This is a form of research whereby researchers watch how consumers behave to certain products or services. Observation works well in retail markets; sit outside a shop and watch how many people walk by, look at the window display etc. Experimentation
This form of research involves experimenting with a product and seeing how people react to it. The results are recorded and analysed so they can make any necessary changes to the products. For example experimentation maybe done by changing the price of a product to see hoe the market will react. Focus Groups
This is a group of potential and existing customers brought together to focus on a particular product or consumer issues. The purpose of this research is to gather qualitative data as opposed quantitative data that focuses on the numbers. Panels
Panels are surveys that are conducted over longer period of time with same group of people. They provide information about the typical things consumers buy how consumers respond to marketing campaigns like special offers and increased advertising. E–market Research
This is as referred as “Achieving marketing objectives through applying digital technologies”. These digital technologies include Internet media such as web sites and e-mail as well as other digital media such as wireless or mobile and media for delivering digital Television such as cable and satellite. Field Trials and Piloting
The Research paper on Digital Home Convergence Content Music Broadband
Digital Home ConvergenceOverviewAs technology and entertainment converge inside the home, major players in various industries are taking different strategies in planning for the future. The concept of the "digital home" will likely take one of two forms: a closed wired entertainment network (PVRs, On Demand) or an open wireless data network (web, email, VOIP, IPTV). The closed model is already ...
Field trial involves testing a new product/service in the market before launching it. The purpose of this is to find out how real consumers respond to the product thou expensive it does produced very relevant and important information. Piloting is a similar process but this identifies the strengths and weaknesses. This may also mean piloting of market research questions. Surveys
These are the most frequently used methods of research which mainly involve the use of questionnaires. There are many ways of conducting surveys for example: * Face to Face: This is live question and answer interviews were once the most accurate form of information gathering available they are good when collecting * Postal: A survey method in which a printed questionnaire is produced and is sent by mail to consumers for them to fill in and send back. Postal surveys traditionally have a very low response rate. * Telephone: Consumers are interviewed via the telephone. The telephone interview is normally conducted from a central telephone facility. * E-mail: A survey in which respondents are contacted by e-mail and they respond to the survey via e-mail. This has a very low sometimes no response rate as some respondents may redirect the e-mails to their junk mail. Secondary Research
This is research that mainly involves using existing information rather than finding out new information. There are two main sources of finding this information and they are Internal and External sources. Internal Sources
Data Records
These are records that a company keeps in their database, particularly the important ones like the sales figures and customer based information like invoices and personal details. Loyalty Schemes/Cards
The increasing availability and use of loyalty cards has given retail outlets the chance to gather a wide range of valuable information on customer buying habits, allowing them to target promotional campaigns more effectively. EPOS (Electronic Point of Sale)
This is self-contained, computerized equipment that performs all tasks of a store checkout counter. It allows payments by bank or credit cards, verifies transactions, provides sales reports, coordinates inventory data, and performs several other services normally provided by employees. Website monitoring
The Research paper on Conducting Useful Market Research
... www.bizmove.com)Conducting Market ResearchBasic market research need not be expensive. In some cases the information a ... the focus of qualitative market research. Qualitative research allows companies to obtain richer data ... of the salespeople, distributors, direct mail methods, dealerships, telemarketing, trade shows, ... records, and complaints can give a good idea of customer demographic information, ...
