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2. Market Research

Market research identifies current and future consumer needs and wants, guiding businesses in product development. It includes primary research methods like questionnaires, focus groups, interviews, and observation, as well as secondary research from existing sources. Limitations of market research include potential biases, small sample sizes, and outdated information.

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9 views8 pages

2. Market Research

Market research identifies current and future consumer needs and wants, guiding businesses in product development. It includes primary research methods like questionnaires, focus groups, interviews, and observation, as well as secondary research from existing sources. Limitations of market research include potential biases, small sample sizes, and outdated information.

Uploaded by

lan0908290
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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MARKET RESEARCH

IGCSE Business Studies


Some definitions

•Market research – Research carried out to identify


current and future consumer needs and wants
•Product-orientated business – Produce a product
then try to convince people to buy it.
•Market orientated business – Perform market
research to discover consumer needs and wants then
develop a product that meets their needs and wants.
Businesses use market
research to develop and
produce products that
The consumer wants.
Market research allows
role of us to find out if
market
researc • People would buy the product
• What consumers like and hate
h about it
• The price consumers would
pay for it
• Who would buy the product?
• What their competitors are
offering
Primary research involves the
collection of original information
by directly contacting potential or
existing customers

Ways of collecting primary


research
Primar
y • Questionnaires allows detailed
information and opinions about the

Resear product; but can be expensive and


time consuming
• Focus group of consumers give
ch detailed opinion about product which
can be very detailed and informative
but is Expensive and time consuming
• Interviews allow 2-way
communication and detailed
feedback but can also be expensive
and time consuming
• Observation can be quick but often
provides little detail
Sample –
The following group of
are sampling people
methods that selected to
can be used respond to
for collecting
primary
market
research Sampli
resarch data: questions such
as interviews ng
Method
Quota
Random
sample –
sample –
People are
Samples are
chosen
randomly
selected based
on certain s
characteristics
without
(e.g. age,
reasons
income)
Secondary research is
collecting Information that
has already been collected
and is available for use

Second Examples of where


secondary research
ary information can be found
Researc from
h •
•
Departmental records
Newspaper
• Internet
• Reports
• Statistics
Market research is not
Limitatio always accurate for many
reasons, such as:
ns of • Questions could be biased
Market • Sample may just give their own
opinions
Researc • Size of samples may be too small
h • Secondary research information can
be outdated or inaccurate e.g.
inaccurate info from internet
VIDEO
PRESENTATION

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