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

In the context of McGComputers, the methods of market research can be categorized into two main types: Primary (Field) Research and Secondary (Desk) Research.

Field (Primary) Research

This involves direct engagement with the market. In McGComputers' case, Jason has initiated approaches that include:

• Interviews and Surveys: Staff are encouraged to conduct interviews and surveys with customers to gather firsthand feedback about products and services.
• Observation: Employees can observe customer behavior and preferences in the store, which can provide invaluable insights.
• Customer Engagement Discussions: Focused discussions with groups of customers are used to brainstorm new ideas and products, helping the firm to stay aligned with market demands.

Desk (Secondary) Research

This method utilizes already available information to gather insights and trends:

• Published Reports and Trade Publications: These resources can help identify market trends, forecasts, and statistical data that inform strategic decisions.
• External Resources: Magazines, reports, and government statistics can also provide context about the larger market environment.

Development Opportunities

To further enhance their market research methods, McGComputers could implement the following strategies:

• Utilize Technology for Research: Participate in online surveys to gather data from a wider audience, leveraging tools like Google Forms or SurveyMonkey.
• Website Analytics: Analyze data from their website to understand customer behavior, such as which products are most viewed and how customers navigate the site.
• Regularly Review Research Findings: Make it a practice to periodically analyze and adjust strategies based on the findings from both field and desk research methods. This will ensure that the firm remains responsive to changing market conditions.