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marketing 4.4 - Coggle Diagram
marketing 4.4
why organizations carry out market research
to reduce the risks associated with new product launches: by investigating potential demand for a new product or service the business should be able to assess the likely chances of a new product achieving satisfactory sales
to predict future demand changes: investigate social and other changes to see how these might affect the demand for holidays in the future
3.to explain patterns in sales of existing products and market trends: market research is not undertaken for new or planned products, it needs to be conducted for existing products too
to assess the most favored designs, flavors, styles, promotions and packages for a product: consumer tests of different versions of a product or of the proposed adverts to promote it will enable a business to focus on the aspects of design and performance that consumers rate most highly
market size and consumer tastes and trends
the product and its perceived strengths and weaknesses
the promotion used and its effectiveness
competitors and their claimed unique selling propositions
distribution methods most preferred by consumers
consumers' preferences for packaging the product
sources of market research data
primary research : the collection of first hand data that are directly related to a firm's needs
methods of primary reserach
surveys: detailed study of a market or geographical area to gather data on attitudes, impressions, opinions and satisfaction levels of products or businesses by asking a section of the population
who to ask
what to ask
how to ask
how accurate is it
questionnaire design
open questions: those that invite a wide ranging or imaginative response
closed questions: questions to which a limited number present answers is offered
price, image, packaging, smell, widely available
as the design of the questionnaire will greatly influence the accuracy and usefulness of the results, it is advisable to undetrtake an initial pilot survey to test the quality of the questions
make objectives of the research clear
write clear and unambiguous questions
questions follow each other in logical sequence
avoid questions that seem to point to one particular answer
use language that will be readily understood
include some questions that allow classification of results by gender, area lived in, occupations and so on
interviews
direct interviews
are conducted by an interviewer
expensive
avoid bias
detailed questions
present sample size reached
postal questionnaires always uncertain
focus groups
a group of people who are asked about their attitude towards a product, service, advertisement or new style of packaging
in focus discussion groups, questions are asked so the group is encouraged to actively discuss their responses about that product, often filmed, and has the risk of researchers influencing the discussion
second research: collection of data from second-hand sources
qualitative research: research into the in-depth motivations behind consumer buying behavior or opinions
quantitaive research: reseracj that leads to numerical results that can be presented and analyzed
market research
process of collecting, recording and analyzing data about consumers, competitors and the market
methods of primary reserach