Market research; Product trial; Sampling; Sampling Errors (07)

Market research

Gathering , Analyzing and Evaluating market data in order to find out consumer needs and wants is called as
market research.There are two types of market research

1.Primary research
2.Secondary research

* Primary research -  is where the researcher himself involve in gathering first hand data, in order to identify the consumer needs and wants.
Ex:questions,surveys,product,trial,interviews,test market,observations.

* Secondary research -  is the research where the researcher gather data from different sources which has already been collected by another researcher.

Product trial

Product trial is a primary research technique.In product trial the firm will issue a product sample to a few
number of responders in order to find out the potential demand for it before issuing it to the mass market.

Objectives of product trial

01.To identify potential demand for a product before issuing it the mass market.
02.To identify the necessary changes which has to be done in the product.
03.To determine the pricing strategies, market strategies and market segment of the product.


Sampling

Selecting a group of responders who will represent the total population while doing a research is
called as sampling.

Sampling Errors

Sample Size - Sample that are too large may waste cost and time samples that are too
small may lead to inaccurate results.

Sample method - The way the sample is selected should be appropriate otherwise the results will not be accurate.

Potential Bias - The personal ideas of the researcher or responders may the effectiveness of the research.Therefore minimum or no bias should be included in sampling.