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Discuss the methods of market research currently used in the business and how these could be developed - Leaving Cert Business - Question A - 2007
Question A
Discuss the methods of market research currently used in the business and how these could be developed. Market research is the gathering, in a systematic way, of im... show full transcript
Worked Solution & Example Answer:Discuss the methods of market research currently used in the business and how these could be developed - Leaving Cert Business - Question A - 2007
Step 1
Methods of market research currently used in the business
Answer
The business employs both primary and secondary market research methods.
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Primary Research (Field Research): This involves direct contact with customers through methods such as interviews and questionnaires. This approach allows the business to gather firsthand information about customer preferences and reactions to new ideas and products. Utilizing sales personnel to interact with clients ensures that the feedback obtained is relevant and timely.
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Secondary Research (Desk Research): This method analyzes already available information from both within and outside the business. Internal sources such as sales figures and marketing costs help in evaluating the effectiveness of previous strategies. External sources like industry reports, online databases, and trade publications provide contextual market insights that inform decision-making.
Step 2
How these methods could be developed
Answer
To enhance market research methods, several strategies can be implemented:
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Improved Engagement: The business can organize focus groups to facilitate deeper discussions with customers. This allows for more qualitative insights into customer needs and expectations.
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Online Surveys: Leveraging digital tools for surveys would streamline the data collection process, enabling a broader reach and quicker feedback turnaround. The use of the internet provides an opportunity to access diverse demographics that may not be easily reachable through traditional methods.
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Website and Digital Analytics: Developing the company's website with effective tracking tools can help gather valuable data on consumer behavior and preferences. By analyzing web traffic, the business can gain insights into which products or services are attracting the most interest.
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Consulting External Experts: Collaborating with market research firms can add expertise and provide access to advanced analytical tools and methodologies. This can enhance both the depth and the breadth of insights gathered.