Discuss the methods of market research currently used in the business and how these could be developed - Leaving Cert Business - Question A - 2007

Market research methods play a critical role in understanding the marketplace. Commonly, two principal types of methods are utilized:

1. Field Research

Field research involves gathering firsthand data directly from the target market. This can be executed through:

• Interviews: Engaging customers in one-on-one conversations to gather insights on their preferences and needs.
• Surveys: Questionnaires distributed to a larger audience to collect quantitative data, enabling statistical analysis of consumer attitudes.
• Focus Groups: A moderated discussion with a group of individuals representing the target market to gain qualitative insights.
• Observation: Monitoring customer behavior in natural settings to glean contextual information about their interactions with products.

2. Desk Research

Desk research involves analyzing pre-existing data and information available from various sources. This includes:

• Publications and Reports: Utilizing market analyses, industry reports, and academic articles to gather secondary data.
• Competitor Analysis: Evaluating competitors' activities through their marketing materials, websites, and customer reviews.
• Online Resources: Leveraging the internet for databases, forums, and social media platforms to tap into consumer sentiment and trends.

These methods can be developed further by integrating advanced technologies such as:

• Data Analytics Tools: Employing software that can analyze large data sets quickly to identify trends and customer segments.
• Online Surveys: Utilizing digital platforms to reach a broader audience efficiently and affordably.
• Social Media Listening: Engaging in real-time monitoring of customer feedback and conversations online to adapt strategies proactively.
• Mobile Research: Implementing surveys via mobile applications that offer instant engagement opportunities with consumers.

In essence, the continuous evolution of market research methods, particularly with digital advancements, will allow businesses like McGComputers to refine their understanding of customer needs and preferences, ultimately enhancing their competitive edge.