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Business Decision Essay

4209 words - 17 pages

Introduction

For a business to be successful, it is vital to know the market and customers profile. This can be done by an intensive research through various methods of data collection which will help to making decision about a new venture. Market research can help create a business plan, launch a new product or service, fine tune existing products and services, expand into new markets etc. It can be used to determine which portion of the population will purchase the product/service, based on variables like age, gender, location and income level. It can be found out what market characteristics your target market has. With market research companies can learn more about current and ...view middle of the document...

* Accuracy
Primary data is more accurate because it is directly collected from the population.
* Update information
By using primary data researcher may get the latest and up-to-date information about the product and services and also its environment.
* Unbiased data
Primary data collected and processing by researcher. Therefore, the information might be unbiased.

Secondary data

Secondary data is data that is already collected, processed and published by other person for the particular reason. It is less expensive than the primary data. This data also can be collected quickly and be collected from T.V, radio, magazine, books, literature review etc.

As per Avasarikar and et al (2007)-(Page-3.8) stated that, “Secondary is collected earlier for some purpose other than the purpose of the present research study.” They also said that, “Secondary data as a matter of fact, provides fundamental and rich insights into research study.”

As per Kotler and et al (2008)-(Pg-334), “Secondary data is a information that already exists somewhere, having been collected for another purpose.”

Sources of primary data
As a researcher and observer all primary data were collected by myself. For collecting the primary data used two methods-
* Questionnaire
* Interviews

Questionnaire
Questionnaire is one of the important observing, analyzing and research instrument for use the market research. Generally, questionnaire is a series of question in a paper, which makes for the getting information from respondent that means collect the information from potential customers about the product and product related environment.

As per Brown (2001)(Page-06), “Questionnaires are many written instruments that present respondent with a series of questions or statements to which they are to react either by writing out their answers or selecting form among existing answers.”

Interviews
It one of the important medium for the market research. By this method, marketer/researcher directly conduct with the customers. And he takes the short interview about the product and quickly gets the information from the potential customers. Interview may be face to face or by telephone or may be postal interview. Face to face interview is the better than the other interview methods.

“Customer interviews is a discussion with customers and uses of projects deliverables to determine requirements and needs...
Interviews are techniques for one-on-one uses needs assessments.”
Kendrick (2000) The Project Management.2000 Edition. (Page-40) In this research, applied face-to-face interview method and 100 people were interviewed on the streets of London as well as near Universities and computer stores.

Outcome of interviews
Customer profile (No.01) based on age

In total 100 people were interviewed, their age range are given following by table:

Range of age | Customer (frequency) |
15 to 25 | 25 |
25 to 35 | 30 |
35 to 45 | 20 |
...

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