Product-orientated: Is a business that mainly concentrate on their product.
Market-orientated: Is a business that go out and research first before manufacturing their products.
Marketing budget: Is like a financial plan which specifies how much money they can spend in the market to promote their products.
Why is market research needed?
  • What feature of my product do people like or dislike?
  • Would they be willing to buy my product?
  • How much are they willing to pay?
  • Where would they be most likely to buy my product?
  • What type of customer would buy my product?
  • What type of promotion would be suitable with these types of customer?
  • What is the competition like?
Types of information
  • quantitative: answers the questions about the quantity of something.
  • qualitative: answers questions where opinion or judgement is necessary.
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Market research is the process of analyzing and gathering information about a market.
Primary Research is where we go out by ourselves and gather information from other people.
-There are many types of primary research method：
  • questionnaires
  • interviews
  • focus groups
  • observation
Questionnaires is a set of questions which aimed for collecting data from other people.
-Advantages:
  • Detailed qualitative information can be received about the product.
  • Customers' opinions about the product can be obtained.
  • Can publish it online so it is cheaper and easier to present the results.
  • Can be linked to prize to encourage people to fill in the questionnaire.
-Disadvantages:
  • People won't understand if the questionnaires was badly written.
  • Analyzing result is also time consuming.
  • Carrying out questionnaires can take lots of time and money
Interviews is when one person is asking some questions and another person answer those questions.
-Advantages:
  • Questions are easily understood by the interviewee because the interviewer is able to explain them.
  • Detailed information can be gathered.
-Disadvantages:
  • Interviewer could lead the interviewee into answering a bias way, inaccurate results.
  • Expensive and takes lots of time.
Focus groups is a group of people who provide information about that specific product.
-Advantage:
  • Provide detailed information about customers' opinion
-Disadvantage:
  • Expensive, time-consuming and being biased.
Observation
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Sample is a group of people who is responsible for researching the market.
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Random sample is when people are selected randomly for market research.
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Quota sample is when people are selected based on their characteristics.
Ex: age, gender, income, etc
Secondary research 
-Internal sources of information:
  • Sales department sales records, pricing data, customer records, sales report
  • Opinions of distribution and public relations personnel
  • Finance department
  • Customer service department
-External sources of information:
  • Government statistics: are information such as the population and age.
  • Newspapers: useful articles and information
  • trade association
  • Market research agencies
  • ​internet
Who carries out market research?