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AS Market Research :explode: (Secondary research/data (Market intelligenceā¦
AS Market Research :explode:
Needs for market research :
Predict future demand changes
Explain sales patterns and market trends
Reduce risk of new product launches
Assess designs, styles, promo's + product packaging
Secondary research/data
Market intelligence reports
Newspaper reports
Trade organisations
Internal company records
Local libraries and government offices
The internet
Government publications
Market research process
Research objectives
Sources of data eg primary or secondary
Management problem
Primary Research
Qualitative
Focus groups
Quantitative
Test marketing
Observation + recording
Consumer surveys
Is primary research accurate?
Questionnaire bias
Other forms of bias
Sampling bias
Sampling methods
Probability sampling
Stratified
Quota
Random
Cluster
Systematic
Non-probability
Convenience
Snowball
Judgemental
Ad hoc quotes
Cost effectiveness
R+D is expensive, not every business can use it