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Market Research - Coggle Diagram
Market Research
Purpose of Market Research
Design new product
Helps identify the target market
Ensure packaging is attractive
Shows changes in customer tastes
Helps set an acceptable price
Primary Research
Definition: Research carried out by the business for themselves
Advantages
More up to date
designed for your own purposes
Disadvantages
Can be costly
Can be time-consuming
Methods
Observation
Observing customers reactions to products
DISDAVANTAGE: May not actually be able to tell their opinion
ADVANTAGE: Can get a true reflection of their opinion
Questionnaires
Asking a set of questions about a product
DISADVANTAGE: May give misleading answers
ADVANTAGE: Can be designed for a specific purpose
Testing
Giving a sample and asking their opinions
ADVANTAGE: Easy to Organise
DISADVANTAGE: May not be suitable for all products
Focus Groups
A group of experts that can give more detailed information about a product
DISADVANTAGES: Very expensive
ADVANTAGE: Very detailed information
Secondary Research
Definition: Research that is carried out by a different business or for a different purpose
Advantages
Cheap to obtain
Quick
Reliable
Disadvantages
May not be relevant
May be out of date
Same information is available to competitors
Definition: Finding out what customers think about a product