Chapter 4_Market research Flashcards
Market research
The process of collecting, collating and analyzing data about customers, competitors or a market.
Purpose of market research 1
To find out about customer’s NEEDS and WANTS.
About the MARKET and COMPETITORS.
Purpose of market research 2
To help reduce the RISKS of Introducing or selling NEW Products.
To help plan Marketing COMMUNICATIONS.
Purpose of market research 3
To help make DECISIONS such as which idea or option to Select or Reject.
To EVALUATE Successes
Primary Data( field data):
Collecting NEW information or Data for a SPECIFIC purpose.
Methods of primary research data pg 50 -51
- Surveys and Questionnaires
- Interviews
- Consumer panels and focus groups
- Observations
- Test Marketing
Ways in which Primary research can Help.
- Surveys and Questionnaire identify customer needs or wants.
- Interviews with customers or previous enterprises to find out a good place to sell.
- Observation of buying habits.
- Focus groups to find out customers views as a way to measure customers satisfaction.
Secondary research( desk research)
The use of informations that already exists and was originally collected for a different purpose.
Secondary research Methods
- Existing Data from sales records
- Newspaper and internet articles.
- Trade organizations and journals.
- Government Statistics
- Company and Market research reports.
- Market research agencies
Ways in which Secondary data is useful.
- Show what products are in demand and who is buying them.
- Identify the number of competitions or theirs sales.
- Identify a gap in the market not being exploited.
- Illustrate which products are successful on other areas.
- ## Spot trends and help identify what may happen failure.
Effectiveness of the differing methods of
research. pg 54
Type of information
Time available.
How much you’ll be able to spend.
Primary and Secondary Pros and Cons.
pg 54
