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Chapter 51 - Coggle Diagram
Chapter 51
Market Research
a systematic, objective collection and analysis of data about a particular target market
Purpose
describe the market
explaining the market
predicting the market
Market Research Process
can be undertaken by the business itself or by an agency
the research collected will either be quantitative or qualitative
businesses will want to use both methods
Conducting Research
primary
interviews
surveys/questionnaires
observations
consumer panels
focus groups
trial marketing
secondary
internal and external resources
Focus Groups
usually consist of 8 to 10 people who are offered various stimuli and responses are recorded