Market research

The purpose of market research is to improve and better a product that is similar to another product produced by a different company. E.g. the producers of call of duty aim their products to an audience who are previous fans of the franchise and its popular online gameplay. The producers of the Battlefield game franchise use similar concepts and attributes of Call of duty but try and take it a step further by adding extra features to the online gameplay and involve the audience more such as using vehicles which can be either driven or flown.

 

When undertaking market research there are several ways of gathering the data. Some of these are making surveys which can be done in several ways in itself by doing one on one interviews, telephone surveys, sending surveys via mail or by producing online surveys where certain websites can be used to produce surveys quickly such as survey monkey. Having focus groups where a moderator uses scripted questions which lead to a discussion within the group/s.  Personal interviews include open-ended questions and provide more subjective results. The results gathered are not statistically reliable as it only covers a fraction of results needed. Observation helps greatly in market research as it shows how the target audience reacts when asking them questions or testing a prototype of a product, this then helps to figure out what needs to be changed or stayed the same if needs be.

 

When doing market research there are different sources of information which are used, some of these are: secondary data which help to get an understanding of the market and understanding its customers which can then be put into profiles, internal company information which is information that is already gathered or stored within business’s and primary data where finding out information directly by either talking directly to people in the target audience or by getting them to test a product that is being planned to sell.

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