Page 4: Market research
Market research is the activity of gathering the information on markets and consumers that is necessary to understand requirements. It usually involves selecting a sample of the potential market and then questioning this sample to find out these peoples' opinions e.g. about potential new products. Market research can be carried out using either a large sample e.g. through questionnaires, or a small sample e.g. through a focus group, in which small numbers of consumers are encouraged to give detailed opinions about products.
This case study looks at an activity that is, for Greggs plc, a key part of the total market research process. The activity involves carrying out taste tests. Of course, Greggs plc also uses a range of other market research techniques, such as surveys and interviewing, to discover the effect of other aspects of new developments such as the name of the product, its appearance, where it is sold, speed of service and convenience.