Market research

A detailed Summary of Market research


Many businesses are Product Orientated. This means that they design and make a product, and then try and convince consumers to buy it. Business can also be "Market Orientated". This is where they try to find out what consumers want before making the final product. Finding out about what consumers want and need, and what makes them buy, is called "Market Research".

Businesses which are mainly product orientated risk spending a large amount of resources launching a product which proves to be a failure. Researching the market helps reduce this risk. It should focus research and design effort onto products which have a chance of success in the market place. When the product is launched, a carefully researched product stands less chance of failing.

Market research attempts to find the answers to questions a business might have about its market. A market researcher must then decide what information might help answer the quest


ion brought forward. The market researcher then decider how best to collect this information. There are two ways of doing this, desk research and field research. The information is then collected and analysed. Finally, the business has to make a decision about what to do in the light of the information formed.

Experiments are experimental techniques which market researchers can use. To launch a new product is often very costly. Instead, products could be tested on groups of consumers to see whether they are acceptable and likely to sell well.

Surveys usually involves asking questions of Respondents- people or organisations who reply to the questions asked. There are different ways of conducting surveys. A postal survey, where questionaires are sent through the post, or a newspaper survey, where readers are invited to fill in and return a questionnaire in a newspaper, are cheap. Telephone surveys, personal interviews and consume

Some common words found in the essay are:
Primary Data, Research Businesses, Market Orientated, Product Orientated, information collected, market research, quota sample, chosen random, , information available, collect information, field research, market researcher, research involves, desk research,

Approximate Word count = 632
Approximate Pages = 3 (250 words per page double spaced)

Category: Miscellaneous

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