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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 through (i) Field studies ... 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 are essential for gathering direct feedback from consumers regarding their behaviors and preferences. Here are some common methods:
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Surveys
Surveys are structured questionnaires provided to consumers to gather their responses regarding specific products or services. They help businesses determine how consumers react to their offerings and what improvements can be made. -
Focus Groups
Focus groups consist of small groups of participants who discuss their perceptions about a product or service. This qualitative method enables researchers to gather in-depth insights and understand consumer feelings and motivations. -
Observational Research
This involves observing consumers in their natural environment to see how they interact with products. It helps in understanding behaviors that may not be articulated in surveys. -
Experiments
Conducting controlled experiments allows businesses to test hypotheses about consumer behavior under varied conditions. This method provides causal relationships between marketing variables and consumer responses.
Step 2
Desk research
Answer
Desk research gathers and analyzes existing information from internal and external sources without the need for direct data collection. It involves the following:
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Secondary Data Analysis
This involves analyzing previously collected data from various sources such as company records, market reports, and academic papers. It offers insights without the need for fresh data collection, saving time and resources. -
Publicly Available Statistics
Utilizing statistical data available from government publications and industry reports can provide valuable insights into market trends and consumer demographics. -
Competitor Analysis
Examining competitors’ marketing strategies, successes, and failures helps understand market positioning. This can be achieved through their public communications, websites, and reviews. -
Literature Reviews
Conducting literature reviews allows researchers to synthesize existing knowledge and inform their market research strategies. This method identifies gaps in the current knowledge and areas for potential exploration.