AS Business: Market research

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  • Created on: 20-03-13 22:54
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Market Research is the systematic gathering, recording and analysis of data in order to better
understand the behavior of consumers.
Market trends, Forecasting, planning, evaluation of strategies/promotion, assessing market mix, identifying market segments, identifying
consumer needs, identifying competition & identifying gaps in the market.
This is new information collected first hand by the firm or by specialist researchers. For example:
Focus groups
Postal surveys
Customer interviews
Internet feedback
Quantitative data: numerical data e.g. statistical facts. Sampling plays a key role.
Qualitative data: concerned with the quality of opinions, understanding consumer behaviour and perceptions. SUBJECTIVE.
This is information that has already been collected (desk research)
Internal sources External sources

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Company accounts Government and EU
Stock analysis Trade publications
Retail data Household expenditure
SAMPLING involves selecting people to interview. Probability samples
Simple random sampling and systematic random sampling.
Stratified- divide the sample into market segments
Cluster sampling ­ split whole market into small areas to find differentiation.
Non-Probability samples
Quota sampling ­ certain number of people with given characteristic.
Judgement sampling ­ interviewer selects people as representatives.…read more


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