Notesale: Turn your study into money

Document Preview

Extracts from the notes are below, to see the PDF you'll receive please use the links above

---

Market Research
Market research is used to determine;
 Market size
 Geography of the market
 Customer profile
 Competitor’s market share
 Future potential of the market
 Customer behaviour
Market research is continuous and should be taking place in all businesses, not just at start-up

Product Research;




Assess product lifestyle
Look at future trends
Identify strengths and weaknesses of a product

Sales Research;







Examines selling activities by outlet, territory and agency
Evaluate sale methods
Effectiveness of sales staff
Planning sales calls
Analysis of product distribution
Identification of suitable outlets

Promotion Research; The key to promotion is to find out who the customers are





Analysis of effectiveness of promotional activities
Media research
Copy research
Formulation of advertising themes

Business Economics;
Micro-economic environment research
 Local business area
 Impacts and problems
Macro-economic environment research
 Happening in the country as a whole
 Impacts (Recession)

Exporting Markets;




Application of domestic marketing research to foreign markets
EU
Abroad

Motivation Research;



Analysis of motives which condition customer response
Why do people respond in a particular way to a certain product?

Competitor Research;





Competitors’ activities
Market shares
Trends
Identification of unique selling points

Problems with market research:
Human behaviour;




Same question to different people equals different answers
Same question to same person at different times = different answers
Could be due to circumstances or bad customer service

Sampling bias;




Want to know what they did wrong to lose customers
Ask people who are not regular
Could not represent the population properly

Leading questions;


Demand characteristics

Product orientation; They want to know about their own products
...
’


What do they not do that you would like to see them do?

Sample; The larger the sample, the more accurate the result and more representative


A retail sample size is roughly 200 people – if there are any more then answers become repetitive (mass
market)

Market research is very expensive – the more people you ask, the more time and money needed
Customer needs can be anticipated by studying demographics
 Pre-developing future models so when the frenzy of the current model dies then they have one ready to
launch
Café
1
...

3
...

5
...

7
...
Paying attention to age ranges in particular, but also the type of products they are
purchasing – this would give us an insight into the market segmentation
...
Also research any competition by reviewing their company profile to create a
consumer profile
...
It
would be anonymous so people would not have to give specific personal details but instead have ranges to
choose from
...
We will however include a small competition that people who return their survey
will automatically be entered in to, as an incentive
...


Market Research Notes:



Market research gathers notes on consumers, competitors and distributors within the business target
market
It identifies consumer buying habits and their attitudes to current and future products

Market Orientated managers consider consumer needs before making a decision
Product Orientated managers focus on internal efficiency, using the following approaches:



The hard sell; Large sales force to convince customers to buy
...
Every major market is served by one or more
magazine written for people within that trade

Government produced data; Provides data on population trends and forecasts

Methods of Primary Research
Can be carried out by market research companies however it is expensive, it would be cheaper for a firm to
carry it out for themselves
...
Takes a long time
...

Databases – multi-million users – can be used to answer quantitative questions
...

2
...

4
...


Research different types of customer within a marketplace
See if they have common tastes / habits
Identify the segment you wish to focus on
Conduct qualitative research into customer motivation and psychology
Devise a product designed for a particular segment



---