| What is Market Research | -Gathering Information to give Businesses well information in its Decisions.
-This reduces the failure chance |
| What is the Purpose of Market Research? | -Reducing the Risks of Failure
-Spotting gaps in the Market to Exploit
-Understanding and seeing Customer Needs
-Informs the Business's Decisions |
| What can be Provided by Market Research? | -Market size, structure and trends
-Competitors; who, market share, USP
-Customers; who, needs, wants, expects
-Market Segments; existing or new splits in the Market |
| How can Market Research be split up? | -Primary Research; Data collected First-handed for a x purpose
-Secondary Research; Data already collected by someone else for another purpose |
| Advantages of Primary Research? | -Its Directly focusing on Research Objects
-its Private, unless you share it out
-More detailed usually. Especially in Customer Views |
| Dis-advantages of Primary Research? | -Can take a long time, and expensive to complete
-Can be Bias
-Samples may not represent whole population |
| Advantages of Secondary Research? | -Free, and easy to get
-Good locator of Market Insights
-Quick to gain access |
| Dis-advantages of Secondary Reserach? | -Can become out of Date
-Not tailored to Business Needs
-Reports can be expensive [Specialist] |
| What are the Methods of Market Research? | -Trialling
-Questionnaires
-Focus Groups
-Interviews
-Websites
-Newspaper and Magazines
-Internal Data
-Census |
| Questionnaires; What's good and bad about it? | Questionnaires are Primary Research
-Can be achieved via Telephones, post or Face to face
-Given to connected and potential customers
-Is usually Cheap and can show good Quality Data [if a certain size is reached]
-Data is usually Quantitative, making it easy to see
Bad;
-Has to be well-made, otherwise the information won't be reliable
-Reply rates are low, noticeable on Telephones and Post
-Could be expensive and takes lot of time to gain a true sum of the majority's views |
| Interviews; What's good and bad about it? | Interviews; people are asked Questions. This is Primary Research
-Done via Face-Face or Telephone
-Given to existing or Potential Customers
-Interviewers can explain further to maybe complex questions
-Can target specific customers, to gain views
Bad;
-Money and time consuming, for a large enough sample to come through to represent the population
-Customers may rush and answer in-accurate to questions, making unreliable information |
| Focus Groups; What's Good and Bad about it? | Focus Groups are simply just small groups representing the Target Market for a Product. They are given Information and asked Questions [Primary Resarch
-Can be a great way of gaining detailed information about Customers tastes and Preferences; can also be Opinions
Bad;
-Can be expensive and time consuming, to perfect and perform.
-The Information gathered may still not represent the Whole Target Market |
| Trialling; What's good and bad about it? | Trialling; testing wherever customers will buy it or not [Primary Research]
-Puts an Opportunity up for the Business to see if a product on a small scale will get Demand. If it does, then it makes a Opportunity turn into a Money Generator
Bad;
-Can be Expensive
-Area has to be Target Market related, otherwise the data will be reduent |
| Census; What is it? | -Gives information about the Economy
-Population data is also provided |
| Competitor Websites, What is it? | -Information on the Marketing Activities of Competitors
-This could be: Products, Prices and Promotional Activities |
| Customer Reviews; What is it? | -Data from Product Reviews who Rate and Feedback on a Particular Product
-This can be Independent Sites, like TripAdvisor, or Businesses, like Amazon |
| Trade associations, trade press and Magazines; What's is it? | -Industry, have an Industry Association. They have a good amount of Market Analysis.
-This is great for New Businesses, who don't have much/any experience of the Market |
| Newspapers; What is it? | -Financial and Economic Information is given on a Daily Base.
-This Information ranges from Local, to International
-They also give Case Studies or other Local Businesses |
| Market Research Products; What is it? | -Mintel and Keynote makes a lot of Expensive Reports, covering individual Markets |
| Internal Data; What is it? | -Data collected Inside the Organisation [Profits, Sales and Promotional Spends] |
| What factors affect the Type of Market Research? | -Purpose; What does the Business want know, What are the Objectives
-Type of Information needed; Does it need information about a Target Market, or a Good/Service? Primary Research would be the answer
-Budget; Smaller Businesses have well Small Budgets, putting some Methods not Affordable |
