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Market Research

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Introduction

Market Research by Christopher Currie 11D What is market research? Market research is the process of obtaining information about the market for new and existing products Businesses use a wide range of market research techniques to find out what customers want this involves asking the following questions: 1) What is the target market? 2) Where are they? 3) What do they want? 4) When do they want it? 5) Can we satisfy them? 6) How can we improve it for them? By obtaining this information it then proves useful for deciding who to launch my product at, what age to launch my product at, which area to sell my product in, how many bars to sell there and how can I improve the product. Methods of Market Research A Firm may choose to set up its own marketing department or employ an outside specialist organisation to carry out market research. ...read more.

Middle

Advantages of Desk Research: * Desk Research is cheaper than field research * Data is easily found and instantly available * Easier to establish trends * A wide choice of data Disadvantages of Desk Research: * Desk Research is not always relevant to your needs not specifically about your product * Information is often out of date * Problems of interpretation * Little control over quality in data What is Field Research? Field Research is when businesses uses field to find out information that is not readily available to them. Methods of field research include the following: Observation: Looking at and recording what people do and how they behave is an important part of market research. Surveys: This involves asking questions of people or organisations. There are a number of different ways of conducting surveys. Questionnaires: This involves questioning a large number of people by holding an interview face to face or through the post. ...read more.

Conclusion

I had to arrange my questions to find out: What my target market is? * General age group * Gender What people like? * Type of chocolate * Shape of bar * Bar fillings What are people prepared to pay? * How much money are they prepared to give for a bar? * How many bars do people buy in a week? Where do people buy their bars from? * Which shop do they buy their bars from? Once I have gathered this information, I will use it to design and launch a chocolate bar. On the next page I have shown my Pilot questionnaire. I had to make certain changes to it as I had not asked any questions about how I would go about advertising my bar. So I have added in three extra questions to my final questionnaire to deal with advertising a bar on TV channels and what time to advertise at. ...read more.

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