Market Research :: Business and Management Studies

trade ResearchFinding out about what consumers want and need, and what makes thembuy, is called MARKET RESEARCH.Market research is the process of gaining information about customers,competitors and market trends by dint of collecting primary and secondarydata.Why Research the Market?Businesses that are product orientated risk spending large amounts ofmoney launching a product, which could be a failure.Research the market helps reduce this risk.It focuses research and design effort onto products, which sire achance of success in the market place.When the product is launched, a carefully researched product standsless chance of failing.Market research attempts to find the answers to questions a businessmight have about its market.This information is collected via desk research and field research.The information is then collected and analysed. The business thendecides about what to do in the light of the information formed.Desk ResearchDESK RESEARCH involves the use of SECONDARY DATA . This is informationthat is available, both within and outside the businessInternal Sources is such as sales invoices, reports and accounts.Government is published statistics, such as consumer spending figuresreports such as Monopolies and Mergers Commission Reports.The Media is reports in newspapers, magazines, on radio and ontelevision.Trade Associations is statistics or reports published by nationalorganizations such as the TUC, the CBI or chambers of commerce, orindustry associations such as the Engineering Employers Federation orthe home(a) Farmers Union.Research Organisations is reports prepared by specialist marketresearch organizations such as Mintel or Mori articles published inacademic journals such as university journals. bowl ResearchFIELD RESEARCH involves the collection of PRIMARY DATA is informationwhich no one has yet collected.It is collected for the particular piece of research through directinvestigation, that is, observation, survey and experiment.