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Theory On Market Research - Online Term Paper

Theory On Market Research

Many businesses are Product Orientated. This means that they design and make a product, and then try and convince consumers to buy it. Business can also be “Market Orientated”. This is where they try to find out what consumers want before making the final product. Finding out about what consumers want and need, and what makes them buy, is called “Market Research”.
Businesses which are mainly product orientated risk spending a large amount of resources launching a product which proves to be a failure. Researching the market helps reduce this risk. It should focus research and design effort onto products which have a chance of success in the market place. When the product is launched, a ...

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do in the light of the information formed.
Desk research involves the use of secondary Data. This is information which is already available, both within and outside the business. Information within the business is information collected routinely. Invoices, for instance, will tell them how much they selland who they are selling to. Accounts will give information about the value of sales and costs of production. Businesses can also collect information which is available from sources outside the business e.g. Government, the media, Trade associations etc. The results of that research are given in a table.

Field research involves the collection of Primary Data information which no one has yet collected. It is collected specially for the particular piece of research. Primary data is collected through direct investigation, usually in one of three ways-observation, survey and expreriment.

Observation is looking at and recording what people do and how they behave can be important. ...

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PAPER DETAILS

Added: 5/28/2008 08:09:55 AM
Category: Economics
Type: Premium Paper
Words: 623
Pages: 3

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