How A Bakery Can Use Market Research
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Introduction
Unit 10 ? P1 Market Research can be defined as the systematic gathering, recording and analysis of data about problems relation to the marketing of goods and services. This can be broken down as follows: * Systematic ? This is carried out in a careful and organised way. * Gathering and Recording of Data ? This is collecting data and setting it down into writing or computer records. * Analysing the Data ? Identifying patterns and trends. * Problems relating to Marketing ? These Include what price to charge, how best to advertise the goods and services, where to sell them from and so on. There are two main methods that are used for market research. There is primary research which is collecting new information and secondary research which is to use information which is already provided, for example, If Bismillah Bakery wanted to conduct primary research they could do surveys where they ask customers/people questions, or they could research other companies using the internet to collect secondary research. ...read more.
Middle
* How consumers respond to particular factors ? for example, the trend to buy smaller, more fuel-efficient cars or healthier food. * How consumers respond to marketing campaigns, for example, special offers, increased advertising. Difficulties associated with consumer panels include: * Making sure that the panel members retain their interest over time and continue to record their behaviour accurately. * Problems Associated with some members dropping out, and whether they can replaced by similar people. Secondary Research Methods Secondary Research involves using existing information rather than finding out new information. These are two main sources of secondary research * Internal sources ? This is information that already exists in Bismillah Bakery * External sources ? This is information published by other organisations which Bismillah Bakery can use. Internal Sources Data records are a source of internal research as you will find different types of information in the Bismillah Bakery database. Careful analysis of a business?s data will reveal, who the existing customers are, where they live, how much they spent, how often they make purchases and more. ...read more.
Conclusion
* Expenditure and Food Survey ? Shows what households are spending their money on and how these patterns are changing over time. * Regional Trends ? Regional profiles, details of households, labour market information, living standards and so on. * Annual Abstract of Statistics ? Details about population changes, social conditions, production, prices and employment. * Business Monitors ? Statistics on output in different business sectors. The retailing monitor is of particular interest, covering retail sales by region. Public companies are required to produce an Annual General Report. These reports can be ordered by Bismillah Bakery and supply them with details of the company?s current activities. The report shows the current strategy of the business and often, more importantly for market research processes, outlines current market trends in the area the company operates in. In conclusion both primary and secondary research is good for Bismillah Bakery as they both have positives which can help them. For example they could create surveys which will give them what the consumers think which is in primary and they could buy secondary information about competitors which will also give them information that they can use. ...read more.
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