...Methods of analysing marketing opportunities Market research involves collecting, recording and making sense of all the available information which will help a business unit to understand its market. Market research sets out to answer the following questions: * Who makes up the target audience? * What do they want? * When do they need it? * Where does it sell best? * How can it be taken to them? * Why do they want/need it? * What are our competitors doing? * How is our market changing? Market research helps firms to plan ahead rather than to guess ahead In business, demand is always changing and therefore it is essential to know how things are changing. Market research requires a special form of skill and therefore market research companies are often employed because they have the necessary experience and also because market research takes up a lot of time. Methods used in marketing research Data gathering involves collecting as much information as possible about the market, usually before any further steps are taken. It relies on desk research and field research. Data is divided into primary and secondary categories. Primary data are collected in the field. Secondary data are gathered from all the material that is at present available on the subject, and is always studied first when doing desk research. Desk research This method involves the search for secondary data, whether published or unpublished. A good place to begin is with a company's...
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...buy a product or service, we expect it to be right. We don’t jump up and down with glee saying “isn’t it wonderful, it actually worked”. That is what we paid our money for. Add to this our world of ever exacting standards. We now have products available to us that would astound our great grandparents and yet we quickly become used to them. The bar is getting higher and higher. At the same time our lives are ever more complicated with higher stress levels. Delighting customers and achieving high customer satisfaction scores in this environment is ever more difficult. And even if your customers are completely satisfied with your product or service, significant chunks of them could leave you and start doing business with your competition. A market trader has a continuous finger on the pulse of customer satisfaction. Direct contact with customers indicates what he is doing right or where he is going wrong. Such informal feedback is valuable in any company but hard to formalise and control in anything much larger...
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...Research Applications Paper Valerie Smith University of Phoenix HRM/558 Research in Human Resource Management Human resource is where you define the strategy and plan that is necessary to implement the company’s mission, goals, and vision. Also, human resources strength in decision making and implementation of strategies and hiring process is very important to the company’s bottom line. In this paper, the goals of research in HR will be discussed, the comparison of the applications of primary and secondary research, and an explanation of how reliability and validity are used and why they are important to human resource research. The goals of research in HR are to understand the resources that are available to a company. Also, research will help a company understand what weaknesses they have and also its strengths. Research in HR is also important to understand if the company is achieving the goals that they set out to do when the creation of the company was being done. Research will provide information on how to get a project started, what resources are needed, and how many employees are needed to achieve these goals. When trying to find the right employee for the company, human resources use two types of applications for research and they are primary and secondary research. Primary research is designed to answer specific questions and data is gathered directly from the market or field (Devault, 2013). Focus groups, surveys, field tests...
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...Master Grind The viability of launching a new App for DCU Ruth Sheridan, Alicia Greene, Pamela Doyle & Pedro Fernandez de Santaella Applied Market Research (MG208) Lecturer: Fergal Brophy DCU Global Business March 22nd 2015 Applied Market Research (MG208) Lecturer: Fergal Brophy DCU Global Business March 22nd 2015 Executive Summary 3 Description of hypothetical Product 4 Research Objectives 6 Research Methodology 7 Secondary Research 7 Quantitative Research 9 Questionnaire 9 Observation 10 Qualitative Research 11 Focus Group 11 One-to-One Interviews 12 Data Collection (Findings) 14 Quantitative Survey 14 Quantitative Observation 17 Focus Group 17 One-to-One Interview Personas 19 Analysis of Findings (Key Takeaways) 21 Quantitative survey 21 Observation 21 Focus Group 22 One-to-One Interviews 22 Conclusions and Recommendations 23 Limitations 24 References 25 Appendices 26 Appendix 1 26 Additional Information on One-to-One Interviews 26 Appendix 2 28 Additional Graphs. 28 Appendix 3 30 Master Grind Post-Graduate Survey 30 Master Grind Student Survey 32 Appendix 4 35 Focus Group theme sheet 35 Group reflection 37 Infographic 39 Executive Summary In the first week of semester two of the Market Research module MG208 in DCU we were designated a task; to come up with a new and innovative business venture that would be of benefit to the students of DCU. We wanted to solve a problem that students who...
