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Market research - Coggle Diagram
Market research
Benefits of the secondary market research
Identify the number of competitors or their sales
Show that products are in demand and who is buying them
Identify a gap in the market not being exploited
illustrate which products are useful in other areas
identify costs of the enterprise
find target markets
Compare the adverts of competing enterprises to compare effectiveness or get ideas
Spot trends and help identify what may happen in future
Market Research
Evaluate success
Plan marketing communications
to help reduce the risk of introducing or selling new products
To find out about costumers needs and wants
Market and competitors
to help make decisions such as which idea or option to select or reject
Secondary market research
Company and market research reports
Trade organization and journals
Existing data from your sales records
Newspaper and internet articles
Government statistics
Market research agencies
Market research: the process of collecting
Test marketing
Consumer panels and focus groups
Survives and questionnaires
Interviews
Observations
Benefits of the primary research
Observation of buying habits
Surveys and questionnaires to identify what costumers need or wants
Interviews with costumers or previous enterprises to find out a good place to sell
Focus groups to find out costumers views as a way to measure costumer satisfaction
Effective methods of of market research
Advantages
Up-to-date information
Other enterprises have no access to the data
You can ask the specific questions you want answers to
Readily avaliable
Low or no cost
Con provide losts of additional helpful information not previusly considered
Disadvantages
Expensive to collect
Takes time to collect
May not be revelant for the selected purpose
Can be out of date