Research

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Research

  1. 1. http://www.bized.co.ukMarket Research Copyright 2006 – Biz/ed
  2. 2. http://www.bized.co.ukMarket Research Copyright 2006 – Biz/ed
  3. 3. http://www.bized.co.ukSecondary Research Copyright 2006 – Biz/ed
  4. 4. http://www.bized.co.uk Internal Sources• Company Accounts• Internal Reports and Analysis• Stock Analysis• Retail data - loyalty cards, till data, etc. Copyright 2006 – Biz/ed
  5. 5. http://www.bized.co.uk 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. Copyright 2006 – Biz/ed
  6. 6. http://www.bized.co.ukSampling Methods Copyright 2006 – Biz/ed
  7. 7. http://www.bized.co.uk 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 Copyright 2006 – Biz/ed
  8. 8. http://www.bized.co.uk 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 Copyright 2006 – Biz/ed
  9. 9. http://www.bized.co.uk 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 Copyright 2006 – Biz/ed
  10. 10. http://www.bized.co.uk 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! Copyright 2006 – Biz/ed
  11. 11. http://www.bized.co.ukPrimary Research Copyright 2006 – Biz/ed
  12. 12. http://www.bized.co.uk 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 Copyright 2006 – Biz/ed
  13. 13. http://www.bized.co.uk 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! Copyright 2006 – Biz/ed
  14. 14. http://www.bized.co.ukPurpose Copyright 2006 – Biz/ed
  15. 15. http://www.bized.co.uk 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!!) Copyright 2006 – Biz/ed
  16. 16. http://www.bized.co.uk 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! Copyright 2006 – Biz/ed

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