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...Brad Fry A00313866 Ad-Lider Embalagens, SA 1. The methodologies of the market research used by Ad-Lider were focus groups and intercept interviews. There were three separate focus groups which were conducted. Two of these groups were carried out in Sao Paulo, while the other was in Rio de Janeiro. In Sao Paulo, one group consisted of housewives living in apartments, while the other was housewives living in houses. In Rio, the group consisted of housewives living in apartments. The profile of Sao Paulo women living in houses were married, had children, ages 28-40, and had a high school education. The Sao Paulo women living in apartments were either married or single, ages 28-39, and had professional careers. The Rio participants consisted of women who were either single or divorced, ages 32-42, with or without children, and had a high school education. The Rio participants were active in exercise programs while the Sao Paulo participants were not involved in exercise programs. I believe that it is important to note that these focus groups were made entirely of women. In appendix four, under consumer data, it shows that 25% of all garbage bag purchases are made by males (as determined by the individual interviews). The focus groups are cutting out a quarter of Ad-Lider’s potential customers. It is also important to note that the focus groups were entirely type A and B social classes. This demographic is only 19% of Brazilian households, and only 52% of the national...
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...(P1, P2) Describe the term primary research and explain FIVE different primary research techniques that are commonly used. Primary research is any type of research that you go out and collect yourself. Examples include surveys, interviews, observations, and ethnographic research. A good researcher knows how to use both primary and secondary sources in her writing and to integrate them in a cohesive fashion. While there are many ways to perform market research, most businesses use one or more of five basic methods: surveys, focus groups, personal interviews, observation, and field trials. The type of data you need and how much money you’re willing to spend will determine which techniques you choose for your business. 1. Surveys. With concise and straightforward questionnaires, you can analyze a sample group that represents your target market. The larger the sample, the more reliable your results will be. • In-person surveys are one-on-one interviews typically conducted in high-traffic locations such as shopping malls. They allow you to present people with samples of products, packaging, or advertising and gather immediate feedback. In-person surveys can generate response rates of more than 90 percent, but they are costly. With the time and labor involved, the tab for an in-person survey can run as high as £100 per interview. • Telephone surveys are less expensive than in-person surveys, but costlier than mail. However, due to consumer resistance to relentless telemarketing...
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...MARKET RESEARCH MARKET RESEARCH ASSINGNMENT NO. 1 Arpit Tripathi Div C Roll no 324304 Arpit Tripathi Div C Roll no 324304 Research Interview Submitted To: Prof. Amit Sinha Research Interview Submitted To: Prof. Amit Sinha INTRODUCTION: In today’s busy world people because of their occupied calendar barely get time to keep themselves fit. But some are still there who want to keep themselves fit by taking out time from their busy schedule to do exercise and the same guys stay sound for long lives. Many have habit of doing exercise in Gym and others workout in field. Along these lines, I as a Marketing Research student is given a task to study about the behavior of the people regarding their views on exercise by conducting interviews both structured(questionnaire) and unstructured. Market research is done with a particular objective with target respondents to analyze their behavior and needs and accordingly design our product or services. The standard process for Market Research is given below, Research Interview: Interview is exchanging of ideas and information between two or more persons by asking questions and giving responses on any given topic. The objective of interview is to gain any relevant information from the respondents and implementing the same. There can be two types of interviews structured and unstructured. Structured Interviews: * Structured interview is based on a laid down pattern such as questionnaires were same type of questions...
