Please enable JavaScript.
Coggle requires JavaScript to display documents.
Market Research - Coggle Diagram
Market Research
How?
Observation
Watching consumers
Internet
Using the internet to find out research
Focus Groups
Asking a small variety of people
Market Reports
Use information (in detailed and large chumks) that have been made my separate organsiations
Questionnaires
Asking people questions with a few answers to choose from
Government Reports
Using information that the government have officially produced over the course of a year
Surveys
Asking people a large array of questions
Social Media
Fast
Available 24/7
Gain Accurate data
Find out what people are searching and clicking on
Identify 'likes' and 'following
Issues?
Bias
Preconseieved opinions
People could answer how they may think the interviewer may want them to
Outdated
Causes the business to implement expensive changes that don't do much
Inaccurate
Could be for a different business/market
Types
Quantitative
Using numerical data
Qualitative
Using words/images = non numerical
Secondary
Using data that is not produced by the business themself
Primary
Using data that the business has found out and conucted themselves
Meet Customer needs
Quality
Improve quality by seeing what competition is offering
Price
Offer a lower price but maintain the perception of good quality for a competitive advantage
Choice
Research what things customers want (e.g. a new dietary option)
Convenience
Increase the convenience of the business by seeing what competition is offering
Make a delivery service
Add a large range of products/price ranges
Why?
Reasons:
Understand the gaps in the market
Should they be filled?
Where are the gaps?
Understand the market
What price should they sell it at?
Important as customers/consumers feel valued
Could lead to customer loyalty and repeat sales
Who is buying it?
Understand Customers
Where would they be most likely to buy the product/ service
Understand Competitors
What is their market share?
Who are the competition?