It is essential to keep a record of browsers who show an interest in your website and the goods and service you offer. So this makes it easy for them to offer promotional offers to the right market. E-transactions
These transactions show a good amount of information that is useful to the seller like
* How much they spent
* How frequently they purchased
* Who bought items
Accounting Records and Production Records
These show records of how much was spent how much was made and how much in sales the business has made and in particular those big sales and more to the customers who purchased on credit. Delphi Technique
This is a method employed by predicting future patterns like consumer spending. It draws on the ideas of wise people who knowledge about the issues they are asked to examine. External Sources
Government
These are regularly analysed by companies and changes in the economy always bring up new results. This information is published in books and journals but the most popular is the internet and most of people use the ONS (Office of National Statistics) website which is much more detailed. Internet
This is the most accessible source of information. Researchers need to be cautious thou and ask themselves the purpose of this research. The most popular websites used are Google, Yahoo! and Ask Jeeves
Company Reports
Public companies are required to publish an Annual General Report. These reports can be ordered by anyone and supply details and shows the company’s current activities. This report usually shows market research processes, outlines current market trends in the area the company operates in. Libraries and universities
A library is an outstanding starting point to search for secondary data. The library will contain books and journals for the particular subject area you’re looking to explore. Recently Google have developed a project to create an online library containing millions of books. Market Research reports
These are reports produced by market researchers and have information on different markets and products. They give a good idea of trends and social policies. The main organisations that produce theses records are Mintel who research on market size for mobile phones etc. Dun & Bradstreet, publish a range of a range of reports of industries and trading prospects. Trade Journals
The Term Paper on Marketing Notes Information Research Market
... Next, it develops needed information from internal company records, marketing intelligence activities, and marketing research. Information analysis processes the information to make it more useful. Finally ... lost on most people who are not in the market for the product. Moreover, even people who are in the market may not notice ...
A technical or trade journal is a publication that is targeted to people in a very specific industry. For people outside the industry, such a journal can seem boring or incomprehensible, while people in the industry use it to keep up on developments in the industry, connect with potential employers, and network with suppliers Quantitative Data
This is information that involves a lot of statics and numbers or known as information that is collected or represented numerically, typically focuses on counting occurrences or measuring characteristic’s or behaviour rather than meaning s; easy to analyse statistically. Common forms:
* surveys,
* experiments,
* Questionnaires, etc.
Qualitative Data
This is a way of collecting information that is concerned with understanding or conveying meanings or contexts, rather than making statistical inferences. Common forms: participant observations focus groups, in-depth interviews, etc. P2: How Market research methods have been used to make a marketing decision
Type Of Research| How it’s used to make a marketing decision | Government| The market researcher might look on the internet on the demographics of the area and look at the amount average age of people which help them make their decision. They also would also look at the people who use the internet | Accounting Records| A company can use their records to see the amount of money they have to spend on promotion and if they can recoup the money they have spent. They also make sure the company can breakeven and making money and if its worth doing. | Company Reports| As companies have to publish their records it’s a great way to see what you’re competitors are making and if its an investable business and look at their costs and see if they would make a loss /profit | Surveys| Surveys are undertaken to gain first-hand information and most of the time provide valuable information. The company will have to look at the feedback amylase it to see whether the need to change their product or marketing campaign | Focus Groups| The café may hold a focus group to find out more information about what they need to offer and the prices prior to opening and marketing
The Essay on Focus Groups Group Participants Commercials
... focus group, the company ran the ad. "overwhelmingly positive focus-group response to the Rolling Stones as a trans generational and trans geographic icon confirmed people ... focus groups, in any form, can prove to be an important tool to any marketer. Groups that can use the information ... about their candidates. In a typical political focus group, a campaign makes participants watch a video to see what ...
M1:
Type Of Research| What information it provides|
Government| The government website will show the demographics and the average age of people who live there which will give them an idea of who to target. The government websites will also show the state of the economy and if people have money to spend.| Company Reports| The company may look at the competitors and see if they have made a profit or loss in the branch in the area which will give the entrepreneur an idea if they can have a slice of that | Focus groups | They can use focus groups to get ideas on what to have on in the café what services they can offer what they can do to make it unique and standout from the crowd | Internet| The internet will show information on forums and what people are used to which gives them the upper hand on the competition. They can go on twitter and see what people have problems on with the current internet cafes| Loyalty Schemes/Cards | They can introduce theses to gain feedback from customers and make recommendations. They can also get suggestions on what not to do
