Market Research By Anita Basra
- Market research- a way to find out what your customers wants and needs.
- Primary research- it is information that is newly created by you.
- Secondary research-it involves using data that is already in existence.
- Marketing mix- Product, Promotion (adverts, newspapers, bill boards), Price, Place (the 4 P's) when using the 4p's you have to make sure that you balance them out.
What Customers Want?
Customers want good quality products, with a reasonable price . Also they want good customer service, if you have all these things then the customers would get loyal to your business. Customers look for new ideas so they can collaborate.
What Is The Market Like?
The market is full of competition, with new and better improved products. It is always looking better products, so it is difficult to introduce your newly designed products.
- Good questions designed your self
- Aim direct questions
- Get the latest information from the market place
- Can be expensive
- Also can be bias
- People can answer wrong
- People may not like the design
Pros And Cons Of Primary Research
Pros And Cons Of Secondary Research
- Don't need to make the effort to create one yourself
- Don't cost money
- Can be outdated
- It can be wrong
- Also can be irrelevant
- Expensive to buy from the market place.