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MARKET STUDY (THE MARKET (Need for Market Research (Cost of errors:…
MARKET STUDY
THE MARKET
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Need for Market Research
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Expanding markets: Market activity becomes increasingly complex as more and more companies operate in national and international markets.
Competitive pressure: To be competitive, companies must develop and sell new products more quickly than before.
Growing expectations on the part of consumers: The lack of timely information about a problem in the marketing program can lead to losses.
What is the Market?
A market is people or organizations (a group of people) with needs to satisfy, money to spend and the desire to spend it.
Also, any person or group with which an individual or company has a current or possible exchange relationship.
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WORK WITH THE DATA
Collect the Data
Obtaining primary data through interviews, observation or both is often the weakest step in the research process.
The fruits of such an arduous task are lost if the people in charge of collecting the information are not trained or supervised..
Analysis, Report and Follow-up
Report: The final product of the investigation is the conclusions and recommendations of the person who carries it out.
Good communication comes into play here.
Follow-up: Researchers should follow up on their studies to find out if their recommendations were followed.
If you do not follow up, the researcher will not know if the project met its objectives.
Data Analysis: The value of an investigation depends on the results.
And since the data do not have the gift of the word, analysis and interpretation are fundamental elements of any project.
Plan the Sample
It is enough to collect data from a sample, provided that their reactions are representative of the whole group.
The central idea on which the sampling is based is that, if a small number of objects (a sample) is properly selected from a larger number of them (a universe) it will have the same characteristics and in almost the same proportion as the largest number. .
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