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Market research

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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.


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.


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.

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