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Describe the methods used to conduct Market Research

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Introduction

Assignment 2 Describe the methods used to conduct Market Research Definition of Market Research: "The gathering and studying of data relating to consumer preferences, purchasing power, etc., esp. prior to introducing a product on the market. The study of influences upon customer and consumer behavior and the analysis of market characteristics and trends" http://dictionary.reference.com/browse/market+research Market Research consists of using a range of methods to gather different information of customers' wants and needs. If effective Market Research is carried out this will help produce a successful product/service. The Key Themes of Market Research When launching a product a business needs to conduct research on their competitors, customers' needs, and the environmental effects in relation to the product they are going to market. Market Research also includes all aspects of the marketing mix. The results obtained help to produce competitive products. Customer Research Organisations use customer research to find out about their current and potential consumers. It is important a business find out what their customers wants are so they can adapt their methods to fit in with potential and current buyers. Market and market segment sizes - LOOK UP Market trends - A business needs to look at previous market trends to predict if the products they are selling are going to be successful. ...read more.

Middle

reliable or accurate * Having to pay to much money to access the data Quantitative Research Quantitative research is factual/numerical information gathered about the market. It is based on numerical data such as the market size, penetration, market share, and market growth rates. Quantitative research can also be based on customer awareness, customer attitudes, customer satisfaction and other statistical research to find out how a market behaves. Advantages Disadvantages Qualitative Research Qualitative research involves using a range of methods to find out customers views and opinions. It is a type of research that goes more into depth than quantitative research. Examples of qualitative research are in-depth interviews, focus groups and random probability sampling. In-depth interviews consist of one to one interviews face to face or over the phone. An interviewer will question a potential customer finding out about their personal circumstances and asking for their opinions. This type of research helps business find out in-depth information about potential customers and helps figure out what their wants and needs would be. Focus groups are groups brought together to find out about what customers think about a businesses products, how they would improve it, what the consumer is looking for and maybe suggest new ideas for the business. ...read more.

Conclusion

Competitors 'Tesco has grown to be the UK's most popular supermarket and one of British business' great success stories by fulfilling people's expectations to have safe, nutritious, quality food at affordable prices. We have maintained our popularity by listening to customers and responding to their needs.' Tesco have become so successful as they have looked at their competitors (such as Sainsbury's, Asda, Marks & Spencer's) aims and objectives and have tried to make their own objectives better. Competitor's aims and objectives are displayed on their websites so they are easy for Tesco to access. Tesco have obviously set higher targets than the rest of their competitors and met then as they are currently so successful. Tesco have done primary research on their competitors' products, prices, distribution methods and promotional methods. Again Tesco's marketing employee's can look at competitors methods first hand by looking on their websites, going into their stores ect. Tesco have compared their product prices with other competitors also in order to become and sustain the cheapest store to buy from. They always beat competitors pricing or match it. Tesco again can also use primary quantitative research to look at the profit and overall financial situations of their competitors. The Marketing Environment ?? ?? ?? ?? Adele Cotterill Unit 3 - Introduction to Marketing 1 ...read more.

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