Market Research
Define market research
getting and studying information about what people need or want before making/selling a product.
Define primary research
collect data by asking people questions yourself to find out what they like or need.
Define secondary research
•using information that someone else has already got.
These are questions used in.... 1.» Will people buy this product? 2.» How much would they pay? 3.» Where do the want to buy this product?
Market research, questionnaire
Give 2 examples of primary research methods
questionnaire, online survey, focus groups, interviews
Why would a business conduct/carry out secondary research?
What customers want, who are their target market, how much would the pay, where would they buy it etc..
Give 2 examples of a product orientated
Coca Cola, Planes
Give 2 advantages of an online survey
•Fast / quick
•cheap
•Easy to share data
What are 2 disadvantages of using secondary research?
Not new data, old data
Markets can change quickly
Not specific, not by you for you
Give 3 examples of market orientated
McDonald's India, H&M, Uniqlo, Nissan, Honda
Give 2 disadvantages of a questionnaire
•accurate?
•time
•cost $$$
Why is promotion important?
To promote products and develop brand awareness and loyalty
Give 3 advantages of a business using primary research?
1.New, own
2.Specific, made by you for you
3.Not for competitors
New product: Give 5 questions a company would ask before making and promoting a new product
1.» Would customers be willing to buy my product?2.» What price would they be willing to pay? 3.» Where would they be willing to buy my product?4.» What features of my product do customers like or dislike? 5.» What type of customer would buy my product?6.» What type of promotion would be effective? 7.» Who are my competitors?
Why is market research important?
Helps managers make product decisions.
Helps to focus on promotion on target customers.