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

Market research

Extracts from this document...

Introduction

Finding out about what consumers want and need, and what makes them buy, is called MARKET RESEARCH. Market research is the process of gaining information about customers, competitors and market trends through collecting primary and secondary data. Why Research the Market? Businesses that are product orientated risk spending large amounts of money launching a product, which could be a failure. Research the market helps reduce this risk. It focuses research and design effort onto products, which have a chance of success in the market place. ...read more.

Middle

Desk Research DESK RESEARCH involves the use of SECONDARY DATA. This is information that is available, both within and outside the business: Internal Sources is such as sales invoices, reports and accounts. Government is published statistics, such as consumer spending figures; reports such as Monopolies and Mergers Commission Reports. The Media is reports in newspapers, magazines, on radio and on television. Trade Associations is statistics or reports published by national organizations such as the TUC, the CBI or chambers of commerce, or industry associations such as the Engineering Employers Federation or the National Farmers Union. ...read more.

Conclusion

It is collected for the particular piece of research through direct investigation, that is, observation, survey and experiment. Observation Looking at and recording what people do and how they behave is important. Survey is research involves asking questions of people or organistions. Experiments Products are tested on groups of consumers to see whether they are acceptable and likely to sell well. The next stage is no test market the product in two countries. If the product was a success in both countries, then it is likely that it would be successful throughout the world. Suraj Sharma ...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. Investigating Market

    A business needs to survive to ensure profit to be made. Expanding means when opening more shops because the business is too big. The group has expanded into different formats, different markets and different sectors. Moss Bros Hire has expanded by opening concessions within department stores such as House of

  2. market research

    What caf� do you regularly go to if at all? ............................................................................................................................................................................................................ I asked this to get an insight on what type of place this person likes. 6. When you go to a caf�, what do you usually buy? .......................................................................................................

  1. Market Research

    For my marketing strategy to coincide with this principle my strategy will need to identify customers needs simultaneously keep pace with the development of product ranges and the development of rival firms. Communicating effectively with customers to satisfy their expectations This principle involves effective marketing communications with consumers and is related to the promotional mix.

  2. Market Research

    The emphasis is on the 'customer buying' rather than on the 'firm selling'. Types of Market Research: Desk Research: This involves the use of SECONDARY DATA. This is a source of information, which has already been collected by someone else e.g.

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