{"id":267,"date":"2022-09-20T15:09:35","date_gmt":"2022-09-20T14:09:35","guid":{"rendered":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n5businessmanagement\/?page_id=267"},"modified":"2024-10-09T15:28:55","modified_gmt":"2024-10-09T14:28:55","slug":"market-research","status":"publish","type":"page","link":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n5businessmanagement\/market-research\/","title":{"rendered":"Market Research"},"content":{"rendered":"<h2><span style=\"color: #ff0000\"><strong>Uses &amp; Benefits of Market Research<\/strong><\/span><\/h2>\n<h2><span style=\"font-size: 1rem\">Market Research provides information about:<\/span><\/h2>\n<div class=\"ssrcss-1wsza7t-Row enh46940\" data-layout=\"single\">\n<div class=\"text-block ssrcss-1ykw0fe-TextWrapper e1ekt5r40\" data-component=\"text-block\">\n<ul>\n<li>the needs and wants of customers<\/li>\n<li>competitors<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<p><span style=\"color: #000000\">Benefits of market research include:<\/span><\/p>\n<ul>\n<li><span style=\"color: #000000\">Provides information on size of market<\/span><\/li>\n<li><span style=\"color: #000000\">Helps decide what products to offer for sale,<\/span><\/li>\n<li><span style=\"color: #000000\">product price and through which channels of distribution.<\/span><\/li>\n<li><span style=\"color: #000000\">Helps an organisation identify best methods of promotion to reach their customer.<\/span><\/li>\n<li><span style=\"color: #000000\">When introducing new products \u2013 product features can be updated at the research and development stage based on feedback from market research<\/span><\/li>\n<\/ul>\n<h2><span style=\"color: #ff0000\"><strong>Types of Market Research \u2013 Field and Desk<\/strong><\/span><\/h2>\n<p><span style=\"color: #ff0000\"><strong>Field Research<\/strong><\/span><span style=\"color: #000000\"> is primary information that is collected first-hand for a specific purpose.<\/span><\/p>\n<p><span style=\"color: #ff0000\"><strong>Advantages of Field Research<\/strong><\/span><\/p>\n<ul>\n<li><span style=\"color: #000000\">Information is <strong>reliable<\/strong> as collected first-hand so the source is known.<\/span><\/li>\n<li><span style=\"color: #000000\">Information is <strong>relevant<\/strong> as the organisation designs the questions.<\/span><\/li>\n<li><span style=\"color: #000000\">Information has been collected recently so should be <strong>up to date<\/strong>.<\/span><\/li>\n<\/ul>\n<p><span style=\"color: #ff0000\"><strong>Disadvantages of Field Research<\/strong><\/span><\/p>\n<ul>\n<li><span style=\"color: #000000\"><strong>Expensive<\/strong> as researchers are paid to research and process findings.<\/span><\/li>\n<li><span style=\"color: #000000\"><strong>Takes time<\/strong> to carry out which can cause delays in decision making.<\/span><\/li>\n<\/ul>\n<p><span style=\"color: #000000\"><span style=\"color: #ff0000\"><strong>Desk Research<\/strong><\/span> is\u00a0second-hand information from a previously published source, collected for a different purpose.<\/span><\/p>\n<p><span style=\"color: #ff0000\"><strong>Advantages of Desk Research<\/strong><\/span><\/p>\n<ul>\n<li><span style=\"color: #000000\">Information <strong>already exists so is less costly<\/strong> and obtained more quickly (via internet, books, newspapers)<\/span><\/li>\n<li><span style=\"color: #000000\">Can give a picture of the wider overall business environment.<\/span><\/li>\n<\/ul>\n<p><strong><span style=\"color: #ff0000\">Disadvantages of Desk Research<\/span><\/strong><\/p>\n<ul>\n<li><span style=\"color: #000000\">Information may be <strong>out of date<\/strong> and therefore <strong>inaccurate<\/strong>.<\/span><\/li>\n<li><span style=\"color: #000000\">Information may <strong>not be relevant<\/strong> to the decisions being taken<\/span><\/li>\n<li><span style=\"color: #000000\">Information may also be available to competitors.<\/span><\/li>\n<li><span style=\"color: #000000\">Information <strong>may contain bias<\/strong> as collection method may not be known.