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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:
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.
Quota sampling certain number of people with given characteristic.
Judgement sampling interviewer selects people as representatives.…read more