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Market Research

Market research involves systematically gathering, recording, and analyzing data about an organization’s products, services, and target markets. It is categorized into desk (secondary) and field (primary) research. Desk research is cost-effective and swift but may provide outdated data accessible to competitors. Conversely, field research offers firsthand insights, tailored to organizational needs, yet is expensive and time-consuming. Effective market research also includes sampling methods, such as random sampling, to accurately represent the market while optimizing resources.

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Market Research

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  1. Market Research The systematic gathering,recording and analysing of data about an organisation’s products and services and its target market Learn this definition! JW & EC Jan 2009

  2. DESK RESEARCH • Collecting data from secondary sources • Eg, govt reports, trade journals • Information originally produced by someone else ADVANTAGES • Cheap • Quicker as data already exists DISADVANTAGES • Data may be out of date • Data available to competitors JW & EC Jan 2009

  3. FIELD RESEARCH • Information obtained first hand (primarydata) by a researcher ‘in the field’ • Surveys/questionnaires (face-to-face, telephone, post) • Consumer panels • Test marketing • EPOS ADVANTAGES • First hand • Meets the needs of the organisation DISADVANTAGES • Costly • Time consuming JW & EC Jan 2009

  4. Task DeskResearch is sometimes known as Secondary Research. Field Research is sometimes known as Primary Research. • Discussthe advantages and disadvantages of both types of research. (6 marks) JW & EC Jan 2009

  5. SAMPLING • It is not practical to question every potential consumer therefore market researchers question people chosen at random.A sample is a small group which is thought to represent the market as a whole. A quota sample is when a firm samples a specific number of a target market • A good questionnaire must: • have an easy-to-use layout • be short, to the point and relevant • have questions in logical order JW & EC Jan 2009

  6. QUESTIONS FOR YOUR JOTTER • Identify and explain 2 methods which a firm which is about to launch a new range of clothing might use to research the market. • Describe the term random sample and suggest 2 reasons why market researchers would choose to question only this group rather than the whole market? • Suggest 3 factors that should be considered when making up a questionnaire to use in market research? JW & EC Jan 2009

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