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Market Resarch Essay

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Introduction

Market Research Essay I am writing about my new business and product, which I am going to design using market research. Market research is "the collection of information about existing potential products". "Businesses use market research to find out what consumers think about a product or service." There are two sections of 'market research'. These are called 'Primary(field) Research' and 'Secondary(desk) Research'. Primary research is the process in which you collect new information. And Secondary research, is where you use the existing information that has already been gathered, to study the market. Therefore, you should present the data "in a form that allows analysis and evaluation of the information." My product is going to be a chocolate. This doesn't mean that it's going to be a bar. It could even be little sweets. My market research is about finding out the most wanted specifications and the target audience of my product. Now I am going to be discussing the various methods of market research available and furthermore, which is the most appropriate for my needs. ...read more.

Middle

Nevertheless, they are time consuming to conduct plus the interviewer may need to travel to see people, which makes it even more time consuming and so very expensive. Besides, the responses will be more difficult to analyse, as open questions are asked. This method is suitable because, if you ask right and important questions, like 'do you eat chocolates with nuts inside them?' it can be very helpful. And also with chocolates, it won't be too hard to analyse it as much as something else, because you can just add on any new ideas. In general, this method is useful if you are looking for an emotionally driven answer, which might give you more insight. 'Focus Groups' is another method that can be accustomed for market research. It is usually a group of 8-10 customers that meet to discuss a product or service they have experienced. Two main advantages of a focus group are that, it is a cheap way to gain customers' views, and that customers are more likely to respond to this than a postal questionnaire. ...read more.

Conclusion

The easiness to set it up and carry it out, make the product sampling method very convenient. Another pro is that the public usually respond well, as they can try the product for free. On the other hand, customers may not be a representative of the whole market. As well as that, people may not say what they really think, to avoid causing offence. An important factor that needs to be regarded is that we are a starting company, hence we have limited funds. There are a few reoccurring problems between some of the methods. For example, 'the method is too difficult to analyse, as a result of open questions being used'. The questionnaires would solve that problem. In some methods the conversations will need to be recorded for it to be analysed. This would cost more, thus we cannot use those methods. Overall, I think that the 'Product Sampling' method will be the most appropriate, as it won't be too difficult to use and we should be able to get enough responses, as chocolate is a fan favourite. We can serve the customers different flavours and show them different designs of our product. ...read more.

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