Market Research

If a business is mainly product orientated it risks spending large amounts of money launching a product that turns out to be a failure. By researching the market the business will have a better idea of what consumers want at that moment in time. It is likely that a business that releases a market orientated has already carried out a high level of market research. Market research can either be desk or field research.

Desk Research

It involves the use of secondary data; this is information that is already available both within and outside the business.

Information From Within The Business

Businesses collect information all of the time, e.g., invoices will tell the business how much they are selling and who they are selling to.

Information From Outside The Business

Can come from a number of sources:

• Government published statistics
• The media, e.g. newspapers, magazines, television
• Trade Associations statistics and reports, e.g. TUC, CBI.
• Research Organisations, e.g. Mintel, Mori, Gallop.

Field Research

Involves collection of primary data; this is information has nobody has yet collected. It can be collected in a number of ways.

• Observation and Experiments - Looking at and recording, how people behave in certain conditions.
• Survey - A number of people are asked questions. This can be done by post, telephone or face to face.