Web-based technique refines market research methods.

Interamerican University of Puerto Rico Graduate Studies Department San German Campus Web-based technique refines market research methods Article 1 BADM 5060 MIS Prof. Luis Zornosa Jorge L Nieves Hernández 583-79-8330 3/14/2002 Summary: Nowadays a market research project can take several weeks and cost several thousands dollars. A team of marketing professors and students from MIT Sloan program has developed what is called Virtual customer Initiative (VCI). The goal of the project was to help firms to determine customer wants in a faster and more accurate way than traditional Markey research tools. VCI is a web based application that combines complex calculations and multimedia tools to obtain customer feedback. It uses six web based methods to pinpoint customer preferences. Some tools are based on computer driven mathematical formulations that determine customer attributes for pricing for a given product. VCI source code is available free. The team surveyed hundreds of people to test the application using the case of new vehicles preferences. The system was able to predict the preferences of people surveyed. Vehicles identified as a disaster on the test have in fact been disasters in the market. A real case was the Polaroid I-Zone instant camera. Web surveys revealed a great interest in a product with interchangeable covers, but the Polaroid's

  • Word count: 777
  • Level: University Degree
  • Subject: Business and Administrative studies
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Market research and methods of marketing.

Marketing is all about promoting a product to potential and existing customers. Sometimes Sales and marketing are lumped together, but they are really quite different functions. Market Research The first thing that needs to be done when a company is contemplating a new product or service is to do some market research. Which means trying to find out whether people really want or need your product, or what particular thing about similar products thing about similar products they find most useful or attractive. Computers are used for many aspects of market research. Computers using a desktop publisher package probably produce the survey forms. These may be special OMR (Optical Mark Recognition) forms. Responses are made by making pencil marks in predetermined positions on the page, which can automatically be read by a computer. Methods of Marketing Different ways of marketing products: * Advertising in newspapers and magazines * Advertising on TV, radio and in the cinema * Advertising on posters * Handing out flyers * Direct mail to selected address * Advertising on a website * Exhibiting at Trade fairs * Having sales representatives visit stores * Using the telephone Discussion I have seen all these marketing methods in operation. The most effective method for selling a car would be: Advertising on the TV, newspapers and Exhibiting at Trade fairs. The most

  • Word count: 950
  • Level: AS and A Level
  • Subject: Computer Science
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Describe the methods used to conduct Market Research

Assignment 2 Describe the methods used to conduct Market Research Definition of Market Research: "The gathering and studying of data relating to consumer preferences, purchasing power, etc., esp. prior to introducing a product on the market. The study of influences upon customer and consumer behavior and the analysis of market characteristics and trends" http://dictionary.reference.com/browse/market+research Market Research consists of using a range of methods to gather different information of customers' wants and needs. If effective Market Research is carried out this will help produce a successful product/service. The Key Themes of Market Research When launching a product a business needs to conduct research on their competitors, customers' needs, and the environmental effects in relation to the product they are going to market. Market Research also includes all aspects of the marketing mix. The results obtained help to produce competitive products. Customer Research Organisations use customer research to find out about their current and potential consumers. It is important a business find out what their customers wants are so they can adapt their methods to fit in with potential and current buyers. Market and market segment sizes - LOOK UP Market trends - A business needs to look at previous market trends to predict if the products they are selling are going

  • Word count: 2053
  • Level: AS and A Level
  • Subject: Business Studies
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Social and Market Research Methods

