Market research

Market Research Introduction Market research is one of the most important things needed to start a business. Market research will help you identify the target market for your business. A business can identify the target market by two types of market research, which are primary research and secondary research. In this unit of course work, I will stat different types of market research and how it affects the business. Business also needs to analyse there own product and services to identify the target market. Market Research Market research is the procedure through which businesses collect information about things going on market such as customers demands, about the other competitor and the market. Market research is important because from market research business can obtain information on products and services. This information will help to answer the following question: * Which products or services are making good profit and which are not? * What people think of particular products and services? * Which product is on demand? * Is there a gap for your business? * Are existing product satisfying customers' demand? The answers for this question will help business to know what products or services they should offer and which they should not. Market research will also help a business to make right decisions about the price of their products and services. Market research

  • Word count: 1959
  • Level: GCSE
  • Subject: Business Studies
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Market Research.

BUSI 4430 - Market Research Final Assignment By Joanne Brookes B0456899 Submitted Dec '03 Do you agree with the author's statements "...in spite of the millions of dollars poured into the traditional survey based approach, untold numbers of new products die on the vine each year...?" Can all the blame for a product's failure be placed on Market Research? Research properly managed can be an important tool in product concept testing and features testing. However, with some estimates of new product failure as high as 70%, it is clearly a risky business. In looking at the traditional survey based research, there are many areas where mistakes can be made - the overall concept, collecting information, sample size or reliability, applicability of findings and interpretations. As outlined in our class notes, within the eleven steps in the market research process, there are various pitfalls. * Failure to properly evaluate when market research should not be taken e.g. lack of time or resources etc. * Not properly defining the issue causing the 'wrong' information to be gathered. * Outlining research objectives that are not relevant to the problem. * Improper design, insufficient sample size, sampling errors, interviewer bias, administrative errors etc. If the market research is done improperly as exampled above, then it could shoulder the blame for a product's failure

  • Word count: 2084
  • Level: University Degree
  • Subject: Business and Administrative studies
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Market Research

Market Research What Is Market Research? Market research means systematically gathering, recording and analyzing data about the market for goods and services. To find out what the customer wants, a wide variety of market research techniques are used. These involve asking various questions like: - * What is the target market? * Where are they? * What do they want? * When do they want it? * Can we satisfy them? * How can we improve it for them? Methods Of Market Research? A firm can employ either its own marketing department or get an outside specialist organisation. There are two main types of market research: * Desk Research. This involves using existing sources of information to research the market. This can also be called secondary research. * Field Research. This is the process of gathering new information about the market by going into the 'field' (like house-to-house etc.) This can be called primary research. For my business I will be mainly using field research by handing out questionnaires around my school and collecting the results and by interviewing DJ Chrissy-P from Scream Records and Marcus Akanbyi from Red Records. My research will tell me what type of age groups listen to what kinds of

  • Word count: 198
  • Level: GCSE
  • Subject: Business Studies
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Market Research

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: ) 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. There are two main methods of market research: What is Desk Research? Desk Research involves using published information or secondary data. This information which is already available both within and outside the business. What kinds of Desk Research exist? ) Firm's own data - Records on how much certain customers spend and which areas have the best sales for particular products. 2) Government Statistics - On many topics such as population changes and consumer

  • Word count: 749
  • Level: GCSE
  • Subject: Business Studies
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Market research

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. When the product is launched, a carefully researched product stands less chance of failing. Market research attempts to find the answers to questions a business might have about its market. This information is collected via desk research and field research. The information is then collected and analysed. The business then decides about what to do in the light of the information formed. 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

  • Word count: 380
  • Level: GCSE
  • Subject: Business Studies
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Market research

Market research: Market research is the collection of information or data so it is possible to have a good understanding about what is happening in the market. A business's marketing department must know about the economic trends along with customer views. By using this information they can create a marketing plan which will meet their own needs as well as their consumers. Market research can be done to find out the following: * Find data and information which helps the business understand what customers want now or in the future * Find out whether current products are satisfying customers * Test new products by asking potential customers to try out the product * Test the effectiveness of an advertising campaign * Find out the active strategies of competitors There are two main types of research: * Primary research also known as Field research * Secondary research also known as Desk research Primary Research/field research Primary research involves getting new data for a specific purpose. The data collected is data which does not already exist. The marketing department of a business or a specialist research organisation can provide primary research. Below are the different ways of obtaining primary data: * face-to-face interviews * using questionnaires * by telephone * by post Sometimes potential consumers are asked to test products, and their responses are

