It is important for a business to know and understand about the relationship between their product and the potential customers if they are to maximise sales and profit. Market research is the process of gathering and interpreting this information. It will often be conducted before a product is launched. This is so that a business can ensure that the marketing mix of the product is as finely tuned as possible to meeting the needs of the customers that the product is aimed at. This may prevent costly mistakes like launching a product that the customer does not want or that can be improved before the launch. It can also be conducted during the life of a product to adjust any aspects of the marketing mix.
The main types of market research are primary and secondary market research. Primary market research is the gathering of new information that has not been compiled before. Secondary market research is using information that already exists and adapting it for a business’s own purpose. Businesses may hire outside specialist market research companies to undertake their market research for them.
More on Market Research
- MAIN CONCEPTS - Get to know the main concepts of market research by having a look at our guide and student written essays.
- KEY ISSUES - Learn all about the challenges faced in market research and read essays that cover how some of these issues are tackled.
- CASE STUDIES - Get your head around how real life market research works, and get some inspiration for your own work by looking at some student case studies.
Market Research Essays
Have a look at these excellent hand picked essays to get some ideas for your own market research coursework.
In this piece of coursework I will talk about the activities that Jaguar Cars currently has in place so that they achieve their aims and objectives.
This is a very well researched piece. The writer has confused some of the objectives and the actions that Jaguar are taking to achieve them but that is not a huge distraction.
Government data, for example, is usually cheap or even free to access. It is likely to be accurate and updated regularly. Some information on competitors...
A marketing strategy suggestion for T-Mobile Marketing strategy section Lewis Cuddy My marketing strategy suggestion To account for the modern necessity of e-commerce...
It is important we use market research, mainly to decide which product would be best to use.
Business Studies Coursework Produce a Marketing Plan for a small Retail Business Introduction In this piece of coursework I will produce a marketing plan for a new small business...
I have been asked to write a report to show a research proposal which considers the feasibility of introducing a new process, system, practice or innovation to an...