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The carrying out of market research is a vital element in a marketing strategy - Leaving Cert Business - Question A - 2002
Question A
The carrying out of market research is a vital element in a marketing strategy. Illustrate how successful market research can be achieved (i) Field studies (ii) Desk... show full transcript
Worked Solution & Example Answer:The carrying out of market research is a vital element in a marketing strategy - Leaving Cert Business - Question A - 2002
Step 1
Field studies
Answer
Field studies involve gathering fresh data directly from the source. Some effective methods in conducting field studies include:
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Surveys: Surveys allow businesses to assess consumer reactions to new products and determine their preferences. This can be done through various means such as online questionnaires, phone interviews, or face-to-face interactions. The insights gathered help in understanding market trends and customer needs.
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Observations: Observing consumer behavior in natural settings, such as stores, can provide real-time insights into how customers make purchasing decisions. This method can reveal preferences that might not arise in surveys.
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Focus Groups: By conducting discussions with selected individuals who represent the target market, marketers can gain qualitative insights about consumer attitudes towards products or concepts.
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Experiments: Implementing a controlled setting where variables can be manipulated helps understand their effects on consumer behavior. For instance, testing different pricing strategies in various locations can yield valuable data.
These methods, when effectively utilized, can result in comprehensive market research that guides strategic marketing decisions.
Step 2
Desk research
Answer
Desk research involves the collection of existing data and information from secondary sources. This can include:
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Internal Records: Review past sales reports, marketing reports, and customer feedback to identify trends and issues.
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Industry Reports: Utilize reports from market research firms or industry publications that provide insights into market trends, competitor analysis, and consumer behaviors.
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Government Publications: Sources such as census data and economic analysis from government bodies can provide demographics and other crucial information.
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Academic Journals: Research findings from academic publications can help support market research with theoretical insights and data.
Desk research is particularly useful for developing a foundational understanding of the market landscape and identifying potential areas for further research.