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...Market research is the process of collecting valuable information to help you find out if there is a market for your proposed product or service. The information gathered from market research helps budding entrepreneurs make wise and profitable business decisions.The key to any successful business is to understand what it is that your customers want and giving this to them in a way that is profitable for you. purpose of market research Gain a more detailed understanding of consumers’ needs – Marketing research can help firms to discover consumers’ opinions on a huge range of issues, e.g., views on products, prices, packaging and recent advertising campaigns. Reduce the risk of product/business failure – There is no guarantee that any new idea will be a commercial success, but accurate and up-to-date information on the market can help a business make informed decisions, hopefully leading to products that consumers want in sufficient numbers to achieve commercial success. Forecast future trends – Marketing research can not only provide information regarding the current state of the market but it can also be used to anticipate future customer needs. Firms can then make the necessary adjustments to their product portfolios and levels of output in order to remain successful. Primary research is new research, carried out to answer specific issues or questions. It can involve questionnaires, surveys or interviews with individuals or small groups. Secondary research...
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...Market Analysis Overview Whether you are starting a new business or launching a new product, conducting a marketing analysis is the first step in determining if there is a need or audience for your idea. Knowing the market's needs and how it is currently serviced provides you with key information that is essential in developing your product/service and marketing plan. Too often, businesses spend thousands of dollars launching a "new" idea with a limited market because of competition. The owner is forced to reevaluate his strategy and determine if there is room for another player. Although the quality of the product is critical, your development of the best product on the market will not necessarily correlate with the most sales. Up to 50 percent of a product's price can be for marketing. The company who wins the marketing game generally will capture the larger share of the market. For related information, see Identify Your Target Market. Conducting a market analysis will help you: 1. Prepare to enter a new market 2. Launch a new product/service 3. Start a new business At the completion of this exercise, you should be able to: • Explain the concepts of a marketing analysis • Determine if there is a need for your idea or product/service • Identify a new market • Analyze your current market • Gain a competitive advantage • Begin to establish a marketing plan Outline: I. Marketing Analysis - What Is It? Why Should You Do It? II...
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... Marketing Research in India – About Us eMpulse India mission is to provide high quality, cost effective market research in India to businesses operating in the global market. eMpulse India Vision is to grow into a leading provider of outsourced market research services to Indian companies. eMpulse India is a market research firm that provides custom market research solutions to our clients. The strong background of the leadership team and the employees allow us to deliver very high quality service. We focus on balancing three basic metrics for any project : * Quality * On-Time-Delivery * Price Our research has indicated that these are the three value parameters that Indian market research customers are demanding. We do not believe in sacrificing one metric at the expense of the other. Our global cost arbitrage model gives enough cost advantage that we don’t need to cut corners on quality and On-Time-Delivery performance. Market Research in India – Our Services We conduct Market Research in India. Market information is brand battleground of today. To help you understand the market using Market Research in India, the Services provided by eMpulse are : * Field Data Collection * Market Research Analysis * Market Research Reporting * India Marketing Consulting * Market Research Training We conduct Market research in India to help with the following ; * India Product Launch * India Brand Launch * India Market Monitoring ...
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...Evan Drummond When a company decides to enter a new market, there are many factors that come into play that will dictate how well or how poorly they will do. In the competitive markets of today’s world, it is crucial for companies to release new products and services in order to not lose market share. Furthermore, it is vital for companies to release new products and services that the customers want. A very effective way to determine the needs of the customer is through market research. As a member of management at a successful high-end adult clothing and accessories retailer looking into launching an exclusive line of high-end children’s clothing, there are numerous ways to determine whether or not it would be a profitable decision. Through market research, we will be able to determine whether or not it would a market worth exploring. More notably, following the market research process will provide the company with a better understanding which decision to make. The first step in the market research process is to define the research problem. In this step you must specify the research objectives, identify the consumer population of interest, and place the problem in an environmental context. Therefore, in terms of the company, they must determine if they should explore a children’s department, based on what their customers want/need and what factors (both internal and external) may influence their choice. A major factor in choosing would be competition surrounding their...
