MARKET RESEARCH

Market Research

is the process of determining the viability of a new service or product through research conducted directly with potential customers.

Product

can test attitudes to products by describing them or showing them in focus groups

Price

can show how much people value products

Place

distribution part of the marketing equation

Promotion

can help in all aspects of promotion from developing ideas for the adverts

Youth

explores the unmet needs for the new product and helps estimate the likely demand.

Maturity

shows how to build a brand and a competitive edge.

Old age

shows way of rejuvenating the product

Brief

The starting point of any market research project is to have a brief

Proposal

a plan of how these objectives are to be met

Data Collection

Fieldwork or data collection is the visible part of market research

Analysis

the larger picture is obtained by analysing the data using proprietry software that allows cross-cuts of the data

Qualitative Market Research

seeks depth and quality from the usually small sample in contrast to quantitative research which is very much about larger samples and measurements

Depth interviews

Interviewing implies formality, structure and purpose. It suggests that there is a list of questions to be asked and answered.

Focus groups

research technique used to collect data through group interaction on a topic.

Ethnography

Ethnography borrows from anthropology, which is the study of humans in a specific environment.

Quantitative Market Research

data based on large samples that allow measurement and statistical analysis

Face to face Interviews

interviewers armed with clipboards and questionnaires.

interviewers armed with clipboards and questionnaires.

telephone interviews quickly replaced those carried out face to face

Online Surveys

These self-completion surveys can be received on mobile phones, iPads and computers and can be administered quickly and efficiently in a matter of minutes.