1. Market Research

2. Market Research
Market research is the gathering, recording and analysing of important and relevant information about markets and trends.

3. Reasons for Market Research
To find out what the consumer wants
To discover the size of the market that exists for the product or service.
To find out the most suitable method of advertising to use.
To work out a suitable selling price
To find out the most suitable method of distributing the product
To test a suitable name for the product
To find out who the main competitors are and the share of the market they already hold

4. Methods of collecting information
Desk Research
- When information is collected about a market by looking up existing reports, the internet, newspaper articles and other documents.
Field Research
- This involves going out and making direct contact with the people who make up the target market of your product or service.
e.g. Questionnaires, Surveys, Focus Groups, Test Marketing, Direct Observation

5. Market Research Questionnaire
Open-Ended Question
What is your opinion of the visa card? ____________________
____________________
Closed Question
Do you have a VISA Card? YES ________________
NO ________________
Multiple Choice Question
Which age group are you in?
Answer with an X:
Under 25
25-29
30-40
41-50

6. Market Research Stages
Define the problem
Develop a research plan
Choose method of collecting data
Select respondents – sampling
Collect the data – fieldwork
Analysis of data collected
Presentation of research report.