Market Research Flashcards
Market Research
Market Research is the gathering and analysis of information about consumer opinion to help the business make informed decisions.
Aim:
to ensure the business creates a product/service that customers need and want.
Target Market
Target Market is a group of people who all need/want a particular product/service. It is who your product is aimed at.
e.g. the target market of computer games might be young males aged 8-18.
Desk Research
Desk Research involves looking at information that is already available. It is also called Secondary Research as the information has already been gathered for another purpose.
Examples:
Internet Research: e.g. to look up competitors websites
Central Statistics Office (CSO): e.g. to find out the population/gender/age of a particular location.
Sales Reports: e.g. to look at previous sales to see what is the most/least popular product
Newspapers: e.g. to learn about consumer trends - interest in healthy eating (organic food)
Field Research
Field Research involves going into the marketplace to gather information first-hand from your target market. It is also called Primary Research as you are making direct contact with potential consumers.
Examples:
Surveys/Questionnaires
Observation
Focus Groups
Survey/Questionnaire:
this involves questioning consumers about the product/service. Questions should be clear and not lead the consumer.
Survey can be completed online, telephone, face to face, postal
Types of Questions:
Closed Question - Yes/No
Multiple Choice Question - consumer picks between options listed
Open Ended Question - consumer has option to say what they like
Observation
this involves watching the consumer in action
Example: the number of consumers picking a specific product at a particular time of day OR the time it takes to select a product
Focus group
a group of consumers brought together to discuss a product or service
