Business and Communication Systems MARKET RESEARCH GCSE Business and Communication Systems
Business and Communication Systems Learning Intentions • Demonstrate knowledge and understanding of the different methods of market research and sampling, and recommend the most appropriate method for particular circumstances • Explain market segmentation • Produce charts illustrating market research findings
Business and Communication Systems Definitions • Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably. • Market Research The gathering and analysis of data relating to market places or customers; any research which leads to more market knowledge and better informed decisionmaking. CIM's official definitions
Business and Communication Systems Methods • There are two methods of market research: − Primary/Field Research - involves collecting new information by making direct contact with consumers eg a questionnaire − Secondary/Desk Research - involves collecting information that already exists.
Business and Communication Systems Primary Methods • • Questionnaires - face to face, postal or telephone Interview Observation Consumer Panel
Business and Communication Systems Primary Methods Advantages Disadvantages • Information is taken directly from the people who are, or will be, the business’s consumers. • Detailed information can be gathered and opinions obtained • Information is up to date and collected for a specific purpose • Inaccurate – people may not give accurate answers eg they may say they will buy something when they will not • Time and money – to design the primary research, carry it out and analyse the data
Business and Communication Systems Secondary Methods • Market research reports compiled by agencies such as MINTEL • Data already collected by the business itself eg past sales figures • The Office of Population Censuses and Surveys • Office for National Statistics • Public Libraries • Newspapers • Specialist magazines
Business and Communication Systems Secondary Methods Advantages • Information is cheaper to obtain as it has already been collected • Information is available immediately • If taken from a reliable source the information should be reasonably accurate • The data available covers a wide range of sources Disadvantages • • • The data is unlikely to have been collected for exactly the same purpose as the business requires so it may not meet the business’s direct needs Information may be out-ofdate depending on when it was collected Information is available to every other business
Business and Communication Systems Sampling • • • Firms have to decide how to select the people to be surveyed. It can do this in two ways, known as methods of Sampling. The two methods of sampling are: − Random – everyone has an equal chance of being selected, eg every 5 th person in the phone book − Quota – this involves picking people to be surveyed so that they are representative of the make up of a particular market
Business and Communication Systems Market Segmentation • The division of the market place into distinct subgroups or segments, each characterised by particular tastes and requiring a specific marketing mix. CIM's official definitions
Business and Communication Systems Market Segmentation • The people that the firm decides to investigate make up a segment of the market. • Where the market has been divided up into groups of consumers who share similar characteristics. • The market for a particular good or service can be divided up according to the key characteristics of the consumers in that market.
Business and Communication Systems Market Segmentation THE MARKET CAN BE SEGMENTED IN THE FOLLOWING WAYS
Business and Communication Systems Useful Websites www. cim. co. uk
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