• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Market Resarch Essay

Extracts from this document...

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.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our GCSE Marketing and Markets section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related GCSE Marketing and Markets essays

  1. Plannng and research. I would like to open a African restaurant, food from all ...

    This attracts your guests' attention much more than a" buy one get one free" restaurant promotion. Guests are also more likely to have higher check averages than normal because there is a chance they won't have to pay. It creates a tremendous attention among your core guest base.

  2. marketing study - biolife

    These professionally specialised individuals may include homeopaths, chiropractors, physiotherapists, reflexologists, osteopaths, massage therapists, medical doctors, surgeons, dentists etc. Apart from that, Bio-Life Ltd also seeks to reach out to consumers coming for the middle to upper income group. For the fact that Bio-Mag is a highly specialised product containing vast

  1. Cadbury Limited.

    * The layout of my questionnaire. - This is extremely important, the layout needs extreme care and attention, to make sure that it is set out in a logical order, and people from all ages can read to wording and paragraphing.

  2. Business- Open retail store

    the feedback which I got from the sample I already have the graphs and the filled out questionnaires. I will also have to remember the verbal feedback which I received. 30-05-07 I had forgotten some of the verbal feedback which I had received but then asked my friend, who came

  1. Investigating Market

    This was quickly followed with a store in Kings Street, Manchester. In 2008 a second Canali store was opened in the city and the total Hugo Boss stores stood at 16 by the end of the year. The company allows men to hire quality suits for weddings, Highland wear, evening

  2. Elite Chocolate

    Desk Research: Desk research means collecting existing information. This also has another meaning to it. Desk research is relatively easy/quick way of gathering all the data that already exists. All this information can be collected from newspapers, internet, public libraries, office research agencies etc. Desk research also involves Secondary Data.

  1. Marketing research - To decide which products and services will be available in my ...

    I came to this conclusion because Mrs. Sayania informed me that waxing is quite a high demand service at her salon therefore more customers want to have it done and they want it done more often. By offering this service at a greater price than the other services I will be able to bring my business a much larger profit.

  2. Market Research for a new sweet. I asked the question Chocolate do you prefer?, ...

    It is a method used by many businesses to make their product distinctive and stand out from the competition. Packaging can refer to how the product is wrapped or even how it is displayed, it is all about creating a superior image of your product over the competition.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work