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Dept

Market Research - Cut the Risk

Finding the Market

British businesses in the past tended to make goods first and then asked people for their opinions second or not at all!

Today the importance of market research is recognised. Businesses must decide :

1. Whether to use:

2. What questions to ask potential customers.

3. Carry out market research by themselves or hire a specialist firm, e.g. MORI.

Market research if done correctly will give a better idea of what people want, and how much people will pay for it.

 

What you have to do!

1. You will carry out field research by having a written survey to take home, to be completed by your friends and family. Use your letterhead template to create the survey document.

In your group produce a set of questions to find out what your customers want/need, use of mugs, price to pay.

1. Decide in your groups who will design a word processed survey (with your company logo at the top, of course) to be printed and distributed to potential customers.

At the same time, a survey monkey survey should be created to allow for online responses to the survey.

 

What you should be able to do at the end!

  • Create an effective marketing tool to establish customer requirements.

 

Continue to The Marketing Mix - the Four Ps

If you have any comments on any of the above, leave them here.

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