Marketing

Marketing - the management process responsible for identifying, anticipating and satisfying customer requirements profitably.

Market Research - the gathering and analysis of data relating to market places or customers; any research which leads to more market knowledge and better informed decision-making.

•Questionnaires - face to face, postal or telephone

•Interview

•Observation

•Consumer Panel - people with enough knowledge about a subject to give an informed opinion or review.

Primary / Field Research - involves collecting new information by making direct contact with consumers.

Secondary / Desk Research - involves collecting information that already exists.

Advantages:

• Information is taken directly from people who are or will be the business' consumers - more accurate.
• The business can be sure the information is up to date - current / relevant.
• The business can design it so it discovers the information it needs - specific.

Disadvantages:

• Designing the research and gathering the information can be very slow.
• Businesses may have to employ specialist researchers - this can be expensive.
• People may not give accurate answers to questionnaire i.e. they may say they are interested in a product but really are not.

• Government Publications

• Newspapers and Journals - trade journals

• Business' Internal Records - sales records / patterns

• Internet - review or audits

• For accuracy, it is suggested that any sample should consist of approxiamtely 2,000 people.

• The people questioned would be a representation of the population as a whole.

• Makes it manageable for the business - it would be impossible to question everyone.

Advantages:

• Information is cheap / easy to obtain
• Information is available immediately
• The data available usually covers a wide range of sources

Disadvantages:

• Data may not have been collected for the same purpose as the business' - may not be specific
• Information may be out of date
• Information is available to every other business in the market

Random Sampling:

• Where people are randomly selected and asked for their opinions
• Only carried out with products that everyone uses
• 'Every fiftieth name in the telephone book'

Quota Sampling:

• Held with a set number of people who fall into pre-determined categories
• '1/3 teens, 1/3adults, 1/3 elderly'
• Must reflect composition of the people in the area - must be proportionate

Target Sampling:

• Where people from a particular market segment are questioned
• Survey might be limited to people with a particular hobby / profession

• The selection of groups of people who would most likely use a product so that the product may be targeted at them.

• Involves dividing the market for a product into different goups and types of consumers.

• Age - music and clothes

• Gender - clothes, cars, and personal products

• Ethnicity / Culture - own taste in food, music, and clothes

• Geography - different foods and hobbies

• Socio-economic Class - cars and restaurants