Market research can be split into two main types:<\/p>\n
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- Field<\/strong><\/span><\/li>\n
- Desk.<\/strong><\/span><\/li>\n<\/ul>\n
Desk Research <\/span><\/h2>\n
This is\u00a0 looking at research that already exists<\/span><\/strong>. There is a wide range of secondary data<\/strong> <\/span>which is available from within (internal<\/span><\/strong>) the organisation and from out with (external<\/strong><\/span>) the organisation.<\/p>\n
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Field Research<\/span><\/h2>\n
This\u00a0 involves carrying out research and obtaining the information first-hand<\/span><\/strong>. An organisation may collect this information or they may pay a market research company to do it for them.<\/p>\n
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The use of Information from Market Research<\/span><\/h2>\n
Information gathered from market research can be used for many purposes:<\/span><\/p>\n
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- To provide information on how much customers are willing to pay for a product. This means the product or service can be sold for the best price.<\/span><\/li>\n
- To provide information about competitors, such as their special offers and pricing strategies.<\/span><\/li>\n
- To confirm where and when customers require the service. This ensures the company provides the goods or services at the time and place that customers need it.<\/span><\/li>\n
- To reduce risk to the business. They can use market research to make sure there is demand for their product or service before they launch it.<\/span><\/li>\n
- To provide information on whether people like the product. This means changes can be made to the product to meet the needs of the customer.<\/span><\/li>\n
- To provide the information needed to develop new versions of the product.<\/span><\/li>\n
- To provide the company with information on what products customers might want in the future<\/span><\/li>\n<\/ul>\n
Methods of Market Research – Field Research<\/strong><\/span><\/h2>\n
Interviews<\/strong> <\/span>\u2013 a researcher asking questions verbally face to face or over the telephone.<\/p>\n
Advantages<\/span> – the interviewer can ask more complex questions and if interviewees are uncertain, the interviewer can explain. The interviewer can ask follow-up questions to get a more detailed response.<\/p>\n
\u00a0<\/strong>Disadvantages<\/span> – it is time-consuming and expensive as interviews are only conducted with one person at a time and the interviewer may have to travel to carry out the interview (if face-to-face<\/em>).\u00a0 In the case of a telephone interview, the travel time is removed but it can be more difficult to get people to cooperate over the phone.<\/p>\n
\nQuestionnaire\/Survey<\/strong><\/span> \u2013 written questions are handed out, posted out, e-mailed out, or set up through a hyperlink.<\/p>\n
Advantages<\/span> – questionnaires can be sent out to large numbers of people at a relatively low cost \u2013 particularly if sent by email.\u00a0 They can be completed at a time that suits the customer best.<\/p>\n
\u00a0<\/strong>Disadvantages<\/span> are that questions cannot be too detailed as they cannot be clarified by an interviewer.\u00a0 Many people ignore questionnaires so an incentive may be needed eg a prize draw entry.<\/p>\n
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\nTest Marketing<\/strong><\/span> – trialling a product in a restricted location or target market to get an idea of whether the product will sell before entering into mass production.
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<\/a><\/p>\n - To provide information about competitors, such as their special offers and pricing strategies.<\/span><\/li>\n
- Desk.<\/strong><\/span><\/li>\n<\/ul>\n