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It is important we use market research, mainly to decide which product would be best to use. Market research will determine which idea is most demanded,

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Introduction

2. Market Research "Market Research is a systematic, objective collection and analysis of data about a particular target market, competition, and/or environment. It always incorporates some form of data collection whether it is secondary research (often referred to as desk research) or primary data. Desk Research (sometimes known as secondary research) involves gathering data that already exists either from internal sources of the client, publications of governmental and non-governmental institutions, free access data on the internet, in professional newspapers and magazines, in annual reports of companies and commercial databases to name but a few. In many projects, carrying out an initial desk research stage is strongly recommended to gain background knowledge to a subject as well as providing useful leads that will help to get the maximum from a research budget. ...read more.

Middle

Our aims What we are aiming to find out is basically what the customer wants. By doing this we need to aim our research at the correct socio-economic group. For example, we don't want to try and sell skateboards to old age pensioners. And we don't want to try and sell tea sets to teenagers. So first we must establish what exactly the group we are aiming at is. This can sometimes be hard if it a product for all ages, like food or computers or DVDs. However even these products can be narrowed down to fit each group. Our 3 Ideas Our first choice was a product with the name Lenseye. Earlier this year and last year I lead a team of people to help design this product. ...read more.

Conclusion

We noticed that there wasn't a KFC in town. We thought it would be a great opportunity to open a franchise. We believe there's definitely a market for fast food in Swindon so why not expand that market even further. In this area we need to be careful about asking people too personal questions, for example questions about weight or size. To go about doing these surveys, we need to do both primary and secondary research. The advantage with primary research is that it's directly from the source, so we know it's 100% the truth and no one has messed around with it. Secondary research is also a good thing to use; as we don't need to do the work, someone else has already done it. We will use surveys and questionnaires as our primary research. And research socio-economic groups in Swindon for our primary groups. ...read more.

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