at the park trying to see which ice-cream 🍦 flavor is most popular. You&rsquo;d probably ask people directly, right? That&#39;s primary research!</li>
	<li>Purpose? To understand
	<ul>
		<li>What are customers buying now? 🛍️</li>
		<li>Will they change their choices in the future? 🔄</li>
	</ul>
	</li>
	<li>Who does it? Either the company OR they can hire experts (like hiring a detective agency! 🕵️).</li>
</ul>

Real-World Magic Example: A hotel finds out an airline often cancels flights. The hotel offers special deals to those stranded passengers. Smart, huh? They&#39;ve just turned someone else&rsquo;s bad day into their profit! 💰

<ul>
	<li>Good News: Get fresh insights directly from the source! 🍊</li>
	<li>Bad News: Takes time, like waiting in line for your favorite roller coaster. Also, it can be pricey! 💸</li>
</ul>

<ul>
	<li>It&#39;s like reading a book 📚 about the best ice-cream flavors instead of asking people. The info is there, but is it up-to-date?</li>
	<li>Purpose? To get a general picture from existing info. It&rsquo;s like doing a jigsaw puzzle &ndash; see the existing pieces before finding missing ones.</li>
	<li>Pros: Quick as a snap 📸, and easy on the pocket.</li>
	<li>Cons: Data could be old (like using a Nokia in an iPhone era 📱) and might not perfectly fit the company&#39;s questions.</li>
</ul>

For instance: You read last year&#39;s magazine saying Blueberry is THE flavor. But this year, everyone&#39;s mad about Mango Tango! Relying on outdated info? Oops! 🤦&zwj;♂️ 
&nbsp;

Pro Tip 🌈: Always start with Secondary Research (get a vibe of the scene) and then dive into Primary Research to fill in the gaps! It&#39;s like scanning the treasure map 🗺️ quickly before digging deep to find that gold. 💎 
&nbsp;

Remember: The magic 🎩 lies in combining both research types to make informed decisions. It&#39;s all about staying in tune with the market&#39;s heartbeat! ❤️📊

&nbsp;

Happy studying! 🎓🎉

Unlock Proven Market Research Methods: Primary Vs Secondary Insights

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Standard Level

Business Management SL

Unit 4 - Marketing - QB

Unlock Proven Market Research Methods: Primary Vs Secondary Insights

Table of content

What's market research? 🧐

The two main ways 🛤️

Unlock the Full Content!

Unit 4 - Marketing - QB

Unlock Proven Market Research Methods: Primary Vs Secondary Insights

Table of content

What's market research? 🧐

The two main ways 🛤️

Unlock the Full Content!