Market research

  • Created by: Jeon32666
  • Created on: 03-02-19 10:44
  • What is market research? This is the process of collecting,recording and analysing data about customers,competitors and market.             
  • Why market research is needed? 1)To reduce the risks associated with new product launches. 2)To predict future demand changes.  3)To explain patterns in sales of existing products and market trends.  4)To assess the most favourable version of a product. 
  • STEP 1: management problem identification
  • STEP2: research objectives
  • STEP3: sources of data                                                                     TWO TYPES OF MARKET RESEARCH:
  • primary research,secondary research.
  •  Sources of secondary data..... Government publications, Trade organisations, news paper report and market intelligence reports. 
  • Advantages of secondary research


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