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Market research

Market research. THE TIMES 100. Market research is the process of gathering and interpreting data about customers and competitors within a firm’s target market. Market research. Market research is carried out to: Help firms make marketing decisions Reduce risk

sigourney-buckley
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Market research

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  1. Market research THE TIMES 100

  2. Market research is the process of gathering and interpreting data about customers and competitors within a firm’s target market. Market research

  3. Market research is carried out to: • Help firms make marketing decisions • Reduce risk Data may be gathered for different reasons e.g. to identify current and future needs of consumers, the price customers will pay for a product or the success of a promotional campaign. Purpose of market research

  4. Primary research involves finding out new, first-hand information. This is called primary data. Methods of primary research include: • Questionnaires • Focus groups • Observation Primary research

  5. Primary research

  6. Secondary research involves gathering existing information. This is called secondary data. Sources of secondary data include: • Market research reports • Trade journals • Government statistics • Sales and customer records Secondary research

  7. Secondary research

  8. Quantitative market research involves finding numerical data • Quantitative data is generally collected from large samples and is easy to analyse • Methods of collecting quantitative data include written and online questionnaires Quantitative research

  9. Qualitative research involves finding out opinions, attitudes and feelings • Often more useful than quantitative data but is more difficult to collect and analyse • Methods of collecting qualitative data include focus groups & in-depth interviews Qualitative research

  10. Sampling is the method of choosing a smaller, representative group of respondents with which to conduct research instead of the whole population. Sampling reduces the cost and time to carry out research. Careful sampling can provide reliable data about the population. Sampling

  11. Sampling methods

  12. Sampling methods

  13. The larger the sample size, the more reliable it is likely to be. However, larger samples incur greater costs. A 95% confidence level is usually expected when conducting research. This means that findings are likely to be correct 19 times out of 20. Reliability of sampling

  14. Market research in context

  15. Barclays carried out market research to help it to improve its student account. What do you think was the purpose of this market research? Market research at Barclays

  16. Barclays used both primary and secondary methods to research the student market. Draw up a table of the primary and secondary methods that Barclays used. Use the Barclays case study to help you. Types of market research used by Barclays

  17. Devise a questionnaire that could be used with students who have opened one of Barclays new student accounts to find out what they think of it. Use the case study to help with this NB Closed questions will produce quantitative data and will be easier to analyse; open questions are more difficult to analyse but are more likely to elicit qualitative data. Collecting data

  18. Which sampling method/s would be most appropriate for Barclays when researching the student market? Sampling

  19. Market research lesson suggestions and activities (The Times 100) • Barclays case study (The Times 100) • Barclays website Useful resources

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