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Market Research
 

Market Research

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Market Research

Market Research

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    Market Research Market Research Presentation Transcript

    • Market Research
    • Market Research
    • Secondary Research
    • Internal Sources
      • Company Accounts
      • Internal Reports and Analysis
      • Stock Analysis
      • Retail data - loyalty cards, till data, etc.
    • External Sources
      • Government Statistics (ONS)
      • EU - Euro Stat
      • Trade publications
      • Commercial Data - Gallup, Mintel, etc.
      • Household Expenditure Survey
      • Magazine surveys
      • Other firms’ research
      • Research documents – publications, journals, etc.
    • Sampling Methods
    • Market Research
      • Sampling Methods:
      • Random Samples – equal chance of anyone being picked
        • May select those not in the target group – indiscriminate
        • Sample sizes may need to be large to be representative
        • Can be very expensive
    • Market Research
      • Stratified or Segment Random Sampling
        • Samples on the basis of a representative strata or segment
        • Still random but more focussed
        • May give more relevant information
        • May be more cost effective
    • Market Research
      • Quota Sampling
        • Again – by segment
        • Not randomly selected
        • Specific number on each segment are interviewed, etc.
        • May not be fully representative
        • Cheaper method
    • Market Research
      • Cluster Sampling
        • Primarily based on geographical areas or ‘clusters’ that can be seen as being representative of the whole population
      • Multi-Stage Sampling
        • Sample selected from multi stage sub-groups
      • Snowball Sampling
        • Samples developed from contacts of existing customers – ‘word of mouth’ type approach!
    • Primary Research
    • Market Research
      • Primary Research
        • First hand information
        • Expensive to collect, analyse and evaluate
        • Can be highly focussed and relevant
        • Care needs to be taken with the approach and methodology to ensure accuracy
        • Types of question – closed – limited information gained; open – useful information but difficult to analyse
    • Market Research
      • Quantitative and Qualitative Information:
      • Quantitative – based on numbers – 56% of 18 year olds drink alcohol at least four times a week - doesn’t tell you why, when, how
      • Qualitative – more detail – tells you why, when and how!
    • Purpose
    • Market Research
      • Advantages of Market Research
        • Helps focus attention on objectives
        • Aids forecasting, planning and strategic development
        • May help to reduce risk of new product development
        • Communicates image, vision, etc.
        • Globalisation makes market information valuable (HSBC adverts!!)
    • Market Research
      • Disadvantages of Market Research
        • Information only as good as the methodology used
        • Can be inaccurate or unreliable
        • Results may not be what the business wants to hear!
        • May stifle initiative and ‘gut feeling’
        • Always a problem that we may never know enough to be sure!
    • Market Research Methods in Travel and Tourism BTEC Travel and Tourism
    • Why Do Market Research?
      • Market research is commonly seen as finding out if a product or service will be successful
      • But there is more to it than that
      • Market research can have many different purposes
    • Research Purposes
      • To identify customer needs and then meet those needs
      • To learn about customer attitudes and values
      • To help develop products and services that meet identified needs
    • Research Purposes
      • To discover sales trends
      • To find out about competitors’ activities
      • To measure the effectiveness of promotional activity
      • To classify customers into groups or types
    • How Is It Done?
      • Unique research that uses surveys, interviews and questionnaires to find out about markets
      • This is known as ‘primary’ research
      • Using existing information such as internal or external records and statistics to learn more about markets
      • This is called ‘secondary’ research
    • Why Use Different Methods?
      • Each different method has its advantages and disadvantages
      • Each may only be appropriate in certain circumstances
      • Users need to work out if the method is right for them according to its cost, reliability, validity, accessibility and the time it will take to gather
    • What Now?
      • Go to the Activity that accompanies this Presentation to find out more about how market research is used in the travel and tourism industry