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State the purpose of consumer research - Leaving Cert Home Economics - Question 10 - 2008
Question 10
State the purpose of consumer research. To identify consumer wants and expectations. To test the market prior to developing / launching a new product. To highlight ... show full transcript
Worked Solution & Example Answer:State the purpose of consumer research - Leaving Cert Home Economics - Question 10 - 2008
Step 1
State the purpose of consumer research.
Answer
The purpose of consumer research is to identify consumer wants and expectations. It plays a crucial role in helping businesses understand their target market. Additionally, it allows companies to test the market before developing or launching new products, ensuring that there is demand for their offerings. Furthermore, consumer research helps in highlighting market trends by identifying market size and potential markets, which aids in strategic planning and decision-making.
Step 2
Name two methods of consumer research.
Answer
(i) Field research - This includes techniques such as vox pops, interviews, and consumer panels, which gather direct feedback from consumers.
(ii) Desk research - This method involves analyzing existing data from written surveys, questionnaires, and phone surveys. It helps in compiling and interpreting previously collected information.