Types Of Market Research
Task 1, Evidence you must produce for this task
Introduction
The purpose of market research is to gather data about consisting customers or new customers. It helps the business make decisions on a new product or a consisting product. By doing market research they are able to find out what the customers like and want and what they don’t like. Market research is important to gain a profitable business. If the company have a new upcoming product for the target audience of young teens then they have to make sure that they get the right data for the product to be a success. There are many methods of market research that businesses can use; some market research will go into finding out what new product the audience would like to see.
Primary Research
Surveys- surveys are important for businesses because they can ask the questions specifically on what the customer may want. Surveys can be given to complete in many different ways including face to face, online or by post. Surveys are good way to improve a business’s profits as customers can feedback information on what they may want. The business then can gather all the surveys and find out what the most popular point of view and focus on building a new product or improving that product around the survey feedback.
Focus Groups- Focus group research is used to develop or improve products or services. The main purpose is to provide data to change or create a product or service targeted at a key customer group. Focus groups are a great way to find out first-hand information and views from new or consisting customers. The business may focus on one specific product and on how it can be improved or they may have a focus group for a new product and get the customers ideas on what they would like to see in the business to improve it. businesses will have to advertise these focus groups and let people know that they are going on, for example in a shop like Marks & Spencer’s a few people may be standing round the store handing
Introduction
The purpose of market research is to gather data about consisting customers or new customers. It helps the business make decisions on a new product or a consisting product. By doing market research they are able to find out what the customers like and want and what they don’t like. Market research is important to gain a profitable business. If the company have a new upcoming product for the target audience of young teens then they have to make sure that they get the right data for the product to be a success. There are many methods of market research that businesses can use; some market research will go into finding out what new product the audience would like to see.
Primary Research
Surveys- surveys are important for businesses because they can ask the questions specifically on what the customer may want. Surveys can be given to complete in many different ways including face to face, online or by post. Surveys are good way to improve a business’s profits as customers can feedback information on what they may want. The business then can gather all the surveys and find out what the most popular point of view and focus on building a new product or improving that product around the survey feedback.
Focus Groups- Focus group research is used to develop or improve products or services. The main purpose is to provide data to change or create a product or service targeted at a key customer group. Focus groups are a great way to find out first-hand information and views from new or consisting customers. The business may focus on one specific product and on how it can be improved or they may have a focus group for a new product and get the customers ideas on what they would like to see in the business to improve it. businesses will have to advertise these focus groups and let people know that they are going on, for example in a shop like Marks & Spencer’s a few people may be standing round the store handing