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Market Research identifies

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Introduction

In this task I will be explaining all the different types of research a business can do when launching a new products or trying to improve an existing product. There are two main ways a business can gather research and this is through primary and secondary data. Market research includes customer's needs and wants, their future possible needs and wants, potential new markets/customers, new technology, the current trends and fashion, competitor strengths and weaknesses, competitor strategies and the overall marketing environment. A customer's needs and wants are valuable to a business because it lets them know what customers are interested in buying and what they want to buy in this moment in time. For the business to have a possible knowledge of customers future needs and wants is a huge step in getting an edge over their competitors as it will let them plan in advance for the next trends to start and they will be ready before their competitors so they will be able to maximise their customer base. ...read more.

Middle

Primary research Primary research is the information that comes directly from the source, which is usually the potential customer. You can compile this information yourself or hire someone else to gather it for you via surveys, focus groups and other methods. Primary research is a good way to get ideas and max the profit of your business. This contains such things as surveys/questionnaires, focus groups and observations. With surveys and questionnaires it lets the business get feedback on certain things to do with their product or service with also a comparison to competitors. The feedback received from these primary methods of market research includes the popularity of features, how much customers will spend, where they buy from and how frequently and how customers rate the service or product. Also with questionnaires and surveys the company may include some questions about competitors and ask what they do better than their business and also what they do worse. This helps to identify the popularity of competitors and allows the business to change some aspects that customers prefer by their competitors. ...read more.

Conclusion

Secondary sources include the following: * Public sources. These are usually free, often offer a lot of good information, and include government departments, business departments of public libraries, and so on. * Commercial sources. These are valuable, but usually involve cost factors such as subscription and association fees. Commercial sources include research and trade associations, such as Dun & Bradstreet and Robert Morris & Associates, banks and other financial institutions, and publicly traded corporations * Educational institutions. These are frequently overlooked as valuable information sources even though more research is conducted in colleges, universities, and technical institutes than virtually any sector of the business community. Primary and secondary research are both vitally important for businesses when introducing a new product or improving an existing one. They do this research to get an idea as to how they should deliver their new or improved product, meaning they can get the best possible results for it. ?? ?? ?? ?? Adrian Edwards P3- Market research identifies Darren Case ...read more.

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