3.2.2.2. End-Market Research Mix
Once secondary sources of data have been exhausted, it is time to develop a primary market research plan. The first and most important element of the research plan is to define the goal of the research or the burden of proof. Once the goal is set and the information required is known, a research plan comprised of surveys, interviews, and focus groups can be developed to get the data required to make an informed choice. An overview of these tools is below.
Tool | Description | Advantages | Disadvantages |
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Interviews | One-on-one structured or semi-structured conversations with potential buyers or industry experts |
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Focus Groups | Small, structured group meeting consisting of 5 to 20 participants from a target market segment or a cross-section of a value chain |
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Surveys | Closed research instrument designed to test attitudes and perceptions on current product offerings or clearly defined future offerings. Can include quantitative and qualitative data |
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Observation | In-store (or at the point of sale) observation of customers using or considering the purchase of a product |
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