market-research-chap02 - C hapter 2 Research Objectives...

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Chapter 2 Research Objectives Introduction In this chapter you will learn about: How market research can be used to help organisations grow by finding new markets for their products or new products for their markets. How to separate out the aims of market research from the research objectives and the research questions. How to define a problem that can be solved by market research. How to write a brief for a market research project. What to expect in a market research proposal and how to choose between alternative proposals. Decisions that can be guided by market research There are four directions a company could look to expand its busi- ness. It can seek more business from its existing customers by aiming to grow its market share with the products that it already in its portfolio. Customer satisfaction studies are commonly carried out to identify opportunities in this box. It can seek expansion by taking its traditional product range into new markets. For example it can seek expansion in 19
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export markets where it hasn’t previously had any sales. Market research can help here by providing information on the size of the opportunity, the competition, the best route to market and so on. It can seek to persuade existing customers that they should buy different products or services – a sort of product line extension. In this case, market research could explore the needs of customers for the products that are contemplated for the extended portfolio. It can explore the possibility of selling new products to a new range of customers. Since this is the most speculative of options, market research plays a vital role in showing the complete map of people’s needs, how they are currently being satisfied or not, their likelihood of buying new products or services etc. These four opportunities for business expansion are identified in Figure 2.1 Figure 2.1 A Strategic Framework For Market Research In Business Expansion 20
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“High level” business questions that can be answered by market research Financial problem solving l How can we reverse a fall in sales (or achieve an increase in sales)? How can we obtain more profit from the product/service? How can we improve the satisfaction of our customers so that loyalty is improved? Meeting opportunities How can we improve our offer to customers (the product/service, the delivery, the guarantees, the service support etc)? What is the optimum price we should charge? How can we segment the market so that we can better satisfy customers’ needs? What is the best route to market? How can we persuade people to buy our products when they are being tempted in other directions? How can we increase our sales in other territories?
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