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    Chapter 11 - Market Research (Notes)

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    Joanna
    Market research involves gathering, analyzing, and interpreting information about markets to understand customer wants. It can be product-oriented, focusing on existing products, or market-oriented, researching customer wants before product development. Primary research methods like questionnaires, interviews, and focus groups provide detailed customer opinions and needs directly, but are more expensive and time-consuming than secondary research. Sample size and random sampling are important to accurately understand customer preferences.

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    Chapter 11 - Market Research (Notes)

    Uploaded by

    Joanna
    26 views2 pages
    Market research involves gathering, analyzing, and interpreting information about markets to understand customer wants. It can be product-oriented, focusing on existing products, or market-oriented, researching customer wants before product development. Primary research methods like questionnaires, interviews, and focus groups provide detailed customer opinions and needs directly, but are more expensive and time-consuming than secondary research. Sample size and random sampling are important to accurately understand customer preferences.

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    Chapter 11 - Market Research (notes)

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    Market research involves gathering, analyzing, and interpreting information about markets to understand customer wants. It can be product-oriented, focusing on existing products, or market-oriented, researching customer wants before product development. Primary research methods like questionnaires, interviews, and focus groups provide detailed customer opinions and needs directly, but are more expensive and time-consuming than secondary research. Sample size and random sampling are important to accurately understand customer preferences.

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    26 views2 pages

    Chapter 11 - Market Research (Notes)

    Uploaded by

    Joanna
    Market research involves gathering, analyzing, and interpreting information about markets to understand customer wants. It can be product-oriented, focusing on existing products, or market-oriented, researching customer wants before product development. Primary research methods like questionnaires, interviews, and focus groups provide detailed customer opinions and needs directly, but are more expensive and time-consuming than secondary research. Sample size and random sampling are important to accurately understand customer preferences.

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    of 2

    LO: Develop the knowledge of market research and its importance for the business.

    The role of market research


    Gather, analyse & interpreting information about a market.
    Product oriented and market oriented
    Product oriented: main focus on products
    Market oriented: carries out market research to find out customer wants before developing a
    product
    The market research methods
    - Quantitative information (quantity)
    - Qualitative information (opinion/judgement)
    Primary research:
    Advantages: - up to date Disadvantages: - expensive
    - first hand - takes time to collect
    - more effective (specific)

    The process: purpose -> method -> size of sample -> carry out research -> analyse -> report

    Methods of Primary Research


    Questionnaire
    Advantages: - detailed information Disadvantages: - not accurate (misleading)
    - obtain customer opinion - takes time & money
    - carried out online
    Online survey
    Advantages: - fast, quicker response Disadvantages: - cannot reach potential
    - easy to complete respondents (no internet)
    - quickly presented - people complete survey just
    for benefits (careless answers)
    Interviews
    Advantages: - able to explain questions Disadvantages: - unintentionally leading to
    - detailed information bias answers
    - time consuming (expensive)
    Focus groups
    Advantages: - provide detailed information Disadvantages: - time consuming & expensive
    - interactions = understand - biased discussion
    reasons of people’s opinions - may be dominated by people
    - quicker than interviews

    Why needs sampling?

    To be able to find out customers’ needs and what do they needs or want.

    Sample: A group of people interviewed


    Random Sample: A sample created by chance

    Quota Sample: A non-probability sampling method (number of people decided beforehand)

    Secondary research

    Meaning:

    Advantage Disadvantage
    - Cheaper to gather information - Might be out of date
    - Asses total size of market - Available to all businesses
    - Quicker to collect - Might not be completely relevant

    Internal sources of secondary data:

    Sales department, customer records, finance department, customer service department

    External sources of secondary data:

    Newspapers, government statistics

    Who carries out market research?

    Marketing research agency

    What are the factors influencing the accuracy of market research data?

    - How carefully the sample was drawn up


    - Wording of question
    - Size of sample

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