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.

Telephone Interviews - 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.