Market research The action or activity of gathering information about consumers' needs and preferences.

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Presentation transcript:

Market research The action or activity of gathering information about consumers' needs and preferences

Importance of market research https://www.youtube.com/watch?v=1Fja06iCIE0

Your product needs to satisfy and meet the needs of customers Your product needs to satisfy and meet the needs of customers. What do they want? Market research is invaluable to get the insights you will need to create and improve what you offer to them. Task 1: You now need to find out which cereals people that you know buy on a regular basis and why they like them. Make sure that you ask 10 adults and 10 children. You MUST ask adults as they are the ones with the purchasing power (they buy the cereal that their children to eat). You need to come up with a total of 20 questions (10 for the adults and 10 for the children) and then ask those questions to 10 adults and 10 children that you know.

Do not ask questions such as ‘How old are you Do not ask questions such as ‘How old are you?’ and ‘Are you male or female?’ as these will not help you to develop a successful product. Example questions could be: 1. What attracts you to a particular brand of cereal? 2. Are you worried about the sugar content of a cereal? 3. Do you think it is important that children eat a healthy breakfast?

You may also want to taste test different types of cereals with your family to see what they like about them. Comment on this taste test and how it will be useful. Kids Try Sugary Cereal For the First Time: https://www.youtube.com/watch?v=eZ7cSIScKGQ

Task 2: Analysis You must graphically represent your results (responses) for each question using a variety of visual formats. This will make it easier for you to see patterns and identify differences among your results. Options include, Bar, Pie and line charts. In 2-3 paragraphs explain what your results revealed about consumer preferences, tastes, concerns and desires when it comes to breakfast cereals. What overall conclusions can you make about what adults and children are looking for in a breakfast cereal, and how will this information be reflected in your final product. You will also need to write at least a paragraph about the constraint that you experienced with your market research. This could include the sample size, the sex of the sample or any other issues you confronted that made your survey challenging. Collecting data on customer experience is the easy bit. Analysing customer results and putting data into action is the real challenge.