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Market Research Methods

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Marcus McGowan
Marcus McGowan

The document discusses market research methods used by organizations. It defines market research as gathering, recording, and analyzing data about customers, competitors, and the target market. The DECIDE model outlines the market research process, including defining problems, collecting information, identifying alternatives, and evaluating decisions. Information can come from primary sources like surveys or secondary sources like reports. Both methods have advantages and disadvantages for obtaining reliable market intelligence.

BusinessTechnology
1 of 12
By Lisa McGeehan Market Research Methods
Contents ,[object Object],[object Object],[object Object],[object Object],[object Object]
Define: market researchโ€ฆ ,[object Object],[object Object]
The DECIDE Model? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Sources of information ,[object Object],[object Object],[object Object],[object Object],[object Object],Collected 1 st hand by the business itself. Should be free from bias, and be able to be traced back to the original source. Used to make informed decisions. Main source of market research. Cheaper than primary; may not be ideally suited tp the purpose required. Less reliable. Published information (newspapers etc). Sourced from within the business; financial data or customer info. Verifiable, reliable. Sourced out-with the business. Govt. statistics, market research by third parties, consumer test reports. Gives insight into the operating environment and direct competitors. Not generally verifiable.
Methods of Market Researchโ€ฆ ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Desk/secondary market research
Advantages & Disadvantages ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Field/Primary market research ,[object Object],[object Object],[object Object],[object Object]
Moreโ€ฆ ,[object Object],[object Object],[object Object]
Sampling ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Advantages & disadvantages ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
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