Market Research :: Business and Management Studies

securities industry ResearchFinding out about what consumers necessity and need, and what makes thembuy, is called MARKET RESEARCH.Market research is the process of gaining entropy about customers,competitors and foodstuff trends through collecting primary and secondarydata.Why Research the Market?Businesses that are product orientated risk spending large amounts of specie launching a product, which could be a failure.Research the market helps mortify this risk.It focuses research and design effort onto products, which have achance of advantage in the market place.When the product is launched, a carefully researched product standsless(prenominal) chance of failing.Market research attempts to find the answers to questions a business cogency have about its market.This breeding is collect via desk research and field research.The information is then collected and analysed. The business thendecides about what to do in the light of the information formed.Desk ResearchDESK RESEARCH involves the use of SECONDARY DATA. This is informationthat is available, both within and outside the businessInternal Sources is such(prenominal) as sales invoices, reports and accounts.Government is published statistics, such as consumer spending figuresreports such as Monopolies and Mergers Commission Reports.The Media is reports in newspapers, magazines, on radio and ontelevision. stack Associations is statistics or reports published by nationalorganizations such as the TUC, the CBI or chambers of commerce, orindustry associations such as the Engineering Employers alliance orthe National Farmers Union.Research Organisations is reports prepared by specialist marketresearch organizations such as Mintel or Mori articles published inacademic journals such as university journals.Field ResearchFIELD RESEARCH involves the battle array of PRIMARY DATA is informationwhich no one has yet collected.It is collected for the particular piece of research through directinvestigation, that is , observation, survey and experiment.