In this part of my P2 course work, I have been asked to identify the target market by preparing an information pack about the target market, for my potential investors and also make a good question for my business survey.
Market Research is a systematic, objective collection and analysis of data about a particular target market, competition, and/or environment. It always incorporates some form of data collection whether it is secondary research (often referred to as desk research) or primary research which is collected direct from a respondent. Purpose of Market Research
The purpose of any market research project is to achieve an increased understanding of the subject matter. With markets throughout the world becoming increasingly more competitive, market research is now on the agenda of many organisations, whether they are large or small. Market research is also one of the most important pieces to your marketing plan that will determine how you will speak with these customers, where to find them, how to best convert them into your customer and retain them as a customer. There are two types of market research
1. Primary research / Field
2. Secondary research / Desk
When marketers conduct research to collect original data for their own needs it is called primary research. This process has the marketer or someone working for the marketer designing and then carrying out a research plan. Primary research is also collected in a research “instrument” designed to record information for later analysis. Marketing researchers use many types of instruments from basic methods that record participant responses to highly advanced electronic measurement where research participants are connected to sophisticated equipment. Primary research also refers to information that is directly collected from the source. Another simple method of primary research would be to directly talk to your customers and get their feedback. Primary research can be both qualitative and quantitative. Method of primary research
Questionnaire – Questionnaires are one the main tools in the use of field research. A questionnaire contains a series of questions which gather primary marketing research data for the business. A face-to-face questionnaire might include different questions to an emailed questionnaire. An interviewer will be filling in a face-to-face qu estionnaire and the person may be able to ask for the question to be rephrased if they do not understand it the first time. Online surveys- Increasingly popular and relatively low cost, online surveys are widely used by small businesses as a way of capturing the views of existing and potential customers. Face-to-face surveys - Personal interviews conducted face-to-face is a costly, but good way to get detailed insights from an individual. Secondary Research
Secondary research is a data that already exists and has been collected by someone else for another purpose. Secondary research involves the investigation of secondary sources of data. Sources of secondary data can come from within the firm itself – this is known as internal secondary data. External secondary data, on the other hand, is data that has been published by other organisations. Methods of secondary research
Secondary Sources include journal articles, books, encyclopaedias, dictionaries, reviews, newspaper articles, specific essays, etc. Most research papers are based on secondary sources as they build on the research or studies others have done. It's usually published in pamphlets, newsletters, trade publications, magazines, and newspapers. Secondary sources include the following: * Public sources. These are usually free, often offer a lot of good information, and include government departments, business departments of public libraries, and so on. * Commercial sources. These are valuable, but usually involve cost factors such as subscription and association fees....
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