Business Management HL
6
Chapters
223
Notes
Unit 1 - Introduction To Business Management - QB
Unit 2 - Human Resource Management - QB
Unit 3 - Finance & accounts - QB
Unit 4 - Marketing - QB
Unit 5 - Operations management - QB
Unit 6 - Assessment
Business Management HL
Unit 4 - Marketing - QB
Unveil Success With Market Research: Master Primary & Secondary Techniques!
643 words
4 mins read
Last edited on 16th Oct 2024
Table of content
What's market research? 🔍
- It's like a crystal ball 🔮 for businesses! By collecting, analyzing, and reporting data about a market, businesses can make smarter choices.
- Real-world example: Imagine if Apple had no clue what people wanted in a smartphone. No big screen, no camera, no apps? Market research saves the day by telling businesses what customers actually want.
The two big types of market research 📝
-
Primary Research (aka Field Research)
- Straight from the source! 🎤
- Methods
- Surveys 📝: Like those online quizzes, but more professional.
- Interviews 🎙️: One-on-one chats with customers.
- Focus Groups 🧠: Get a group together and pick their brains.
- Observations 👀: Just watching and noting down customer behavior.
- Real-world example: Coca-Cola wants a new flavor. They organize taste-tests (surveys) at shopping malls!
-
Secondary Research (aka Desk Research)
- Already out there, just need to dig it up! 🗂️
- Sources
- Academic Journals 📚: Those really thick books that profs love.
- Media Articles 🗞️: Newspapers, magazines, etc.
- Government Publications 🏛️: Reports, stats, and more.
- Market Analyses 🔎: Detailed studies on market trends.
- Real-world example: A startup wants to launch an eco-friendly toothbrush. They'll check media articles to see how green products are faring in the market!
Two flavors of research data 💡
- Quantitative Research: All about the numbers! 📊
- It's like counting the votes in a talent show.
- Data is numerical.
- Real-world example: McDonald’s wants to know how many customers prefer their new veggie burger over the classic one. They count the orders!
- Qualitative Research: Dive deep into opinions and feelings! 💭
- It’s like understanding why someone voted for a particular contestant in a talent show.
- Data is about consumer thoughts, feelings, and beliefs.
- Real-world example: Nike wants to know why their new sneaker design is popular. They host focus groups to understand the buzz!
Unlock the Full Content! 
Dive deeper and gain exclusive access to premium files of Business Management HL. Subscribe now and get closer to that 45 🌟
Business Management HL
Unit 4 - Marketing - QB
Unveil Success With Market Research: Master Primary & Secondary Techniques!
643 words
4 mins read
Last edited on 16th Oct 2024
Table of content
What's market research? 🔍
- It's like a crystal ball 🔮 for businesses! By collecting, analyzing, and reporting data about a market, businesses can make smarter choices.
- Real-world example: Imagine if Apple had no clue what people wanted in a smartphone. No big screen, no camera, no apps? Market research saves the day by telling businesses what customers actually want.
The two big types of market research 📝
-
Primary Research (aka Field Research)
- Straight from the source! 🎤
- Methods
- Surveys 📝: Like those online quizzes, but more professional.
- Interviews 🎙️: One-on-one chats with customers.
- Focus Groups 🧠: Get a group together and pick their brains.
- Observations 👀: Just watching and noting down customer behavior.
- Real-world example: Coca-Cola wants a new flavor. They organize taste-tests (surveys) at shopping malls!
-
Secondary Research (aka Desk Research)
- Already out there, just need to dig it up! 🗂️
- Sources
- Academic Journals 📚: Those really thick books that profs love.
- Media Articles 🗞️: Newspapers, magazines, etc.
- Government Publications 🏛️: Reports, stats, and more.
- Market Analyses 🔎: Detailed studies on market trends.
- Real-world example: A startup wants to launch an eco-friendly toothbrush. They'll check media articles to see how green products are faring in the market!
Two flavors of research data 💡
- Quantitative Research: All about the numbers! 📊
- It's like counting the votes in a talent show.
- Data is numerical.
- Real-world example: McDonald’s wants to know how many customers prefer their new veggie burger over the classic one. They count the orders!
- Qualitative Research: Dive deep into opinions and feelings! 💭
- It’s like understanding why someone voted for a particular contestant in a talent show.
- Data is about consumer thoughts, feelings, and beliefs.
- Real-world example: Nike wants to know why their new sneaker design is popular. They host focus groups to understand the buzz!
Unlock the Full Content!
Dive deeper and gain exclusive access to premium files of Business Management HL. Subscribe now and get closer to that 45 🌟