4.4 Market research

Market Research

Refers ti the marketing activities designed to discover the options, beliefs and preferences of potential and existing customers.

Ad hoc market research

Takes place when nessary or on a one off basis and targets a specific issue

Continuous Market research

Takes place on a regular and on-going basis

Purpose of market research (5)

• Up to date info

• Improve marketing strategies

• Assessing customer reactions

• better understanding of competitors

• Predict trends

Primary Market Research

Involves gathering new and first hand data for a specific purpose

Advantages of primary research (3)

• Relevance

• Up to date

• Confidential and unique

Disadvantages of primary research (3)

• Time consuming

• Costly

• Less validity due to flaws

Types of Primary research (4)

• Survery

• Interview

• Focus groups

• Observation

Surveys

a doc that contains a series of questions used to collect data for a specific reason

Interview

Involves one-on-one discussions between an interviewer and interviee

Focus Groups

Small discussion groups to gain insight into opinions, attitudes and behaviour of participants

Obserations

Watching how people behave and respond in diff situations

Secondary research

involves the collection of second hand data that already exists

Advantages of secondary research

• Cheaper and faster

• changes in trends

• Lots of sources

• Large sample size

Disadvantages of secondary research

• Outdated quickly

• Inappropriate format

• Might provide partial info

• Also available to competitors

Internal sources

Previously gathered by competitors

External sources

those that come Fromm outside the organization

Market Analysis

Helps to measure however well the business is doing in comparison to competitors

Academic Journal

Periodical publications from educational and research institutions

Sources of secondary research

• Market analysis

• Academic Journals

• government publications

• Media articles

• Online