Social and Market Research Methods Assignment Part (i) Principle Components Using Principle Components as the method of extraction we want to 'explain' most of the variation in the data with fewer variables. Factor Analysis (Table 1.1 Communalities of principle components (expectations survey)) Table 1.2 Initial principle components and their variance The SPSS output (table1.2) shows the variance accounted for by the first factor is 8.887 or 35.55% of the total variance. Since the object of factor analysis is to reduce the number of variables we have to handle, the next step is to decide how many factors we should keep. This really is a question of how many of the smaller factors we should retain, since we would keep the first few which explain most of the variance. Fig. 1.1 Scree plot of eigenvalues The scree plot (fig. 1.1) shows a break between the steep slope of the initial factors and a gentle one of the later factors. The factors to be retained are those which lie before the point at which the eigenvalues seem to level off. This occurs after the first 4 factors in this case, all of which have eigenvalues of greater than one. Therefore from table 1.2, the analysis suggests that we extract 4 factors that account for 54.05% of the variance of the relationship between variables. Table 1.3 Item loadings on the first 4 principle components The first factors

  • Word count: 1432
  • Level: University Degree
  • Subject: Engineering
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Research Methods.

Research Methods Primary Research Methods: Primary research is used when existing secondary sources of information have been tapped. To obtain additional market knowledge, organisations make fresh enquiries through forms of field research that yield primary data. This enables organisations to make direct contact with potential or actual customers. Surveys can be based on questionnaires that are conducted as part of an interview, through a discussion group, by post or telephone. This can be time consuming and expensive so only samples of customers who have been very carefully selected are included in the survey. The reliability of data depends on the size of the sample group-is it big enough to draw valid conclusions from which the wider population is accountable for. To ensure that a sample survey is representative, researchers try to get a sample of all relevant characteristics. However these results are not always accurate as people unintentionally distort their answers in response to feeling embarrassed or uncomfortable about releasing certain information. This research method is perfect for obtaining lists of the population (names and addresses) from sources such as trade and telephone directories, the electoral register, memberships lists of professionals and subscription lists. This type of sample research involves random selection, where surveys can be carried

  • Word count: 621
  • Level: AS and A Level
  • 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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Research Methods

Table of contents Title: 2 Introduction/Background: 2 Aims: 2 The basic aim of my research is; 2 Objectives: 2 Literature review: 3 Deductive approach: 3 Inductive approach: 3 Review purposes: 3 Literature sources available: 4 Evaluating the literature: 5 Research Design and Methodology: 5 The research philosophy: 5 Qualitative Approach: 6 Face to Face Interview with the UK textile importers: 7 Time Scale: 9 References: 10 Title: "Export of Pakistan Textiles from buyers' and sellers' Perspective between Pakistan and Britain." Introduction/Background: Textile industry has been the bulwark of Pakistan's economy. It contributes more than 60% to the total export earnings of the country, accounts for 46% of the total manufacturing and provides employment to 38% of the manufacturing labor force. The availability of basic raw material for textile industry, cotton, has played a principal role in the growth of the industry. Although the growth in the textile sector has been impressive during the four decades after independence (but imbalanced in favor of narrow base of low value added products), stagnation has set in due to certain changes in the global and the domestic factors. With the movement of textile production from developed countries towards less developed countries, Pakistani producers are losing their competitive advantage. Pakistan Textile

  • Word count: 2437
  • Level: University Degree
  • Subject: Business and Administrative 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

UNIT 12: INTRODUCTION: * In order to complete this unit, Market Research course work, I will need to explore the principles of Marketing Research. To do this effectively I will need to select a product and appropriate method of data collection and plan research for the product I have selected. * I need to carry out a survey on both primary and secondary research with the use of an identifiable sampling method. * I also need to interpret the findings on my own research and present them clearly verbally, with use of diagrams and in writing. * I also need to analyze the effectiveness of types of Market Research, including an appropriate collection of data and sampling methods. * And lastly I will analyze and evaluate on my research findings and make a conclusion on the application of selected research methods and make recommendations for improvements with regards to the research methods of the product I have selected. PRINCIPLES OF MARKETING RESEARCH Market research is the process of researching customers and market. Market research enables a company to minimize its risks and entering a new market always involves risk because it means entering the unknown. Market research simply means gathering, recording and analyzing market data to find out consumer wants and needs. Market Research Sources Desk research Field Research MARKET RESEARCH OR SURVEY METHODS PRIMARY

  • Word count: 5903
  • 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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