Benefits And Drawbacks of Market Essay Example | Topics and Well Written Essays - 1500 words

Benefits And Drawbacks of Market - Essay Example This paper stresses that the information the company is looking for is not present anywhere – Internet, library, databases and so on. If it happens, there is the need to conduct the specific primary research. Primary research activities include conducting the surveys to create the information, first hand observations, experiments. Each methodology uses sampling – making conclusions about the particular group of people with certain degree of accuracy. The samples does not need to be of a large size is often enough and can provide highly reliable results if analyzed by experienced researchers. When conducting primary research two types of information can be gained – exploratory and specific. Exploratory research is more applicable to the new products because it is open ended and helps to define the specific problem though unstructured interviews from the small group of people. This essay is broader and is used to solve the existing problem identified through second ary research. This reprot makes a conclusion that when conducting the mail surveys the costs are associated with printing of questionnaires and time taken to analyse the responses. When choosing telephone surveys the company should be ready to pay for phone charges, interviewer’s time and presentation of the results. Personal interviews have the same costs plus payment to interviewee. Group discussion is the most expensive because the payment needs to be done both to interviewer and the group members.

UNIT 4 IP Portion of GP Term Paper Example | Topics and Well Written Essays - 250 words

UNIT 4 IP Portion of GP - Term Paper Example lysis is used for various purposes: segmenting the markets and determining target markets, product positioning and new product development and selecting test markets. Cluster analysis is used in many restaurants, especially those that cater to people of different race. As in America, people of different races frequent famous restaurants. Thus, the cluster technique can be used to segment the market into these different races. The owners and managers then can specifically suit the need the specific race as to their eating habits and their tastes. Factor analysis is also used by business especially to analyze a large volume of measurements and to search for their interrelationships. â€Å"A restaurant chain might gather and conduct factor analysis for a large volume of data on consumer preferences in order to determine the relative importance of portion size, pricing, and perceived quality† (LoveToKnow, Corp.). On the other hand, multi-dimensional scaling is used â€Å"to detect meaningful underlying dimensions that allow the researcher to explain observed similarities or dissimilarities (distances) between the investigated objects† (StatSoft, Inc). Wikimedia Foundation, Inc. (2009, September 2). Retrieved November 5, 2009, from http://en.wikipedia.org: