Identifying Customer Needs

Question 1

What is market research?

Answer 1

A systematic, objective collection and analysis regarding a particular target market to gain an increased understanding of the subject matter

Question 2

What must market research do?

Answer 2

• Explain what is happening in the market
• Explain reasons why things are happening
• Be able to be used as a predictive tool of consumer reaction

Question 3

Possible ways of conducting primary market research?

Answer 3

• Focus groups/consumer panels
• Surveys/questionnaires
• Interviews
• Trial marketing
• Observation

Question 4

Internal ways of conducting primary research?

Answer 4

• sales data, previous surveys, customer info from loyalty cards

Question 5

External ways of conducting primary research?

Answer 5

• gov stats, market research companies, trade magazines, media, competitors

Question 6

How to decide which method to use?

Answer 6

• cost
• time
• reliability
• fitness for purpose