Market research
- Created by: katielane
- Created on: 24-01-17 11:20
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- Market research
- What?
- The process of gaining information about customers.
- Primary data- data collected first hand, new information.
- Secondary data- data collected before.
- Quantitative research- statistics
- Qualitative data- opinions.
- Why?
- Find out what customers want
- Reduce risk of product failure.
- Help firms decide on products.
- Help firms decide how to improve a product.
- Look at what competitors are doing.
- Stages
- (1)Designing research
- What does the company need to achieve?
- Best methods of collecting data?
- Quantitative or qualitative?
- (2)Undertake the research
- (3)Analyse data
- Charts/ graphs
- Reports
- (1)Designing research
- Secondary research
- Where it comes from
- Books, magazines, etc.
- CD-ROMs
- Internet
- Previous research done by firms
- Problems
- May be difficult to find exact data
- inaccurate data
- Out-of-date information
- Advantages
- Cheap
- Easy to collect
- Where it comes from
- Primary research
- Surveys
- Face to face
- Focus groups
- Focus groups
- Cheap
- Good response rate
- Too small a sample
- Too much time
- Other members of group could change opinions
- Focus groups
- Product samples
- Advantages
- Specific
- up-to-date
- Private
- problems
- expensive
- time consuming
- Surveys
- Types of questions
- Open
- Closed
- Boolean (2 poss. answers)
- Preferences
- Scales
- Bias
- Weasel words (misunderstood because of poor wording)
- Points for
- you decide questions to ask
- Same questions for everyone
- Easy to analyse
- Can repeat so they make sense
- Points against
- Brief & impersonal
- Time-consuming
- Types of questions
- Interviews
- Points for
- Detailed info.
- Can explain difficult questions
- Can demonstrate visually
- Points against
- Expensive
- Distance to get information
- Points for
- What?
- Panels
- Detailed
- show how opinions change over time
- difficult to keep same panel over time
- Product samples
- Easy to do
- Response rate good
- people reluctant to give negative opinions
- not representative
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