Planning Market Research
What is the purpose of the research?
- The purpose of the research is Market research provides critical
information about business. And also we come up with an idea they are
going to be interested in and sell it with the right price, furthermore we
will be able to target clients and customers we want to reach based on
market research. However you can also identify our customers and
where they are and which customers will most likely do business with
us.
Objectives for the research
● Identify what the future customer needs, wants so we can change the
product according to their requirements.
● Increase customers
● Development of a sustainable economy
● Avoiding business failure
How will you collect the data?
- Primary
Questionnaires- for business research. Questionnaires are used as a way to
gather primary data for the business. We can use the questionnaires to know
about the customers and also after the responses we can apply them in our
business if anything needs to be done or improved. Also questionnaires
provide a lot more data to analyze which will make our finding more reliable.
However the questionnaires can be filled out anonymously, which may lead to
more honest responses.Also in our questionnaires we will use Yes/No
questions as a result their conclusions are reached quickly and efficiently. E.g.
we can ask them, do you grocery shop online? Also Rate 1-5 scale is easy to
understand for admins and respondents alike, also it requires less effort and
time to complete.We can ask them “What is your initial reaction to this
product?” 1 very negative and 5 very positive. It will help us to analyze the
data faster and also less time consuming. On the other hand we should avoid
asking leading questions because if the questions are leading we are less
likely to receive comments that change our perspective on a problem or
solution. Also we will put a description and the purpose of the product so that
, they will know what the product is about and they can choose the answer
honestly. Also it's beneficial for me because I will get the result faster and be
able to analyze the data quickly which will save lots of time.
Interviews- Interviewing someone can be a great way to learn more about
customers. We can use them to solve specific problems and gain an
understanding of our customer base or are they interested in a new product
that can help us make our business decisions. Also we have great
opportunities to get feedback, the interviewer can provide direct feedback to
the respondent, give clarification or help with any misconception. Also the
interviewer can ask again if the respondents answer is unclear. This will help
the interviewer with some unstructured questions. Also when interviewing we
should prepare with the questions before and also make sure we have a clear
understanding of what we want out of the meeting. People often agree to
speak with an interviewer who is clearly interested in their opinions, even if
they would ignore a questionnaire. Also conversation in person allows people
to express themselves in their own words. Interviews help researchers get rid
of certain previous ideas and discover issues that might have.
- Secondary
Internet research- It’s helpful for finding specific information from the internet
for a customer or for the business. For example we can use information from a
newsletter or a magazine, different websites to get information or what other
people have experienced before. There are lots of benefits of secondary
research, significantly less expensive because the data has already been
collected and we don’t have to pay for the data collection process. It is also a
lot easier to access,less time consuming the research is already completed
and we can access it anytime. But on the other hand, secondary data has the
disadvantage that it may not provide the information we are looking for or
answer the specific question. However sometimes it's difficult to know if the
information was collected, if it's accurate or not.
Sampling method and sample size
Questionnaire- It’s random we are not choosing who will answer them. Also
it's less time consuming, we will get more answers over a short period of
time.Also there is an equal chance of selection many people can select the
same option. In addition we will be able to know what most people like about
it, and what they don’t. Also the sample size is 50, it’s enough responses to
get reliable information. There is some downside to this being random
What is the purpose of the research?
- The purpose of the research is Market research provides critical
information about business. And also we come up with an idea they are
going to be interested in and sell it with the right price, furthermore we
will be able to target clients and customers we want to reach based on
market research. However you can also identify our customers and
where they are and which customers will most likely do business with
us.
Objectives for the research
● Identify what the future customer needs, wants so we can change the
product according to their requirements.
● Increase customers
● Development of a sustainable economy
● Avoiding business failure
How will you collect the data?
- Primary
Questionnaires- for business research. Questionnaires are used as a way to
gather primary data for the business. We can use the questionnaires to know
about the customers and also after the responses we can apply them in our
business if anything needs to be done or improved. Also questionnaires
provide a lot more data to analyze which will make our finding more reliable.
However the questionnaires can be filled out anonymously, which may lead to
more honest responses.Also in our questionnaires we will use Yes/No
questions as a result their conclusions are reached quickly and efficiently. E.g.
we can ask them, do you grocery shop online? Also Rate 1-5 scale is easy to
understand for admins and respondents alike, also it requires less effort and
time to complete.We can ask them “What is your initial reaction to this
product?” 1 very negative and 5 very positive. It will help us to analyze the
data faster and also less time consuming. On the other hand we should avoid
asking leading questions because if the questions are leading we are less
likely to receive comments that change our perspective on a problem or
solution. Also we will put a description and the purpose of the product so that
, they will know what the product is about and they can choose the answer
honestly. Also it's beneficial for me because I will get the result faster and be
able to analyze the data quickly which will save lots of time.
Interviews- Interviewing someone can be a great way to learn more about
customers. We can use them to solve specific problems and gain an
understanding of our customer base or are they interested in a new product
that can help us make our business decisions. Also we have great
opportunities to get feedback, the interviewer can provide direct feedback to
the respondent, give clarification or help with any misconception. Also the
interviewer can ask again if the respondents answer is unclear. This will help
the interviewer with some unstructured questions. Also when interviewing we
should prepare with the questions before and also make sure we have a clear
understanding of what we want out of the meeting. People often agree to
speak with an interviewer who is clearly interested in their opinions, even if
they would ignore a questionnaire. Also conversation in person allows people
to express themselves in their own words. Interviews help researchers get rid
of certain previous ideas and discover issues that might have.
- Secondary
Internet research- It’s helpful for finding specific information from the internet
for a customer or for the business. For example we can use information from a
newsletter or a magazine, different websites to get information or what other
people have experienced before. There are lots of benefits of secondary
research, significantly less expensive because the data has already been
collected and we don’t have to pay for the data collection process. It is also a
lot easier to access,less time consuming the research is already completed
and we can access it anytime. But on the other hand, secondary data has the
disadvantage that it may not provide the information we are looking for or
answer the specific question. However sometimes it's difficult to know if the
information was collected, if it's accurate or not.
Sampling method and sample size
Questionnaire- It’s random we are not choosing who will answer them. Also
it's less time consuming, we will get more answers over a short period of
time.Also there is an equal chance of selection many people can select the
same option. In addition we will be able to know what most people like about
it, and what they don’t. Also the sample size is 50, it’s enough responses to
get reliable information. There is some downside to this being random
