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C11: MARKET RESEARCH - Coggle Diagram
C11: MARKET RESEARCH
HOW IT HELPS THE BUSINESS?
PREDICT HOW THE DEMAND FOR PRODUCT MIGHT CHANGE FOR THE FUTURE
KNOW SIZE OF THE MARKET
DECIDE BEST MARKETING STRATEGIES
(EFFECTIVE MARKETING)
IDENTIFY COMPETITOR'S USP
IDENTIFY CUSTOMER TASTE & PREFERENCES
WAYS OF PRESENTING DATA
BAR CHART
PIE CHART
TABLE / TALLY CHART
LINE GRAPH
DIAGRAM
FACTORS INFLUENCING ACCURACY OF MARKET RESEARCH DATA
PEOPLE INTERVIEWED MIGHT NOT ANSWER TRUTHFULLY
SAMPLE CHOSEN TOO SMALL, NOT REPRESENTATIVE OF POPULATION
MIGHT HAVE CHOSEN WRONG METHOD
PRODUCT / MARKET ORIENTATED?
PRODUCT-ORIENTATED
ON WHOSE MAIN FOCUS OF ACTIVITY IS ON THE PRODUCT ITSELF
MARKET-ORIENTATED
ONE WHICH CARRIES OUT CUSTOMER WANTS BEFORE A PRODUCT IS DEVELOPED & PRODUCED
PRIMARY / SECONDARY RESEARCH?
PRIMARY (FIELD RESEARCH)
LIMITATIONS
TIME CONSUMING
DATA MIGHT BE INACCURATE / BIAS
COSTLY TO COLLECT
BENEFITS
DATA COLLECTED FOR SPECIFIC PURPOSE DIRECTLY RELEVANT TO BUSINESS
NOT AVAILABLE TO OTHER BUSINESS, MIGHT PROVIDE COMPETITIVE ADVANTAGE
DATA UP TO DATE
METHODS
TEST MARKET
DISADVANTAGES
TAKES LONGER TO GET TO MAIN MARKET
HIGH COSTS TO PRODUCE PRODUCTS FOR TEST
ADVANTAGES
COST OF ANY PROBLEM IS LIMITED TO SMALLER OUTPUT
CONSUMER SURVEY
INTERVIEW
DISADVANTAGES
TIME CONSUMING TO CARRY OUT
OFTEN EXPENSIVE
ADVANTAGES
CAN EXPLAIN ANY QUESTION THAT INTERVIEWEE DOES NOT UNDERSTAND
CAN GATHER LIKES & DISLIKES DIRECTLY
QUESTIONNAIRE
ADVANTAGES
DETAILED QUALITATIVE INFO
DISADVANTAGES
IF QUESTION NOT CLEAR, ANSWER NOT ACCURATE
CAN BE EXPENSIVE
COLLATING & ANALYZING RESULT TIME CONSUMING
OBSERVATION
DISADVANTAGES
ONLY GIVES BASIC FIGURE
DOESN'T PROVIDE BUSINESS REASON FOR CUSTOMER DECISION
ADVANTAGES
NOT EXPENSIVE
FOCUS GROUP
DISADVANTAGES
EXPENSIVE & BIAS
(EASY TO GET INFLUENCED BY OTHER'S OPINION)
TIME CONSUMING
ADVANTAGES
PROVIDE DETAILED INFO ABT CUSTOMER OPINION
SECONDARY (DESK RESEARCH)
METHODS
INTERNAL SOURCES
CUSTOMER RECORDS
FINANCE DEPARTMENT
SALES RECORDS
EXTERNAL SOURCES
INTERNET
GOVERNMENT REPORT
BENEFITS
FAIRLY CHEAP
EASIER & QUICKER
LIMITATIONS
MIGHT NOT BE UP TO DATE
HAS NOT BEEN COLLECTED FOR SPECIFIC PURPOSE REQUIRED (NOT AS USEFUL)
THE NEED FOR SAMPLING
TOO EXPENSIVE & TIME CONSUMING TO GET VIEWS OF EVERY CUSTOMER ON THE MARKET