Market Research Techniques

Market Research Techniques

1. Focus Groups

   • 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
     • 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

   • The information is collected from the secondary sources i.e already collected data l
     • This is a quicker and most cheapest way of initiating the research
     • news papers
     • Business journals
     • Ariticles & magazines
     • Census information
     • However it cannot be assured that the data collected will be matching the current needs of the management the collected data may be outdated
   • Types of information collected by desk Research
     • 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
     • Market Intelligence
       • Data for the future decision making such as future markets and competitor data
     • Internal Data
       • for performance improvement decisions both qualitative and quantitative

3. Filed research

   • The information is collected from the primary sources in which the data can be collected from a group of targeted audience
     • 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
     • 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