2 Market
Research
Gathering presenting & analysing information about the
marketing & consumption of goods & services.
It reduces the risk of failure.
Specific purposes of market research.
I. Identify & anticipate customer In order to design products that are likely to
needs and wants. sell, they need to identify as precisely as
possible the product features that people
desire.
Ex: Car manufacturers make cars with
different body designs, colours,
performances.
II. Quantify likely demand. It is important to find out how much of a
(Quantitative data) product a business might expect to sell in a
market. One reason for this is to help
determine whether or not a particular
product is going to be commercially viable.
III. Gain an insight into consumer Businesses might be more successful if
behaviour. they can identify and understand consumer
(Qualitative data) behaviour patterns.
Primary research/Field research
Researching data that is collected first hand for a specific research purpose.
Pros Cons
More up to date Expensive.
More relevant. Time-consuming.
Confidential Invalid sample.
More controllable. Lower variety.
Research
Gathering presenting & analysing information about the
marketing & consumption of goods & services.
It reduces the risk of failure.
Specific purposes of market research.
I. Identify & anticipate customer In order to design products that are likely to
needs and wants. sell, they need to identify as precisely as
possible the product features that people
desire.
Ex: Car manufacturers make cars with
different body designs, colours,
performances.
II. Quantify likely demand. It is important to find out how much of a
(Quantitative data) product a business might expect to sell in a
market. One reason for this is to help
determine whether or not a particular
product is going to be commercially viable.
III. Gain an insight into consumer Businesses might be more successful if
behaviour. they can identify and understand consumer
(Qualitative data) behaviour patterns.
Primary research/Field research
Researching data that is collected first hand for a specific research purpose.
Pros Cons
More up to date Expensive.
More relevant. Time-consuming.
Confidential Invalid sample.
More controllable. Lower variety.