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Demand Demand Random movement Time (a) Trend Time (b) Cycle Demand moh Demand Time (c) Seasonal pattern Time (d) Trend with seasonal pattern Market Research O o o O . It is systematic approach to determine external consumer interest in a service or product by creating and testing hypothesis through data-gathering surveys. It includes all research activities in marketing problem: o Gathering, recording and analyzing the utility and marketability of the product The nature of the demand The nature of competition The methods of marketing Other aspects of movements of product from the stage of to the point where they get consumed. Market research gathers records and analysis all facts about problems relating to the transfer and sale of goods and services from producer to consumer. Market Research procedure Define the problem clearly Develop a clear set of research objectives. Supervise the task of collecting the data from the existing consumers. Extract meaningful information from the collected data. Prepares a report presenting the major findings and recommendations coming from the study. It may be used to forecast demand for the short, medium and long-term. Accuracy is excellent for the short term, good for the medium term and only fair for the long term. Forecast Error: Forecast error Difference between forecast and actual demand. MAD (mean absolute deviation): ID, -F| MAD= t=1 n where = period number D = demand in period t F = forecast for period t t 23. Explain four ways in which 'globalisation' and 'the pressure of competition' have changed the lives of workers substantially