Market Research
Market research is a method by collecting, analysis and reporting the data and finding the relevant to a specific marketing situation facing the company. There is a series processes need to applied when doing the market research:
- Research must define the problem and state the research objectives;
- Develop a research plan, which include the data sources, methods of research, and sampling plan;
- Collect information;
- Analyse information;
- Present the result;
- Make the decision.
There are variant means can achieve the research, the most common one is by doing the consumer surveys. Market research method is good for new product sales and long-range forecasts, sometimes it may need external experts.
The benefits by using this method is that it is a convenient and simple method, there are many marketing research agencies will do omnibus survey researches with a period of interval, therefore it is easy that company just purchase the question spaces on such survey. Online surveys are also a power tool to achieve the forecast with vey low cost but high efficiency, the result can be collected and analyzed within a incredible short time period.
However, the forecasts are usually overestimated since customers are normally optimistic and indulge in wishful thinking, the worse case is “they will no appreciate the importance of such questioning, so their estimates, in many cases, will be nothing more than guesses.” (Lancaster G and Lomas R, 1985)
Therefore, this method is best used when customers are willing to state their buying intention with a reasonable accuracy, and as the number of users smaller the more accuracy of the forecast will be. As the result, this method are frequently used by specialist industrial goods producers. Nowadays, the internet base market research are also widely be used, in this case, the large amount of participant can provide a more reliable data to analyzed, and this survey often accomplish with some incentive promotions (such as free coupon when finish the survey).
Copyright © 2015 | University of Warwick, Coventry | [email protected]
POWERED BY KASPAR CHEN