Customer needs are vital for the success of a business
Market Research: Finding out what the customer wants.
Primary Research: First hand research, that is up to date and coensides the topic that is the latest information but can be expensive and time consuming.
Ways of getting primary research: surveys, questionaires and focus groups.
Secondary Research: Desk Research, finding research that already exsits and is less time consuming but information can be irrelevant and out dated.
Ways of finding secondary research: government reports, the internet, old surveys or questionaires.
Quantitative Data: data the includes numbers or statitics in finding,usually short answer questions. eg. 90%
Qualitative Data: data the includes descriptions and opinions, usually long answer questions. eg. i like the product because...
Benefits of market research: know what the customer wants, gets an idea of what products will sell, target market is know.
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Understanding Customer Needs Unit 1.1
Market Mapping
Market Segmentaion: Part of the market that contains a group of buyers with similar buying habits.
Market Segments: age, gender, geographic and social class.
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