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Market Research

Market Research. Purpose Primary Research. Purpose. Market Research: Advantages. Helps focus attention on objectives Aids forecasting, planning and strategic development May help to reduce risk of new product development Communicates image, vision, etc. . Market Research: Disadvantages.

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Market Research

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  1. Market Research Purpose Primary Research

  2. Purpose

  3. Market Research: Advantages • Helps focus attention on objectives • Aids forecasting, planning and strategic development • May help to reduce risk of new product development • Communicates image, vision, etc.

  4. Market Research: Disadvantages • Information only as good as the methodology used • Can be inaccurate or unreliable • May stifle initiative and ‘gut feeling’ • Always a problem that we may never know enough to be sure!

  5. Primary Research

  6. Primary Research • First hand information • Expensive to collect, analyse and evaluate • Can be highly focussed and relevant • Care needs to be taken with the approach and methodology to ensure accuracy

  7. Primary Research: Purposes • To determine if – and how much – demand exists for the proposed product/service • To determine qualities/features of the product/service that consumers most desire • To determine characteristics of target consumer

  8. Questions Answered by Primary Research • Should we create and market this product/service? • How should we change the product/service so that the final product satisfies the most consumers? • How would we describe the “typical” consumer of our product?

  9. Types of Questions: Open-Ended • E.g. ‘What features of our product do you find most useful? Why?’ • Good: • more detail & quality • ‘truer’ answers • Bad: • time consuming to • respondent • evaluator

  10. Types of Questions: Closed-Ended • E.g. Which factor most influenced your purchase decision: • Price • Quality • Etc. • Good: • Quick to complete and evaluate • Specific target answers • Bad: • Low quality • Possible ‘leading’ answers

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