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Outline the market research techniques available to ‘All-Weather Wellies Ltd’ for developing its product range - Leaving Cert Business - Question A - 2013
Question A
Outline the market research techniques available to ‘All-Weather Wellies Ltd’ for developing its product range. An Irish company, ‘All-Weather Wellies Ltd’ identifi... show full transcript
Worked Solution & Example Answer:Outline the market research techniques available to ‘All-Weather Wellies Ltd’ for developing its product range - Leaving Cert Business - Question A - 2013
Step 1
Desk Research
Answer
Desk research involves accessing information that has already been gathered. It is necessary research and can be both internal and external. This method is relatively inexpensive and helps business costs down, ensuring a competitive business.
Different types of desk research include the internet, internal sales reports, trade reports, Central Statistics Office publications, newspapers, etc. Desk research can provide information on competitors and consumer spending patterns.
Step 2
Field Research
Answer
Field research involves going into the marketplace to gather first-hand or new business information. It is primary research which is carried out by making direct contact with customers or potential customers.
Field research techniques include surveys, observations, questionnaires, and customer panels. Surveys involving personal interviews and questionnaires with a sample of the population can provide effective tools in identifying needs in the market place. Additionally, observing consumers in action, e.g., the number of customers selecting a particular product during a specific period, can provide insights into customer behavior. This allows the company to satisfy customer needs more effectively, encouraging customer loyalty and increasing the profits of the business.