Unit 22: Market Research
The definition of market research:
- The definition of market research is: Think of advertising research wherein a selected market is recognized and its size and different characteristics are measured. Used also as an opportunity time period for advertising research.
Purpose of market research:
- The purpose of market research is to understand customer behaviour this can be done by getting a specialist team to conduct a series of investigations this leads to fulfilling the needs of the customer. Businesses will choose to undertake market research, will have to look for the specific reasons for the use of the products For example Ferrari will go out and do a series of investigations to see what type of people buy their
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Analysing the data:
- Identifying patterns and trends
Problems relating to marketing:
- These incorporate what cost to change, how best to publicize the products and administrations, where to offer them from etc.
Types of research:
- There are two types of research that businesses’ use to gather the right information for the company the first research is called primary research and the second method is secondary research.
Primary Research:
- Experiments, investigations, or tests carried out to acquire data first-hand, rather than being gathered from published sources.
Secondary Research:
- Research based on secondary data. This will mean that the business will hire out an agency to carry out the research to then be given to the business
Secondary Data:
- Primary data that was collected by someone else or for a purpose other than the current one.
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For example, Ferraris market research team will use the internet to get emails around from team to team to get the relevant information to the department. Also, Ferrari would use other methods of research such as website monitoring. They would use this because they would like to see what people are visiting their site for and see how long they spend on that certain page. They do this because they can see what kind of stuff people are willing to buy and to see how they can make a profit from this situation. However, they will need to try and get this done because the customer may not just visit their website they could visit other competitors as well. So they will need to try and find ways they can get stuff