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Business Chapter 11: Market Research (factors influencing accuracy (how…
Business Chapter 11: Market Research
Roles
customer willingness to buy products
price customers would pay
where to sell product
likes and dislikes of product
type of customer
type of effective promotion
competition with other business
Product-orientated and Market-orientated
product-orientated
produce product first, then find market
often produce basic living necessities
market-orientated
requires businesses to have marketing budget
Methods
can be gathered as result of
primary research
secondary research
can find out
quantitative information
qualitative information
Primary research
advantages
up to fate and relevant
first-hand
most effective for gathering information
not available to other businesses
possible limitations
can be expensive
not available immediately (takes time)
types
questionnaires
online surveys
interviews
focus group
need for sampling
a random sample
a quota sample
Secondary research
advantages
often a much cheaper method to gather information
can be used to assess total size of market
newspapers may carry vital economic forecasts
usually quicker to obtain secondary data
disadvantages
may be out-of-date
available to all businesses (not only for one)
may not be completely relevant
internal sources
sales department records
pricing data
customer records
sales reports
opinions of distribution and public relations
finance department
customer service department
external sources
government statistics
newspapers
trade association
market research agencies
online sources
factors influencing accuracy
how careful samples drawn up
the sample selected
the way questions and questionnaires are phrased
size of the sample
wording of the questions
who carried out the research
bias
age of information
How to design and use a questionnaie
ask yourself the following questions
what do I want to find out?
who do I need to ask?
where will I carry out my questionnaire?
writing the questions
carrying out the questionnaire
Presentation of data
information display forms
table or tally chaart
a chart
a graph