Market Research Techniques

Shahid Musthafa
Mind Map by , created about 6 years ago

Master ACCA F5: Performance Management (B6: Risk and uncertainty in decision making) Mind Map on Market Research Techniques, created by Shahid Musthafa on 09/11/2013.

Shahid Musthafa
Created by Shahid Musthafa about 6 years ago
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Market Research Techniques
1 Focus Groups
1.1 a focus group is a common market tool used by the managers ,in this technique a small group (typically ranging from 8 to 10) is selected from a broader population
1.1.1 The selected group is interviewed in an informal environment through facilitator led discussions Problems with the focus groups can be Qualitative research technique Small groups wont be a good representing data from big popluation Sometimes the candidates will be pressured to give favourble answers Cost is high .but online way of focus group research is now available
2 Desk research
2.1 The information is collected from the secondary sources i.e already collected data l
2.1.1 This is a quicker and most cheapest way of initiating the research
2.1.2 news papers
2.1.3 Business journals
2.1.4 Ariticles & magazines
2.1.5 Census information
2.1.6 However it cannot be assured that the data collected will be matching the current needs of the management the collected data may be outdated
2.2 Types of information collected by desk Research
2.2.1 Economic Intelligence Information relating to the economic environment in which the company operates The Information Gross National Product A countries investment market population employment Trade and commerce Sources Government agencies Universities & management institutes nationalised industries
2.2.2 Market Intelligence Data for the future decision making such as future markets and competitor data
2.2.3 Internal Data for performance improvement decisions both qualitative and quantitative
3 Filed research
3.1 The information is collected from the primary sources in which the data can be collected from a group of targeted audience
3.1.1 motivational research The aim is find out the factors behind a customers decision to buy or not to buy a particular product ,its a bit qualitative in nature
3.1.2 Measurement research It tries to quantify the results obtained through motivational research How much purchased in what quantities ? Where and when the product is purchased

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