<\/span><\/li>\n<\/ul>\n<h2><span style=\"color: #ff0000\"><strong>Methods of Market Research &#8211; Field Research<\/strong><\/span><\/h2>\n<p><span style=\"color: #ff0000\"><strong>Interviews<\/strong> <\/span>\u2013 a researcher asking questions verbally face to face or over the telephone.<\/p>\n<p><span style=\"color: #ff0000\">Advantages<\/span> &#8211; 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<p><strong>\u00a0<\/strong><span style=\"color: #ff0000\">Disadvantages<\/span> &#8211; 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 (<em>if face-to-face<\/em>).\u00a0 In the case of a telephone interview, difficult to get people to cooperate over the phone.<\/p>\n<hr \/>\n<p><span style=\"color: #ff0000\"><strong>Questionnaire\/Survey<\/strong><\/span> \u2013 written questions that are handed out, posted out, e-mailed out, or set up through a hyperlink.<\/p>\n<p><span style=\"color: #ff0000\">Advantages<\/span> &#8211; questionnaires can be sent out to large numbers of people at a relatively low cost. They can be completed at a time that suits the customer best.<\/p>\n<p><strong>\u00a0<\/strong><span style=\"color: #ff0000\">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<p><a href=\"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/public\/n5businessmanagement\/uploads\/sites\/10132\/2022\/09\/20151404\/Picture5.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-276\" src=\"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/public\/n5businessmanagement\/uploads\/sites\/10132\/2022\/09\/20151404\/Picture5.jpg\" alt=\"\" width=\"118\" height=\"93\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<hr \/>\n<p><span style=\"color: #ff0000\"><strong>Test Marketing<\/strong><\/span> &#8211; 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.<a href=\"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/public\/n5businessmanagement\/uploads\/sites\/10132\/2022\/09\/20151405\/Picture6.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-277\" src=\"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/public\/n5businessmanagement\/uploads\/sites\/10132\/2022\/09\/20151405\/Picture6.jpg\" alt=\"\" width=\"97\" height=\"129\" \/><\/a><\/p>\n<p><span style=\"color: #ff0000\">Advantage<\/span> &#8211; changes may be made to the product based on feedback before a full-scale product launch.<\/p>\n<p><strong>\u00a0<\/strong><span style=\"color: #ff0000\">Disadvantage<\/span> &#8211; test marketing can still be costly to carry out and the findings may accurately represent the wants and needs of all possible customers.<\/p>\n<hr \/>\n<p><span style=\"color: #ff0000\"><strong>Focus Groups<\/strong> <\/span>&#8211; a group of customers take part in a focused discussion about the product, under the guidance of a trained interviewer.<\/p>\n<p><span style=\"color: #ff0000\"><a href=\"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/public\/n5businessmanagement\/uploads\/sites\/10132\/2022\/09\/20151405\/Picture7.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-278\" src=\"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/public\/n5businessmanagement\/uploads\/sites\/10132\/2022\/09\/20151405\/Picture7.jpg\" alt=\"\" width=\"114\" height=\"76\" srcset=\"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/public\/n5businessmanagement\/uploads\/sites\/10132\/2022\/09\/20151405\/Picture7.jpg 305w, https:\/\/blogs.glowscotland.org.uk\/glowblogs\/public\/n5businessmanagement\/uploads\/sites\/10132\/2022\/09\/20151405\/Picture7-300x200.jpg 300w\" sizes=\"auto, (max-width: 114px) 100vw, 114px\" \/><\/a>Advantage<\/span> \u2013 detailed feedback can be gathered.<\/p>\n<p><span style=\"color: #ff0000\">Disadvantages<\/span> \u2013 still need to pay an interviewer, and some people in the group may dominate the discussion.<\/p>\n<hr \/>\n<p><span style=\"color: #ff0000\"><strong>Observation<\/strong> <\/span>&#8211; monitoring consumer behaviour by watching eg counting people using a particular shop or product.