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Business Studies Market plan

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Market Research The process of gathering, analyzing and interpreting information about a market, about product or service to be offered for sale in that market, and about the past, present and potential customers for the product or service; research into the characteristics, spending habits, location and needs of your business's target market, the industry as whole, and the particular competitors you face. What are the main purposes of market research? If a business is market orientated then it must find out what people's demands are and what their competitors are doing. This is done by using a method commonly used known as Market Research. Market research is mainly used to answer questions like: Who is in the target market, Where are they, what do they want, what are our competitors doing? The main purposes for market research are to: * Find out peoples buying pattern. * Find out people taste. * Find out peoples demand. * Learning about competitors. * Peoples opinion about your product - whether people like it or not. Types of Research Primary Research Sometimes also called field research, primary research is undertaken by, or commissioned by, and organisation for a specific purpose. The required information does not all already exist in any available form and so the research has to be undertaken from scratch. The advantage of primary research is that it is exactly tailored to the problem in hand, but it can be expensive and time consuming to undertake. ...read more.


Very Good Good Poor Table 1 Group Interviews and focus groups These provide useful insights into underlying attitudes and behaviours relevant to the marketer. A group interview normally involves between six to eight respondents considered to be representative of the target group being examined. The role of the interviewer is to introduce topics, encourage and clarify responses and generally guide proceedings in a manner that is effective without being intrusive. In this kind of group situation, individuals can express their views either in response to directed questions or, preferably, in response to general discussion on the themes that have been introduced. Often, the interaction and dialogue between respondents are more revealing of opinions. So that participants will relax enough to open out like this, it is often helpful to select the group concerned to include people of a similar status. This is the most preferred method of research as it will allow me to ask specific questions related to Adidas, and monitor the behaviours and expressions of individuals, etc. Telephone Interviews Telephone interviews are primarily used in industrials markets as a means of reaching a large number of respondents relatively quickly and directly. It is far more difficult to ignore a telephone call than a mail survey, although the amount and complexity of information that can be gathered are often. In the absence of any visual prompts and with a maximum attention span of probably no more than 10 minutes, the design of the questionnaire needs to be given great care and piloting is essential to ensure that the information required is obtainable. ...read more.


Other secondary sources include; newspapers and magazines, which can give an indication of the latest trends in fashion, which can help when introducing a new range for Adidas. For example, if street wear becomes the trend for spring/summer 09, it would be the best time to release the new King Range. Internet: This is probable the fastest growing and one of the most useful ways of undertaking secondary research. This is due to the number of fan sites that are available, social networking sites such as Facebook and Myspace gives bagsful of information where you want to research a specific product. For example, on Facebook, users set up fan groups and you can observe the comments made by fans, what their interests are, what their user profiles look like, etc, to help understand the target group, trends, etc. In the case of the Whispa bar, it was re-introduced due to the thousands of people of voted for it to be put back on the shelves. The internet can also be used be explored to understand what other competitors are doing, and can be utilised to help obtain information easily. Example, the RSS feed mechanism allows you to get updates/ alerts whenever information related to your search is updated. For example, if you are interested in a particular site, where users are adding blogs (personal entries about is a Web site, usually maintained by an individuals with regular entries of commentary, descriptions of events), you can get alerts when someone has updated a particular site of interest. ?? ?? ?? ?? Mithunan Muhunthan ...read more.

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