Britvic – Two Types of Market Research – Primary and Secondary
There are two types of market research- Primary and Secondary. Britvic could use primary research also known as “field research”. This involves gathering the information first hand using sources such as questionnaires, telephone surveys and focus groups. The benefits of this are that the information is up-to-date and accurate. Britvic could also use secondary research otherwise known as “desk research”. This involves gathering information from existing/ published sources. Methods such as the internet, books, and competitor’s sales figures could be used to gather information. There are two research techniques, quantitative and qualitative. Quantitative is based upon statistics; this could be looking at competitors sales figures. This would be used to determine how your competitors are doing and assist with decision making. E.g. whether to buy over a product and compete for market leader. Qualitative however is based upon opinions- Questionnaires and surveys are often used to get an insight into customer’s opinions and feedback about products
Britvic could use the information gathered to determine the next step for the company. E.g. do they launch a new product? Or edit an existing one? Market research will ultimately allow Britvic to determine the best way to get a product which will meet the demands of customers.
E.g. whether to buy over a product and compete for market leader. Qualitative however is based upon opinions- Questionnaires and surveys are often used to get an insight into customer’s opinions and feedback about products
Britvic could use the information gathered to determine the next step for the company. E.g. do they launch a new product? Or edit an existing one? Market research will ultimately allow Britvic to determine the best way to get a product which will meet the demands of customers.