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4.4 Market Research (Introduction (Market research (Why carry out market…

- - - - To reduce the risks associated with new product launches
      - To predict future demand changes
      - To explain patterns in sales of existing products and market trends
      - To assess the most favoured designs, flavours, styles, promotion and packages for a product
- - - - Methods of primary research
        
        Surveys - detailed study of a market or geographical area gather data on attitudes, impressions, opinions & satisfaction levels of products or businesses, by asking a section of the population
        
        Questionnaire design:
        Open question - those that invite a wide-ranging or imaginative response
        Closed question - questions to which a limited number of preset answers is offered
        
        Interviews
        
        Focus groups - a group of people who are asked about their attitude towards a product, service, advertisement or new style of packaging
        
        Observations - use observational techniques
        
        observational technique is a qualitative method of collecting & analysing information obtained through directly or indirectly watching & observing others in business environments' e.g. watching consumers walk round a supermarket
        
        Test marketing - marketing a new product in a geographical region before a full-scale launch
    - - Qualitative - research into the in-depth motivations behind consumer buying behaviour or opinions
        Quantitative - research that leads to numerical results that can be presented and analysed