  • Word count: 3804
  • Level: AS and A Level
  • Subject: Business Studies
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Market Research

Market Research According to the American Market Research Association, market research is ... "the systematic gathering, recording, and analysis of data about problems relating to the marketing of goods and services". There are number of key words that are identified in the above definition. They are: * Systematic- this means using an organised and clear system * Gathering- this means knowing what you are looking for (e.g. target audience) and collecting appropriate information * Recording- this means keeping clear and organised records of what you discovered * Analysing- this means putting the information in order and making sense of your information in order to identify the relevant trends and finding out the conclusion. * Problems relating to the marketing- this involves dealing with questions which, will help you to understand better both your customers and other information about the marketplace (e.g. competitors' products and services) Market research is necessary to all organisations because, without it they would not able to identify customer requirements as well as the activities of its competitors. Also, organisations such as, Cadbury Schweppes need to use market research to find out these information before; they can develop their marketing strategy. The use of market research Market research can be used for many purposes. It can be used to collect

  • Word count: 3005
  • Level: AS and A Level
  • Subject: Business Studies
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Market Research.

A business has to explore the needs of its customers and the activities of its competitors before it can develop a marketing strategy. Therefore market research is carried out to understand the market and to investigate what the customers want from the product. Businesses research many different things to ensure they supply the best possible product to the customer. It is also important to know and understand the strategies used by competitors and how their actions might influence the market. In order for a business to this it will conduct market research in a number of areas. These are: * Consumer behaviour- to build up a picture of consumer behaviour businesses might investigate culture, class, personal characteristics and psychological factors. * Product development - to see what the customer wants the product to be like and if they would like anything about the product to be changed. * Distribution - where the product should be sold. This may be the product will be sold to shops or directly to the consumer. * The market and competitors - to find out who their consumers are and how to compete against rival companies. * Promotion - to see what would increase their sales. For Cadbury's Flyte all of the above will be researched by using both primary and secondary research. Primary research Primary research, also known, as field research is the gathering of new

  • Word count: 1484
  • Level: University Degree
  • Subject: Business and Administrative studies
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Market Research

2. Market Research Market research is the process of gathering, recording and analysing data that will help you make better decisions in your business at any time, whether it being starting up or improving your business. This data can be taken from the consumers, competing businesses or secondary sources. Market research is vital for every successful business, as it can help to start or expand a business, update existing products, raise your profits, set prices, select a location for your business, launch a new product successfully, analyse and learn more about the number of consumers, e.t.c. There are 2 main types of market research - Primary and Secondary. Primary research is, simply, new data that has been collected by your own business. There are many different ways of finding primary data, including: * Questionnaires * Telephone interviews * Surveys * Observing the consumers * Consumer trials / Free samples * Visiting the competition Secondary research is based on already existing information that has been collected by studies done from another business. There are also many different ways of finding secondary data, including: * Library * Internet * Company data * Published Information - e.g. yellow pages * Government publications * Newspapers Primary research is up-to-date and accurate as it is newly found. It can be used to find the answer to certain

  • Word count: 716
  • Level: GCSE
  • Subject: Business Studies
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Market Research

Market Research Market research is a tool that helps organisations to find out their customers needs. It is important to Thorpe Park because they need to know their customers needs in order to provide for them. The different types of methods Thorpe Park use are postal surveys, website and observation. Primary research involves in collecting and analysing information at first hand using face to face interviews and surveys. Secondary research involves using material that already been published such as reports, newspapers and financial records. By doing primary research the data is more original but secondary research can get more out of date quickly. Thorpe Park mainly uses primary research. Qualitative research allows people to give their opinions and involves using open questions like "why do visit Thorpe Park?" A lot of useful information can be used and gained by this method of research. Alternatively people have different opinions so it makes the analysis more difficult. Quantitative research provides accurate information by using a closed question which has a simple answer of "YES" or "NO" answers, this makes the analysis of Thorpe Park much easer. Postal surveys are exit surveys that Thorpe Park use, exit surveys are leaflets which is handed out at exit for guests to let Thorpe Park know what they thought about their day. From this they can look to see what

  • Word count: 631
  • Level: GCSE
  • Subject: Media Studies
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