Market Research Assignment - 22.1
Introduction
In this report I am going to be discussing how a part time research assistant for a market research agency would look to expand their company and target different size enterprises as potential new clients. I will also put together a briefing paper which examines the types of market research used by a large organisation and the benefits of using specialist research agencies.
What is Market Research?
Market research is the gathering of information about the company's customers needs and wants, so that they can imply them into new products/services they are willing and able to release into the market in the future. This can be done one of two ways, the first being using first hand gathering e.g conducting surveys and focus
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Will it be something enjoyed by the customer compared to other similar products delivered by close competitors in their market?
Will it be something used for a long period of time by consumers?
Is there a gap in the market for the thing the good or service?
How much people are willing to pay for their product
Where the good will place in their marketing mix? (A rough estimation)
Why Businesses Carry Market Research Out? Businesses carry market research out to maximise the potential sales of their new product right from the release of their product into the market. They need to know a lot of things before the release of the product, some factors may be:
How many of their goods to release?
Who is the main target audience?
How many people are projected to buy them?
How to price the product, which stores or companies to retail their goods too (if any)?
Where to sell the product as different places will have a different level of demand due to local trends?
How much they need to advertise the good or service for it to reach the maximum amount of potential customers?
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