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Market research IGCSE
Transcript of Market research IGCSE
Market research, which includes social and opinion research, is the systematic gathering and interpretation of information about individuals or organizations using statistical and analytical methods and techniques of the applied social sciences to gain insight or support decision making.
Market research is conducted to:
- determine market size / market share and trends
- segmenting the market
- to see customer preferences
- View on the competition
When conducting a research businesses determine which strategies will they use to operate.
- Focus groups
1. Random sampling
2. Stratified sampling
3. Quota sampling
4. Cluster/Geographical sampling
Also known as
- sales records
- customer information
- government data
- information about competition
- commercial data
- other sources
Benefits: less costs; saves time; access
Drawbacks: amount of data; reliability; specificity
FACTORS THAT INFLUENCE MARKET RESEARCH:
- Sample size
- Interviewer and interviewee quality
- Research design
- The human factor
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Presentation of market research
2. Bar chart
3. Line graph
4. Pie chart
Task - case study:
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