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...The GfK Group is a full service market research company. GfK is Germany’s largest and oldest market research institute and is ranked among the top 10 research companies in the world (Murphy, 2012b). With over 11,500 research and marketing experts, GfK provides services to over 100 countries (GfK, 2012a). GfK Group was established at the University of Erlangen in Nuremberg, Germany in 1934. Professor Wilhelm Vershofen is considered the founding father of GfK although a team of university professors played a major role in the founding of the company (GfK, 2012b). GfK was originally established as Gesellschaft für Konsumforschung meaning Society for Consumer Research (GfK, 2012c). GfK strives to provide its clients with the best understanding of how people think and act through the most advanced and innovative methodologies. GfK offers services in all major consumer, pharmaceutical, media and service markets (GfK, 2012a). There are two main business sectors in which Gfk provides services: Consumer Choices and Consumer Experiences (GfK, 2012a). The Consumer Choices business side focuses on providing precise and timely data based on the decisions and actions consumers have already made. For example Consumer Choices analyzes when, where and at what rate a specific product is selling at. In addition, this business side also researches how consumers interact with different media such as the Internet, television and social media (GfK, 2012d). On the other hand Consumer Experiences...
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...Objective of market research: -To transform the research plan into an actionable plan to control drug abuse -To analyse the impact of advertisements on drug abuse -Providing recommendations to mayor based on the research conducted Market research method: Earlier to this research, many other researches were also conducted on Boston’s drug problem. Most of these researches were based on qualitative impressions of various stakeholder’s and didn’t provide initial framework for any subsequent researches. HBS field study group attempted to lay the groundwork by a collecting data primary data and analysing it with the currently existing theory. HBS field study group had three research options available Qualitative surveys, Quantitative surveys, and One-on-One interviews. Quantitative method required several testable parameters, which were not available in the subject case. One-on-one interview method was too slow and too subjective. Therefore, the study group decided to qualitative surveys based on focus groups of eight to ten individuals...
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...organisation uses marketing research to contribute to the development of its marketing plane. A definition of marketing research: "Marketing research is the systematic and objective search for, and analysis of, information relevant to the identification and solution of any problem in the field of marketing." The key words in this definition are; systematic, objective and analysis. Marketing research seeks to set about its task in a systematic and objective fashion. This means that a detailed and carefully designed research plan is developed in which each stage of the research is specified. Such a research plan is only considered adequate if it specifies: the research problem in concise and precise terms, the information necessary to address the problem, the methods to be employed in gathering the information and the analytical techniques to be used to interpret it. The market research brief: Marketing research can be concerned with any of a variety of aspects of the market: the product, sales, buyer behaviour, promotion, distribution, pricing, packaging, etc. Since the researcher cannot investigate everything about a market, he/she must be selective. The question remains as to how the researcher decides where to focus the study, and to what depth each issue should be investigated. The answer should lie in a document called the research brief. The research design is a set of guidelines given to the researcher by the person(s) who have commissioned the research and/or the individual(s)...
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...Knowledge Base Lonely Planet Guides Global Explorers Does Lonely Planet required to conduct a market research before entering a new market? Yes it does. Every company will need to conduct a market research before entering a new market. With the globalisation of the travel books markets, marketing research that conducted in international level is highly required. Marketing research can be defined as the use of information to define marketing problems and opportunities, evaluate marketing actions and monitor the performance (American Marketing Association 2004). According to Naresh (1992), marketing research process consists of six steps, which are problem definition, developing an approach, research design formulation, data collection, data analysis and report presentation. There are several research techniques that could be applied when conducting a marketing research, such as interview, observation, survey and focus group. Focus group is an effective qualitative technique in marketing research that has been used by many marketing research firms since 1950s (Cox, Higginbotham & Burton 1976). According to Gallagher (2009), Lonely Planet used focus groups to figure out how individuals travel around regions. Since regional travellers were most likely to be aged 26 to 34 or more than 50 years old, Lonely Planet decided to change their strategy on how to penetrate the demographic market. With an attractive image on the front covers and full colour section at the beginning of...
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