# data[].attributes.body
-market research aims to discover customer needs & wants, opinions, expectations, beliefs
-it's usually done in one-off (i.e.ad hoc) or on-going (i.e. continuous research) format

# data[].attributes.body
-with a specific purpose
- low/high cost, time efficient, cover large geographical group,  low response rate, resource used
-include both open-ended and closed questions (qualitative, quantitative info.)
-avoid bias, technical language, irrelevant questions to make answers more accurate and authentic
-pre-test

# data[].attributes.body
-one-to-one
-personal circumstances, opinions, beliefs, attitudes, feelings
-identify differences between respondents

Cons
-difficult to analyse
-very time-consuming

# data[].attributes.body
Pros
-collect both qual & quant
-suit specific needs
-simple process
-up-to-date
-confidential & unique
Cons
-time-consuming
-costly
-need large sample base
-validity

# data[].attributes.body
-invite user to have group discussion on new plan or product, give feedback after testing
-audiovisual recorded
-Consumer panels (target market sample) or specialists

Con:
-conform to majority view
-participants often have to be paid

# data[].attributes.body
-get up-to-date information
-current trend
-introduce new marketing strategies
-meet customer's needs & wants
-understand rival's activities and behavior
-predict future trend & performance

# data[].attributes.body
-field research (not necessarily done by the business) to gather first-hand data
-fist-hand resource
-staff satisfaction
-customer buying pattern
-changes in market trend

# data[].attributes.body
-controlled condition (external variables)
e.g. queuing times, traffic audits

# data[].attributes.body
-second-hand information previously gathered by others e.g. government, news articles, internal sources such as the organization itself

# data[].attributes.body
-characteristics and trends for a particular product or industry e.g. market size, market share, growth rate
-help to formulate business plan & strategies market

# data[].attributes.body
-articles written by industry experts and academics
-distribute and share theoretical
work and market research findings

# data[].attributes.body
-ABS

# data[].attributes.body
-newspaper, tele documentary, books, www., ...

# data[].attributes.body
Pros
-cheaper & faster
-gives insight to changes or trends in an industry
-huge range of sources
-large sample size, results more valid

Cons
-maybe outdated
-unspecified purpose, does not suit the need of the firm
-provide only partial information, not address the problem of the researcher
-sources available to competitors as well

# data[].attributes.body
-ask for consent for photography or visual recording
-do not manipulate findings in favor of personal preferences
-do not use information collected to harm them
-honesty

# data[].attributes.body
-non-numerical answers and opinions from respondents
-purpose: understand behavior, attitudes and perceptions of customer, employees,...
-in-depth interview or open-ended questions.

# data[].attributes.body
-factual and measurable
information rather than people's opinions
-closed questions e.g. yes/no, mcq

# data[].attributes.headline
Advs and Disadvs of qualitative research 

# data[].attributes.subject
Advs and Disadvs of qualitative research 

# data[].attributes.body
Pros
-better for exploring motivators
-rich data, flexibility in gathering extra data
-inexpensive
-one-on-one, helps participants to provide genuine opinions

Cons
-small sample size, might not be representative of the whole population
-time consumer in collecting and interpreting findings
-higher cost, hiring skilled interviewers/interviewing expertise
-interviewer bias may affect validity

# data[].attributes.headline
Advs and Disadvs of quantitative research

# data[].attributes.subject
Advs and Disadvs of quantitative research

# data[].attributes.body
Pros
-easier to collect and analyse
-large sample size, more representative of the population
Cons
-do not reveal the reason behind data
-costly to undertake due to large sample size

# data[].attributes.body
-a certain number of people from different market segments is selected, e.g. gender, age, occupation
-relatively representative sample obtained quickly
-sampling errors

# data[].attributes.body
-practice of selecting a small group (or sample) of the population for a
particular market for primary research purposes

# data[].attributes.body
-the respondents are  randomly chosen by a computer, which is easier with minimized bias
-most useful when population have same characteristics
-indiscriminate

# data[].attributes.body
-population segmentation
-samples are more representative of a particular segment, so that findings will be more relevant with less errors
-strata is difficult to select
-expensive

# data[].attributes.body
-select geographical location & randomly interview
-quicker, easier, cheaper if the population are widely dispersed and when customers are homogeneous
-bias and sampling error, people who live in the same location might share similar views and characteristics

# data[].attributes.body
-individuals who then suggest other friends, family members
or colleagues to increase the sample size
-use when population is not clear
-easy and cheap to obtain relevant contacts for enlarging the sample

# data[].attributes.body
-Convenience sampling relies on ease of reach and volunteers
because of their availability
-inadvertently exclude a large proportion of the population

# data[].attributes.body
-needs to be accurate, especially during data collecting process
-sample needs to be as big as possible, needs to be representative
-survey/interview questions needs to be clear and free from misunderstanding
-data analysis can use bar charts, pie charts, line graphs...

# data[].attributes.body
-Tangible: computers
-intangible (service): education
-consumer product
-commercial product
-fast-moving consumer goods: groceries
-consumer perishable: dairy, flowers
-consumer durable: smartphone, furniture, cars
-speciality products: housing, designer brand

# data[].attributes.body
have varying effects on a firm's level of investment, profits and cash flow

# data[].attributes.body
design
prototype
market research
test marketing
trialing: consumer reaction & feedback
minimize cost
can be expensive & confidentiality
No profit, high investment, negative cashflow 只有投入，没有回报

# data[].attributes.body
market planning, marketing
Enhance brand awareness
incur cost, e.g. publicity, promotion, distribution
relatively low sales, high cost
high investment, negative cash flow

# data[].attributes.body
increase sales revenue
building brand awareness
persuade customer to purchase
increase distribution
low unit costs, rising profit
attract rivals enter the market

# data[].attributes.body
high revenue
favorable cash flow and profit
obtain more market share
emphasize brand loyalty
more promotional activities to remind customer
exploit new market segment

# data[].attributes.body
lower customer demand
due to changing fashion & taste, new replacing model
little profit, falling cash flow

# data[].attributes.body
-price reduction
-redesigning
-repackaging
new market
-brand extension
-differentiation, e.g. quality, design, customer service

# data[].attributes.body
Help to decide which product should receive more/less investment, thus develop strategies
Build a diver product porfolio is important for a firm's cash flow.

# data[].attributes.body
-legal identity, unique and recognisable by customer
-risk reducer, encourage brand awareness, promoting and sustaining loyalty

# data[].attributes.body
-competitive yet also profitable
-affect corporate image of a business

# data[].attributes.body
-cost+ % (exact amount)
-e.g. cups of coffee

# data[].attributes.body
-low price when entering a new market, establish new product in the industry
-新产品，因为对市场不熟悉，采取薄利多销的形式
-e.g. fast moving consumer goods
-customer: 便宜没好货

# data[].attributes.body
- technological advanced innovative product
-due to high development cost
-premium price==> maximised profit, unique and prestigious image
-when competitors enter the market, the company should reduce the price (price skim)

# data[].attributes.body
-14.99$ , make prices seem lower

# data[].attributes.body
-selling a product below its cost value

# data[].attributes.body
-same product, usually a service, is sold at different prices to different customers

# data[].attributes.body
best-selling products or brands in a particular market. Customers perceive there to be few substitutes for such products so the dominant
firm can set its own prices.

# data[].attributes.body
-temporarily reducing price in an attempt to force rivals out of the industry as they cannot compete profitable.