Market research

Market research = gather info to understand present + future customer needs + factors affecting market place to reduce risk
1. To:
  1. quantify potential demand
  2. understand how much ppl willing to pay
  3. understand customer behaviour
  4. find competitors and their USP
  5. identify key features of business environment
    1. e.g. social, political
Quantitative data = numerical data, can be statistically analysed
Qualitative data = market research based on opinions and feelings
Sampling - collecting data from representative group of the target market/whole population
1. Random = everyone has equal chance
2. Quota = dividing target market into groups depending on consumer characterisitics
3. Stratified = proportionately select ppts within groups randomly = accurate
Bias = sample doesn't accurately reflect variations in total population
1. e.g. too small
Secondary research = using previaously gathered, publically available data
1. e.g.
  1. Market reports
    1. you can buy market trend reports that tell you about consumer attitudes
      1. Mintel + Key Note
  2. Government data
    1. National + local gov provide detail on population demography
  3. Economic historic forecast data
    1. trends in unemployment. useful if sales depend on strong consumer confidence
      1. e.g. growth, inflation, consumer spending
  4. Internet
    1. search engines are good for highlighting comp
  5. Trade publications
    1. specialist magazines report on market trends
2. Good
  1. available immediately
  2. often cheaper
3. Bad
  1. out of date
  2. inaccurate and unreliable
  3. sometimes expensive
  4. not private
Primary research = first hand info involving fieldwork. can be directly related to businesses individual nneds
1. e.g.
  1. questionnaire
    1. preplanned open +closed q's
    2. clear, relevant, logic, detailed, unintrusive
  2. focus group
    1. group discussion about product, service, advert = qualitiative
  3. observation
    1. Watching + studying potential customers, suppliers + competitors
      1. count footfall
      2. observe customer shop movement
      3. study competition -products, shortfalls etc
  4. Test marketing
2. good
  1. up to date
  2. specific
  3. private
3. bad
  1. £££
  2. time cosuming
    1. collect
    2. interpret
  3. interviewer bias
  4. can require specialists
Market size = shown by total value/total volume of goods sold
Market share = shown by % of market selling to
Market growth = increase in market size
Market segmentation = markets can be split into groups with distinctive customer preferences
1. e.g. age, gender, family status, income, interests, location. culture, occupation, lifestyle etc
Mass marketing = businesses that aim products at largest part of market
1. good
  1. larger potential market = ;large revenues
2. bad
  1. strong comp = low price =low profit
  2. branding + advertising = £££ and difficult
Niche marketing = deliberately targeting small group of customers with larger market who share same characteristics/need
1. good
  1. low comp = high price = high profit
  2. clear focus - can target particular customers
2. bad
  1. dependent on small group of customers = vulnerable
  2. could attract comp if successful
Differentiated products = have distinctive features - diff from comp
1. distinct image - unique characteristics/marketed differently
market positioning = the way a product is perceived compared with comp. Helps business make decisions about how product range matches customer preferences or appeals to diff market segments
Market map = plots brands in the market according to how they meet customer needs so business can position individual products effectively
Gap in the market = scope for new product not currently being provided
Repositioning = targeting diff market segments where individual features are more suitable to needs of customer
Comp advantage = any factor that helps business beat competition e.g price, innovation, rep, reliability
added value = diff between price charged + total input cost. Including improvement of product/market perception
Comp
1. Good
  1. loyal customers
  2. reduce price/promote til competitor gives up
  3. long term customer contracts e.g. phone
  4. already invested e.g. need complements
2. Bad
  1. high price
  2. low quality
  3. poor availability
  4. outdated
  5. poor promo

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Market research

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