Market Research. 
Market Research Methods

The Ministry of science and education of Ukraine

National Technical University of Ukraine `Kiev Polytechnic Institute'

Management and industrial marketing department

Market Research. Market Research Methods

Executed by

student of group UM-31

Voitsekhova O. S.

Checked up by

Prodanyuk T. P.

Kiev

Market Research

After choosing a business idea, the next step is to know your market to find out such questions as: 'Why would people buy my product or service rather than those which already exist?' 'How many are they likely to buy?'

To answer these and other related questions requires market research. Market research is the collection and analysis of information with a view of improving the business marketing activities. It is an essential part of all businesses not only to assess the business idea, but also for continued development.

Qualitative & Quantitative Research

Research is often as either being 'qualitative' (how many do…) and 'quantitative' (Why do they do…).

Qualitative Research

This involves the collection of data that is open to interpretation, for example people’s opinions. It is useful for investigating people’s motives, attitudes, beliefs and intentions.

This involves the collection of information that is quantifiable and is therefore not open to interpretation as with qualitative research. It includes data such as sales figures, market share and market size.

Quantitative research is the most likely research to be undertaken by small businesses. It can be split into two broad areas:

1 Primary research — This is also known as 'field' research and is commissioned by an organization for a specific purpose. This is usually undertaken because the required information does not already exist in any available format, so the research has to be done from scratch.

2 Secondary research — This is also known as 'desk' research. It consists of data and information that already exists that can be accessed.

collection analysis information marketing

Market Research Methods

The most commonly used methods for collecting primary and secondary data are:

1 Interviews and surveys

This involves the collection of primary data directly from individuals. Techniques include:

Personal interviews — These are face-to-face meetings with an interviewer and respondent. It can be used to obtain information about the type of people, how they behave (purchase behavior), likes, and dislikes, attitudes and opinions about the subject matter.

Group interviews and focus groups — These are used to produce qualitative data that provide useful insights into underlying attitudes and behavior. Usually involve six to eight people representative of the target group. Useful where budgets are limited or is the research topic is not yet fully understood.

Telephone interviews/research — They are primarily used in industrial markets as a means of reaching a large number of respondents relatively quickly and directly. Telephone interviews are useful for usage and purchase surveys where market size, trends, competitive share, assessing advertising and promotional impact and customer satisfaction.

Postal or self-completion — This is a popular form of research. It involves sending a questionnaire through the post to the respondent for self-completion and either return by post of leave at an indicated place. The advantages are: wide coverage, useful where target respondents can be easily identified from contacts or mailing lists, less expensive than telephone and face-to-face interviewing, it can achieve a higher response by sending a user-friendly covering letter and questionnaire and by offering a special incentive.

2. Desk Research

This consists of data and information that already exists that can be accessed. The most commonly used sources are: government published data, trade published data, Chambers of commerce, directories and publications such as 'Yellow pages, 'Kompass', market research agencies and press published data.

3. Test Trial

You can test your product before any major investment is made. Any refinements required can be made during this phase.

4. Search Engines

Search engines such as www.altavista.co.uk, www.lycos.co.uk are useful tools to finding information. By typing in the keyword or phrase, a search can be made on the Web.

If carried out correctly, market research will enable you to eliminate the guesswork, myth and intuition about your market, thereby taking some of the risk out of start-up.

Vocabulary

collection — накопление, сбор, собирание

essential — существенный; внутренне присущий, неотъемлемый; затрагивающий существо дела

interpretation — интерпретация, истолкование, объяснение, толкование, трактовка

opinion — взгляд, мнение, убеждение

belief — вера; доверие; мнение, убеждение

attitude — позиция; отношение

field research исследования на местах

desk research разработка статистической документации

split — прокладывать борозду, бороздить; выявлять, обнаруживать, выяснять

insight — проницательность; способность проникновения в суть; интуиция; понимание

underlying — основной; лежащий в основе

assess — оценивать, определять величину чего бы то ни было

impact — сильное воздействие; влияние

completion — завершение, окончание; заключение, конец, финал

coverage — сфера действия; рамки, границы, масштаб

directory — руководство, инструкция, справочник, указатель

refinement — обработка, отделка; повышение качества; улучшение, усовершенствование

engine — орудие, инструмент, средство; устройство

eliminate — устранять, исключать

guess-work — догадки; предположения

myth — миф; вымысел

thereby — таким образом; в связи с этим; около, неподалеку; приблизительно

start-up — новая фирма, новое предприятие, предприятие (фирма) в начальной стадии развития

Literature

1. http://www.businessvision.co.uk/sales_marketing₀₂.html

2. http://www.forrester.com/my/1,1−0,FF.html