OCR Business 2.2 Market Research

Books

Internet

Questionnaires

Journals

To reduce risk

To save time

To save advertising

To cut costs

A focus group will decide the best selling price

Start-ups often don't conduct formal market research

Primary research is better than secondary

Government grants pay for start-up research

Newspaper report on the target market

Focus group talking about the product idea

A YouTube search for market reports

A government report on the target market

A postal survey to 3,000 householders

Focus group meetings

Quick survey of followers on Twitter

In-depth telephone interviews with 100 customers

Interview costs are high

Opinions cannot be surveyed

Everyone prefers online surveys

Low response rate

Collecting data first hand

Using data that is already available

Collecting data using market segments

Using socio-economic groups to collect data

Increase Sales

Increase Profit

Increase the number of products made

Increase the skills of the workers

conducting market research

making the best possible product

setting a lower price than competitors

having special offers such as buy one get one free

Data that already exists that has been collected for a different purpose

Data collected first-hand for a specific research purpose

Research carried out by customers

Research carried out by stakeholders