1. Market Research – Market Research is to simply find out. There are four main categories, the C’s.
Customers – The people you’ll be selling products to.Consumers – The people who’ll use your products.Competitors – Alternative suppliers of your goods etc.Costs – The amount you set on a product to start your business.2. Market Segmentation – Market Segmentation is when businesses have to make a number of choices and decisions like, are the customers going to be young, old, rich or poor etc? But in order for this segmentation they have to take a process.
The business will have to break down the market into various different groups or types of consumers as each group or segment will have its wants. It is also necessary for researchers to segment the market because there will be young and old customers so they have to give supply to all the customers’ needs.3. The different methods available for market segmentation are:AgeGenderIncomeLife-Cycle StageSocio-Economic Groupings4. Secondary Research – Secondary Research is when you look more into detail for consumer research, which are available through reports at libraries, trade associations and university research bodies.Other secondary research available includes:InternetMintel ReportsNewspapers and lifestyle magsBusiness ratio reportsTeelephone directories and the yellow pages5. These are advantages and disadvantages of Secondary Research:AdvantagesDisadvantagesCheapPossibly out of dateLess time consumingMay not meet research requirementsInformation readily available through internet, library and own businessRight questions may not have been askedHas been interpreted by someone elseHas been collected by someone else6.
Primary research – Primary research is when you have found out all you can through internal and secondary research that you’ll need to prepare to find the missing information. Primary research can be carried out either by face-to-face, over the telephone, post or over the Internet.7. Some various methods that businesses use in carrying out primary research are:Face to Face researchTelephone ResearchPostal ResearchE-mail Research8. These are the advantages and disadvantages of the various methods of primary research.Face-to-Face ResearchFactsAdvantagesDisadvantagesTown centre shopping centres with permissionFlexibility and controlLow costFast ResponseTime consumingRespondents may not be interestedRespondents may be abusive or disinterestedRespondents have little time to thinkDoor to door having given local police a copy of a questionnaire and a photographHigh response rateMore honest responsesCan see respondentsJudge body languageNo need to ask details of age,sex,etc.Time consumingRespondents may not be interested or may be abusiveRespondents may be disinterested and have little time to thinkCold callingMore honest responsesCan see respondentsJudge body languageNo need to ask details of age,sex,etc.Time cosumingRespondents may not be interested or may be abusiveRespondents may be disinterestedBy appointmentFlexibility and controlLow costFast responseRespondents may delay or cancel appointmentsTime consumingTelephone ResearchFactsAdvantagesDisadvantagesUse for business to business research onlyFastAble to cover a wide geographical area contract people who will not give interviewsQuestions must be briefLittle time to think replies may be inaccurate no body languagePostal ResearchFactsAdvantagesDisadvantagesTend to be put in the bin or in a pending trayRespondents have time to thinkObjective respondent may express true feelingsVery low responseVery slow responseNo flexibility to clarify answersLimited information obtainedEmail ResearchFactsAdvantagesDisadvantagesTend to be bined as junk emailRespondents have some thinking timeCan be quite quickCan go back to clarify answersDifficult to obtain email addressesFairly low response rates9.
Sampling – Sampling is when you take parts of the area or place to get for instance a survey done for your product. Of course you can’t get the whole world to take part as it would be time consuming and too much money spent so you should take a certain area or place of the population. The different various types of sampling are:Cluster samplingConvenience samplingJudgement samplingQuota samplingSimply random samplingSystematic samplingCluster SamplingWhen researching the population “clusters” are certain groups that are specified for a certain area or unit of the population. (E.
g. a secondary school in Sussex.) A random sample of clusters is done, and then all the units within the cluster are examined.