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3.2 Market Research (Factors Influencing Market Research (:red_cross: Well…
3.2 Market Research
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Primary Research
Methods
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:red_cross: Interviews
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Disadv
Interviewer bias, time consuming and expensive
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:red_cross: Observation
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Disadv
Only gives basic figures, no explanations
:red_cross: Random Sample - Random group of ppl selected to respond to market research exercises e.g. questionnaires
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:red_cross:Quota Sample - Group of ppl selected based on certain characteristics e.g age, gender, income
Process
:arrow_forward: Identify the purpose
:arrow_right_hook: Decide on the most suitable method of research
:arrow_right_hook: Decide on the size of sample needed
:arrow_right_hook: Carry out the research
:arrow_right_hook: Collate the data and analyse results
:arrow_right_hook: Produce report** on the findings
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:star: Often businesses that produce basic necessities e.g.tools, fresh foods. They're mainly concerned w/ the price+quality of the product.
:pencil2: A business that carries out market research to find out consumer needs/wants before a product is developed.
:star: Easier for survival as they're prepared for changes in customer tastes and can take advantage of opportunities that arise. Can launch products w/ more confidence.
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:pencil2: The process of gathering, analysing and interpreting info. about a market.
:pencil2: The collection and collation of original data via direct contact w/potential customers. Aka Field research.
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