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
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
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
Market Research.
Market Research Marketing Research is the identification, collection, analysis, and dissemination of information for the purpose of assisting management in the decision making process related to the identification and solution of problems and opportunities in marketing. For example, if a company was considering introducing a new product to its range, it might research the likely consumers to see whether making the product is feasible. They would gather information such as the types of marketing that would be effective; the price people would be willing to pay for it and what people would expect from the product. Market research can be carried out in two basic ways. The 1st of which is Field (or primary) research where the information is gathered by directly asking people or by observing people. The second is Desk (or secondary) research carried out using sources such as newspapers, previous studies, samples and surveys Businesses use market research on a regular basis for a number of reasons. * Descriptive reasons - if a business wants to discover what is happening in a certain market and to identify trends in sales. * Predictive reasons - to forecast what may happen in the future. Eg. A travel company may want to predict the changes in the types of holidays people take over the next 5 years. * Explanatory reasons- to give an explanation as to why there has been a
Market Research
Market Research Market research is when businesses try to find out what the customers want. Most business are product orientated which means that they rely on selling their products to customers and them being successful for the business to survive. The reason that businesses need to research the market is because if they are selling a product to people then the businesses need to find out what the customers want. If you going to be selling a product if no one is going to but it then you will become bankrupt and also if you are selling a product you need to know who you are aiming to sell that product to. You need to know which kind of people who are interested in your product. My business is going to be relying on people being interested in the products that I am selling. I am going to be doing market research to find out what type of people that I am going to be attracting. Like I have mentioned in the market segments section I will be attempting to attract young men between the ages of 11to 25 as my main customers. I am hoping that the market research that I am going to be doing will help me to decide other market segments that I could try to attract. There are two type of market research and they are field research and desk research. Desk research is when you do secondary research that has already been done before by someone else. Then you collect all the data and give
Market Research.
Task 2 - Market Research Marketing (2.1) Marketing involves researching customer requirements in terms of using the four Ps; this combination of factors helps the business sell a product. * Developing and designing a product customers desire, producing the right amount and to the right quality specifications * Using a price that they find acceptable but allows the business to make a profit * Finding out what types of promotional methods attract * Making sure that the product is on sale in places convenient for the customer to buy it Marketing is important to the firm as it helps them get their business to what is wanted and needed by the public, finding out what the public want so both parties are profitable, it also builds communication between the business and the customers. Marketing is also important as it helps a business identify potential profiting products that customers would purchase, it helps you to identify what types of products the customers would buy to see if you can charge a higher price - therefore profit becomes greater. Types of Market Research Marketing research is the process of gaining information about customers, competitors and market trends through collecting primary and secondary data. (Alain Anderton, pg 129) It is where a person will go to find out information such as pricing strategies, placement, product and promotion techniques that
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
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
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
Market Research
Market Research Market Research is the collection of information from consumers or people that are thinking of becoming consumers. This is where people (consumers) find out if they are interested in buying any of the business' products. Some businesses spend a lot of money just to find out about their market. This is good because it helps the business into finding out what the customers need to buy and also sometimes it gives you information about competitors. Primary Research Primary research is the gathering of data by interviews, telephone or even by post as a sort of questionnaire is sent out. A special research company provides this. Primary research can also be known as 'field research'. In simple terms it is the collection of information by contacting the public who may become consumers eventually. Advantages of Primary research; * The business can be sure that the information gathered is up to date. * The business can design the research in the best way that they see possible. Disadvantages of primary research; * Often when gathering information the analysis of it all can be slow and antagonising. * When taking part in this sort of research it can be very expensive as to employ special researchers to do the work for you. Secondary Research Secondary research is also known as 'desk research'. As you can tell by the name this is researched by published