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THE ROLE OF MARKET RESEARCH (It is very important to understand: (Where…
THE ROLE OF MARKET RESEARCH
Is to collect and record any information related to what products and services are most popular.
Companies who want to do a survey may offer a reward or product discount to encourage people to complete a questionnaire.
Market research is conducted using:
SECONDARY DATA
Involves working out consulting and analysing data that has already been collected and issued in government statistics.
May be less expensive than primary data, but it often needs to be updated.
PRIMARY DATA
Can be collected by contacting customers directly:
By post;
By e-mail.
By telephone;
Asking questions in person by stopping people in streets, shops, malls, ecc. ;
It is very important to understand:
Where and how to sell the product/service;
Which type of promotion it is advisable to implement;
How much they are willing to spend;
Who the competitors are.
Who the potential customers are and what their preferences are;
Another method is observation.
Marketers observe people in malls and can see how much they spend on an item.
A further method is a consumer panel, which is a group of consumers who are called to give their opinions about a product before its launch in the market.