5.2 Businesses carry out market research because firms gather and analyse data about customers, competitors, distributors, and other actors and forces in the marketplace. A large portion of the work performed by most market research.
- There are two types of research these are called field and desk research.
Field
Research is also called primary research. It involves doing all your own work. It is useful for finding out new information and getting customers views of products.
Two advantages are the results are up to date and upper hand on rival brands. The disadvantages are that it costs a lot and is time consuming.
Questionnaire
Test marketing
Consumer panels
Telephone surveys
Interviews
Desk
Research is also called secondary research. This is looking at other people’s research. It is useful for looking at a whole market and analysing past trends to predict the future.
Two advantages are that it is quick and cheap. The disadvantages are that the results are old and someone else has already used the results.
Competitor’s products and sales
Government statistics
Company’s own sales figures
Market research reports
I will be using field data, as I will get an idea of what people want at this moment in time.
I will not use desk data, as there are no casinos around Walkden so there would be no data anyway.
5.4 I need to find out if the public want a new casino/restaurant in the town of Walkden. I will need to find out what papers they read and what radio stations they listen to so I know what advertising devices I should use.
