Various research into different types of markets and also a bit about questionnaires.

Essay by The_10th_DoctorA-, March 2006

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I'd like to point out that the grade 75% represents 9/12 for this section of coursework. I hope it may be useful to you. It may not be entirely relevant to your study but you may be able to mondify it to suit your specification.

Market Research

The term "market" means the meeting place between customers and suppliers - i.e. where goods are traded. It also describes the type of product being bought or sold, e.g. the global oil market.

- Mass markets sell ordinary things to very large numbers of people at quite cheap prices. It is this type of market that I want this new product to appeal to.

- A market segment is splitting up this mass market into separate sub markets to get a better idea of what certain peoples opinions, what they prefer and what their opinions are on various subjects.

Age - For example the teenage market or the elderly.

Social Class - Class A (professionals) down to Class E (the unemployed)

Location - Where certain people are located and what foods people prefer in their own country, for example trying to setting up a sushi business inside of London.

Culture or Religion - Different groups have their own unique products, e.g. bagels, lassi

Gender - For example, chocolate manufacturers target some items at women, e.g. Flake and some at men, e.g. Yorkie.

- Niche Markets serve specialist customers. Small businesses are especially suited to niche markets because they can afford to devote lots of time to production which would be unprofitable for a big firm.

Obviously I am not able to give everyone a questionnaire, as it is time-consuming and expensive, so it is better to question a subset of the population called a sample. To get unbiased results that represent the population,