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Business Chapter 23 Market Research (Field Research (disadvantages (time…
Business Chapter 23 Market Research
Market Research
The gathering,recording and analysis about consumer preferences for a good or service in order to make informed decisions about a potential market
for a product or service to be successful it must be unique or cheaper
we often do research to look at our competiors
Field Research
involves going to the marketplace to gather information first-hand for a specific purpose
primary research
advantages
up to date info is gathered
relevant info is gathered
disadvantages
time consuming
expensive
requires skill to conduct
methods
survey
face to face or written questionnaire
focus group
meeting with a group of customers to discuss their opinion about a product
observation
looking at consumer buying habits
Desk Research
looking at and analysing information that has already been gathered for another purpose or from another source
secondary research
advantages
easy to obtain
quick to gather
cheaper than field research
disadvantages
information is not all relevant
information may be outdated
researcher may have to read alot of information to find out what they want
Methods
business sales reports
newspapers and magazines
internet
(CSO) central statistics office
Uses of Market Research
to identify what is happening in the market
to identify what is likely to happen in the future
to explain the causes of changes in the market
to investigate new market possibilites