Primary Market Research

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Applied Project Group Members Manvir Singh – C0671906 Sanket Amin – C0689447 Keyur Patel- C0686090 Project Code: ALP-5559-MMPT-0016 Instructor – William Pourmajidi Submission Date: 24 February 2018 Introduction Live Healthy Inc. (LH Inc.) is a very well known company in the Canadian market. Every company is responsible to know the current trends in the market. The company is going to launch the new product “Sweety” by the end week of May, 2018. Now, the company has organized to conduct primary research to collect quantitative and qualitative data for the product. The primary research work will primarily done by the company’s research experts. The timeline to complete the primary research will…show more content…
As far as primary market research is concerned, there are different types of market research done by many companies. To gather the accurate information from the market about the product trends, primary research technique is the best method. The primary data which is generated from different techniques can be in the form of qualitative and quantitative in nature, which means usually in the form of words or numbers. Following the different types of types of primary research: • Observation – Under observation technique, it involves watching of your potential customers and their behavior. The experts do observation of customers who are buying product and services similar to our company and listening what the customer says during shop and how much they pay. (Garner, 2010) • Focus Group – Under focus group technique, the expert assemble the small group of 8 – 12 potential customer to gather the information and opinion about our product. The group will gather at one place for extreme discussion about the product. The group will share their different opinion and feedback about the product. This is the best technique to gather the accurate information. (Garner,…show more content…
Through this, the company can give their product to test customers response under real life conditions. The company can improve the product or services, adjust the prices and also improve the packaging. (Research Optimus, 2018) Once the primary data collection is complete, the researcher will gather qualitative and quantitative information and put the data in the tabular format for clear understanding and knowledge. Researcher can also make the chart on the basis of the data collected. The company may take necessary action on the product or services and modify the same. Best Primary Research Tool for LH Inc. After going through various primary research techniques, the company finally going to select the following primary research technique – • Focus Group • Survey / Questionnaire The reason for selecting the above research technique is that it provide useful and accurate data about the product and services, customers perception towards the product and related information. Based on the data provided during the primary research, company may modify the product as and when
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