December 10, 2018

2.5 Importance of Market Research

Food companies are constantly searching the globe for inspiration.   As a consumer foods sector, egg companies need to increase their knowledge base and engage with consumers to respond to market drivers and trends as seen in Module 1.   For marketers, research is not only used for the purpose of learning, it is also a critical component needed to make good decisions. Market research does this by giving marketers a picture of what is occurring or what is likely to occur.   For example, research is vital in the context of introducing new products or entering new markets.  Good market research can ensure decisions prove less risky.

Two type of Research

  • Qualitative research is used to collect analyse and interpret data by what people say or do
  • Refers to meanings, concepts definitions characteristics and descriptions
  • Typically uses a survey & questionnaire
  • Used if you need to answer the following questions
  • Am I trying to test a product idea?
  • Am I trying to assess attitudes and opinions?
  • Do I want a result which is more subjective?
  • Do I want my research to take into account individual behaviour?
  • Do I want to use observation and communication rather than absolute measurement as a means of extracting information?
  • Quantitative Research is used to capture specific concise ‘hard’ data
  • Refers to facts, principles, numbers, statistically valid data ( as presented in Module 1 – market size, market structure etc)
  • Qualitative Research methods
  • Observation and Communication
  • Case Study
  • Focus Groups
  • Mystery Shopper
  • Site Audit

For more detail on conducting market research, there are excellent tools provided  on http://www.bordbiavantage.ie/marketingbusiness/marketing/marketresearch/Pages/default.aspx