unit 10 p1

Topics: Research, Scientific method, Marketing Pages: 7 (1893 words) Published: June 29, 2015
Market research
The process of assessing the viability of a new product or service through techniques such as surveys, product testing and focus groups. Market research allows a company to discover who their target market is and what these consumers think about a product or service before it becomes available to the public. Market research may be conducted by the company itself or by a third-party company that specializes in market research. Test subjects are usually compensated with product samples and/or paid a small stipend for their time. Primary research

Primary research is research used to collect data for a specific task. Types of primary data collection methods include Personal Observation: The observation of the respondent by a trained observer. The aim is to observe consumer responses and behaviour to a product or customer service. Personal Interviews: Face to face interview between an interviewer and the respondent at home or in shopping centres. Observation

Watching how consumers behave provides many insights, but can leave questions unanswered. Observation works well in retail markets; sit outside a shop and watch how many people walk by, look at the window display etc. Postal surveys

Postal surveys where sent to the address of potential customers who complete the form and send back in a pre-paid envelope. Relatively cheap, a postal survey can cover a wide geographical area and avoids the potential for interviewer bias. However, response rates (the proportion of people sending back a completed survey) are often very low and it can take be a long time before enough surveys are returned Telephone interviews

Not to be confused with “telesales” (which is a method of selling), the telephone interview allow quicker feedback than a postal survey. However, potential customers are often wary of being called and may be reluctant to give anything other than short answers 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. A costly, but good way to get detailed insights from an individual Focus groups
Groups of potential customers are brought together to discuss their feelings about a product or market. Focus groups are a good way of getting detailed information about customer tastes and preferences Panels

Consumer panels are groups of consumers in specific sectors, recruited by research companies and agencies, which are used as respondents to answer specific research questions relating to product testing, taste testing, ad testing or other areas. Most often they are a specialist panel who take part in numerous projects. Consumer panels are particularly useful for short, quick surveys, where the emphasis is on a sample of those with specialist knowledge rather than a representative sample of the general population. The advantages of primary research is that it gives of the direct contact of the customer through a survey and a questionnaire this benefit for the company because they know what their opinions and what they think also the advantage of primary research is that you can find out what your competitors did and how you can counter it. Secondary research

Secondary research uses outside information assembled by government agencies, industry and trade associations, labour unions, media sources, chambers of commerce, and so on. It's usually published in pamphlets, newsletters, trade publications, magazines, and newspapers. Secondary sources include the following: Internal sources

Internal sources of data should always be considered as a first line of enquiry for any investigation because they are usually the quickest, cheapest and most convenient source of information available.  Internal data will also be exclusive to the organisation that generated it, so that rival firms will not have access to it. ...
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