15 market research

==market research== - gathers info about consumers, competitors and distributors within a firms target market. it identifies consumer buying habits and attitudes to current and future products

done because;

can help spot opportunities- research customer buying patterns to help predict what people will buy in the future.
can use reach to help spot growing and declining markets.
helps decide what to do next - market research done before launching a product or advertising campaign
helps see if planes are working - can monitor sale figures to see if their market strategy is having the right effect.
its expensive and if done wrong it can lead to bad decisions.

quantitative;

==quantitive research== - numerical statistics - facts and figures

questionnaires - closed questions have foxed predicted answers. its can make analysis easier.
sales figures

qualitative;

==qualitative research== - opinions

focus groups - answers have multiple answers.
surveys

primary research -

==where a business gathers new data.==

through questionnaires, interviews, surveys and focus groups
sampling to make predictions about the whole market based on a sample
primary data is needed to find out what consumers think of new products/advert
its specific to what its needed for - good for niche markets
its labour intensive, expensive and slow

secondly research -

==analysing data thats already available==

internal sources of secondary data are info from loyalty cards, feedback, sales reports, finial accounts and stock records.
external sources- online figures
its easier, faster and cheaper
it can be unsuitable, can be out of date and have errors
helps get an initial understanding of a market

sample;

==random sample==- name picked randomly
==stratified sample-== population is divided into groups and people are picked randomly - number of people picked is proportional, to size of group
==quota sample-== people who fit in category like 18-24. gets ops from people who product is directed at.

risk;

can be expensive