<\/p>\n<p><span style=\"color: #ff0000\">Advantages<\/span> &#8211; it is relatively cheap to operate as a trained researcher is not needed and does not intrude on customers.<\/p>\n<p><span style=\"color: #ff0000\">Disadvantage<\/span> &#8211; information can be of limited value as it does not explore reasons behind customer behaviours.<\/p>\n<hr \/>\n<h2><span style=\"color: #ff0000\"><strong>Methods (Sources) of Desk Research<\/strong><\/span><\/h2>\n<p><span style=\"color: #ff0000\"><strong>Internal<\/strong> <\/span>desk research sources include information from sales figures gained from EPOS (Electronic Point of Sale) and loyalty cards.<\/p>\n<p>This keeps track of individual customers\u2019 shopping habits and helps the organisation adapt its marketing activities.<\/p>\n<p>Other internal sources include staff reports which can give employee opinion on what is happening in the market and why.<\/p>\n<p>The organisation may also review customer complaints made directly to the business to get feedback on what customers are dissatisfied with.<\/p>\n<p><span style=\"color: #ff0000\"><strong>External<\/strong> <\/span>desk research sources include:<\/p>\n<p><span style=\"color: #ff0000\">Viewing competitors\u2019 web sites<\/span> to compare products and prices.<\/p>\n<p>This type of research is free to access and immediately available allowing decisions to be made quickly.<\/p>\n<p>Organisations will not get details on all their competitors\u2019 decisions as not everything is on the web site.<\/p>\n<hr \/>\n<p><span style=\"color: #ff0000\">Government statistics<\/span> can provide information on income and employment levels which can help an organisation decide if, where or when to launch new products.<\/p>\n<p>Information is available free of charge.\u00a0 Information may not be up-to-date if statistics were collected some time ago, however it should be free from bias as the government is a trusted source.<\/p>\n<hr \/>\n<p><span style=\"color: #ff0000\">Newspaper or magazine articles<\/span> can give an insight into customer preferences as they may review products and provide updates on lifestyle changes.<\/p>\n<p>Information is cheap to collect but may be biased as it reflects the opinions of the writer.<\/p>\n<hr \/>\n<p><span style=\"color: #ff0000\">On-Line Reviews<\/span> &#8211; such as those posted on social media, Trip Advisor, Trust Pilot or Amazon \u2013 allow the organisation to monitor what is being said about its products and therefore can allow it to make improvements to their product, price, place and promotions.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Uses &amp; Benefits of Market Research Market Research provides information about: the needs and wants of customers competitors Benefits of market research include: Provides information on size of market Helps decide what products to offer for sale, product price and through which channels of distribution. Helps an organisation identify best methods of promotion to reach [&hellip;]<\/p>\n","protected":false},"author":79984,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-267","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n5businessmanagement\/wp-json\/wp\/v2\/pages\/267","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n5businessmanagement\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n5businessmanagement\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n5businessmanagement\/wp-json\/wp\/v2\/users\/79984"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n5businessmanagement\/wp-json\/wp\/v2\/comments?post=267"}],"version-history":[{"count":9,"href":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n5businessmanagement\/wp-json\/wp\/v2\/pages\/267\/revisions"}],"predecessor-version":[{"id":556,"href":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n5businessmanagement\/wp-json\/wp\/v2\/pages\/267\/revisions\/556"}],"wp:attachment":[{"href":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n5businessmanagement\/wp-json\/wp\/v2\/media?parent=267"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}