Market Research Flashcards
what is market research
- analysing competitors
- gathering statistics of sales revenue of your own and other businesses
- researching competitors
- researching consumers
product orientation
Business only looks at the product or production process when deciding wht to do next.
when is product orientaton appropiate?
- little competition in the market
- limited consumer knwoledge
- low disposable income of consumers
def market orientation
the consumer is the most improtant part of the business and identifing what they need
benefits of market research
ReBaDePiC
- Reduce risk
- understand consumer Behaviour
- Quantify potential consumer
- understand how much consumers will pay for your product
- Identify competitors
primary research
collecting first hand data that is specific to your business. (no one has it but you)
methords of primary research
- questionnaires
- observations
- customer inteviews
- test marketing
- focus groups
survey
obtain qualitative and quantitative data.
also can measure customer satisfaction
interview
- very specific
- measures reactions to new tastes or ideas
test marketing
- product launched in a small area
- if its succesfull i would be launched full scale
focus groups
- product trail
- groups discuss together their thoughts
secondary research examples
- government sources
- trade publications
- market reports
- internet sources
government sources
ONS (office of national statistics)
uk government publications
trade publications
-competitor activity
- news specific to indutry
- helps small businesses stay in touch with consumer trends
market reports
reports costs 1000 - 3000
