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.
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 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 The product that I want to do my market research on is biscuits'. To define biscuits is quite hard now a days'. There are many brands and also many types for instance rich tea, digestives, custard creams and many other assorted sweet biscuits. However, there are also savoury biscuits as well such as crackers that you eat with different assortments of cheeses. Bearing in mind the wide range of biscuits on the market already, and also the 'health biscuits' such as the a:m range I'm going to choose the very basic biscuit... the digestive biscuit. I'm only going with the digestive biscuit because once I have completed my market research I will be able to change the product to the consumers wants, if that works then I shall be able to make a profit. The information that I want to find out is: - v How often does the consumer eat the biscuit? I think that this will be the most important question because this will give me times of the day. I.e. if the consumer eats the biscuit at 'break time' at work then I can still use the normal digestive biscuit but add different toppings on it like white/milk/dairy/dark chocolate. v At what price does the consumer buy the biscuits? I want to sell my product in a place where every-one of all ages, cultures and social backgrounds. If I was to slightly change the product i.e. if I bought out a milk chocolate range of
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
Market Research
Market Research Market research involves gathering and analysing data from the marketplace (i.e. from consumers and potential consumers) in order to provide goods and services that meet their needs. Primary research This is research designed to gather primary data, that is, information which is obtained specifically for the study in question. It can be gathered in three main ways - observation, questionnaires and experimentation. Observation involves watching people and monitoring and recording their behaviour (e.g. television viewing patterns, cameras which monitor traffic flows, retail audits which measure which brands of product consumers are purchasing). Questionnaires are a means of direct contact with consumers and can take a variety of forms. Personal questionnaires (such as door-to-door interviewing), postal questionnaires, telephone questionnaires and group questionnaires (such as asking for the attitudes of a group of consumers towards a new product). Questionnaires can be a very expensive and time-consuming process and it can be very difficult to eliminate the element of bias in the way that they are carried out. It is important that every respondent must be asked the same questions in the same order, with no help or emphasis being placed on certain questions / responses. Experimentation involves the introduction of a variety of marketing activities into the
Types of Market Research.
Priya Thakrar 11B Controlled Assessment A Investigation 1 Market research is when a business analyses their potential market, by observing what customers are buying. This is important for Tom, as he can see if there is a demand for a business offering catering, and entertainment, and therefore see if his business will be successful. There are two types of research Tom could use. Firstly product orientated research is when a business idea already exists, and research is used to find out who to sell it to. Secondly market orientated research is when research is done beforehand and then the business idea is developed. Therefore the business can produce what consumers want. Most of Tom’s questionnaire is market orientated research. For example question four of his questionnaire, where Tom asks what type of entertainment consumers want. He does not assume that the public would want for instance music for entertainment, he gives consumers a choice. However question one of his questionnaire could be product orientated research, because he is only giving consumers one option to choose from. He doesn’t give customers the option of having an adult birthday party service or a special occasions service. He assumes consumers want a children’s birthday party service. There are two main types of market research Tom could use. Primary research is when the data or information is
PLAN - Discuss three sampling techniques appropriate to qualitative research
Discuss three sampling techniques appropriate to qualitative research * The purpose is to generate samples that are representative through random selection of participants * Classified as either probability (related to statistical probability and representativeness) or non-probability sampling. * Presents key characteristics of a population which can then be evaluated * Samples are small and not intended to be statistically representative. The three types of sampling: Purposive Sampling * Targets a particular group of people * The participants are chosen on the basis of particular characteristics that will help the researcher to explore their chosen topic. (Important to have diversity) * Useful in situations where the researcher needs to obtain a sample quickly to investigate an urgent problem. * May also be the only option, if the desired population for the study is rare or difficult to locate. * A big problem is that the sample may be biased * Believe that if the sampling process is based on objective criteria, and these are clearly documented or explained, the bias is limited. * Population Validity - cannot generalise from a particular group of people Snowball Sampling * A way of sampling which is used to get hold of participants without investing a lot of time and energy. * Researcher simply asks participants in the study if they know potential
Market Research - Carphone Warehouse
Market Research. State one I am going to consider the Strengths and weaknesses of The Carphone Warehouse in order to highlight the affect of marketing, enterprise and teamwork on the aims and objectives. Stage Two To make an informed decision on the value of the information, I must first consider the advantages and disadvantages of carrying out market research. Advantages: There are many advantages of carrying out market research. Firstly it reduces the risk for the business. Although market research cannot be 100% reliable, it does reduce the risk, for example, of a new product line being unsuccessful. The Carphone Warehouse would first carry out market research in the geographical area where they are planning to place their new product, keeping in mind the pricing strategies, i.e. what a customer is willing to pay, and following their market research with a suitable promotion scheme which will aid them in their attempt to meet aims and objectives. Market Research also gives the business a link with the outside world and allows them to consider external stakeholders in greater detail. Without the use of market research businesses would have little or no way of finding out customer views, which means the business cannot maximise their potential in their particular market. This will also allow them to keep up with, or keep ahead of competition This demonstrates why a
Market Research Brief - OPC
Market Research Brief Research Environmental/Aerosol Optical Particle Counter Cambridge, United Kingdom Marketing research brief Table of Contents . Background 3 2. Purpose and Project Rationale 3 3. Objectives 3 4. Methodology 4 5. Time line 4 6. Deliverables 4 7. Cost Estimate 5 8. Contacts 5 9. References 5 . Background TSI Incorporated was established more than 50 years ago in Minneapolis/St.Paul, MN and has become a world-class leader in research & analytical, test & measurement technology for aerosol science, air flow, indoor air quality, fluid dynamics and biohazard detection, with more than 50% market share in some of these key areas. Many businesses with particle research instruments are booming in such areas as filter testing, bio- and virus protections, new drug development, biofuels, engine emission control and others. As such TSI instruments provide timely help with measuring materials at sub-micron and nanoscales. With TSI's headquarters based in the U.S. and field offices throughout Europe and Asia, TSI has established a worldwide presence in the markets. For more information, please refer to TSI's website at www.tsi.com. 2. Project Rationale The market for Optical Particle Counters (OPCs) is much diversified as most commercially available instruments are targeted at clean room and micro-contamination monitoring. New TSI research OPC is
