MARKET RESEARCH Market Research Market research is the

MARKET RESEARCH

Market Research • Market research is the gathering, recording and analysing of important and relevant information about markets and trends.

Reasons for Market Research • To find out what the consumer wants • To discover the size of the market that exists for the product or service. • To find out the most suitable method of advertising to use. • To work out a suitable selling price • To find out the most suitable method of distributing the product • To test a suitable name for the product • To find out who the main competitors are and the share of the market they already hold

Methods of collecting information • Desk Research - When information is collected about a market by looking up existing reports, the internet, newspaper articles and other documents. • Field Research - This involves going out and making direct contact with the people who make up the target market of your product or service. e. g. Questionnaires, Surveys, Focus Groups, Test Marketing, Direct Observation

Market Research Questionnaire Open-Ended Question What is your opinion of the visa card? Closed Question Do you have a VISA Card? Multiple Choice Question Which age group are you in? Answer with an X: ____________________ YES ________ NO ________ Under 25 25 -29 30 -40 41 -50

Market Research Stages • Define the problem • Develop a research plan • Choose method of collecting data • Select respondents – sampling • Collect the data – fieldwork • Analysis of data collected • Presentation of research report.