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
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 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.
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
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
Market Research Introduction Milo has been around since 1933. It is a chocolate malt flavoured beverage, which is fortified with several vitamins. Young and old love Milo simply for being energy- packed and its rich chocolaty taste. As a health food drink, it is full of vitamins and minerals. In fact, new improved Milo boosts optimum performance. This is what makes it different from its competitors who are; Ovaltine, Haulics, Lucozade, Nesqiuck and other chocolate drinks. Milo is available in 18g single serve sachets, 80g, 200g, 300g, 600g, 1kg refill packs and in ready-to-drink plastic bottles. You can also enjoy the goodness of Milo through the healthy and delicious Milo Balls, Milo Ice Cream, Milo Scoop Shake and Milo Balls. I am going to identify and explain the principles of marketing because it is the foundation at, which I'm going to use to create my marketing strategy. Marketing involves the anticipation, identification, satisfaction and creation of consumer wants for the purpose of generating income or profit. It also involves a variety of activities designed to raise consumer awareness, develop new products, increase market share and profit and to manage the effects of change and competition. In order for a business's marketing to be successful, it must be based on the principles of marketing, which are: * Understand customer needs * Understand and keep ahead
Market Research
NAME: Niamh Kenny YEAR: Business 1 MODULE: Marketing TITLE: Market Research TUTOR: C Ryle TABLE OF CONTENTS 01. Introduction 02. Methodology 03. Results of Primary Research 04. Discussion/Evaluation 05. Conclusion/Recommendations 06. Bibliography 07. Appendix INTRODUCTION Tutor C. Ryle assigned this Market Research Report, for the Business Year 1 Marketing class as part of NCVA examination. A recently qualified business graduate whom has just gained employment in the business world has conducted this report for the employers, a small co-op producing Elder Berries. This report is base on research and a market for the product has been established. The co-op was establised in 2001 producing Elder Berries. The reason for the establishment was because of the vast amount of Elder Flowers growing in the area. These Elder Flowers were left untouched. They grow close to the riverbank. Local people picked the berries and flower in the springtime and would make jam, ice cream and home made wine for their families. This became a habit in the town amongst the women and so a co-op was formed producing elderberries. They mostly produce wine and jam. Their business has grown immensely within the year, and they distribute throughout Ireland to shops and restraints. The company would like to expand and produce a new product for Elder Berries. METHODOLOGY Research was carried
Market research.
Research I will be investigating the various ways in which Hamptons leisure centre is run and operated. From this, I will be able to solve the problems and issues that Hamptons is being faced with regarding the Personnel department. To do this, I would have to collect appropriate information, and identify the source of this information so that I can put forward recommended schemes and ideas. This research and information would have to relate to the concept of high staff turnover at Hamptons leisure centre. After my research, I would have to propose the recommendations to the shareholders of Hamptons. The information that would be required would be the opinions of staff at the leisure centre, and their views as to how well the personnel department is functioning. The reasons for staff turnover would also be necessary, and the management of employees on the whole would have to be analysed too. Most of these aspects I will try and relate to the SWOT analysis of Hamptons that I completed, and the theories that I investigated. The following table conveys the information that I would require from my market research in order to make recommendations. Information required * The management of staff at the leisure centre, and whether this affects the issue of high staff turnover at Hamptons. * The opinions and views of employees at Hamptons on how they feel working at Hamptons, and
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 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
