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Market Research

Extracts from this essay...

Introduction

Market research Market research is the collection of information or data to better understand what is happening in the market place. A firm's marketing department needs to know about economic trends, as well as consumers' views. Based on this information, they can put together a marketing plan, which will meet their own needs as well as those of their consumers. There are two general types of research: * Primary or field research- Obtaining new data for a specific purpose. The marketing department of a firm or a specialist research organization can provide this. Typically, the data is gathered by: Interview: This is the technique most associated with marketing research. Interview can be: > Telephone: Telephone ownership is very common in developed countries. It is ideal for collecting data from a geographically dispersed sample. The interviews tend to be very structured and tend to lack depth. Telephone interviews are cheaper to conduct than face-to-face interviews (on a per person basis). Advantages of telephone interviews * Can be geographically spread * Can be set up and conducted relatively cheaply * Random samples can be selected * Cheaper than face-to-face interviews Disadvantages of telephone interviews * Respondents can simply hang up * Interviews tend to be a lot shorter * Visual aids cannot be used * Researchers cannot behavior or body language > Internet: The Internet can be used in a number of ways to collect primary data. Visitors to sites can be asked to complete electronic questionnaires. Other important data is collected when visitors sign up for membership. > Face to face: Face-to face interviews are conducted between a market researcher and a respondent. Data is easily compared. Other face-to-face interviews are more 'in depth,' and depend upon more open forms of questioning. > Mystery shopping: mystery shopper will collect data on customer service and customer experience. Findings are reported back to commissioning organization. > Focus Group: Focus groups tend to be made up from 10 to 18 participants.

Middle

Some machinery for example Blowers & Vacuums Wyevale only has 2 types of blowers and vacuums which are quit costly. Then the mystery shopper asked the one the staff member about the new pumps the employee was unable to tell the shopper where are the pumps are displayed. Then we asked the employee about the functions of one of the vacuum he was unable to explain the function and he was looking nervous while he was trying explaining. Our shoppers compare the prices from internet and shop there was a big difference for example the garden lighting in the store is £16.99 but on internet it's £9.99. In the end our team analyse the data and which showed us that Wyevale don't sell all the products in the stores they only sell via internet and they sell cheaper online not in the store. After looking at the data we come to our decision that there should be a new garden centre. Company report: To get better results and to make are decision easy. We looked at local Wyevale annual report of 2007. In March 2007 Wyevale introduce new birds and animal department in the garden centre which really helped the centre because they were the first to introduce birds and animal care and pet accessories. Which was something new for the customer Wyevale provides extra support for elderly people who have pets and look after them which attracts more customers and which also boost the centre profits. In the report we also find out that their was a huge staff turn over in September because many employees went back to school and colleges and it effected the centre because they have to recruit new staff and train them which cost the company money and time. In April 2007 the garden centre changed the layout of the centre and introduces a cafe and golf club for customers especially for old people so they can come again and again to the centre to spend more time

Conclusion

We use this method because this was one of the easy and fastest ways to collect data. Product test We didn't any information from the method. We didn't use this method because this method only uses when we test a particular product but we don't have any product to test for this research. Secondary research Research methods Information was obtained Why you used or did not use this research method? Company report We obtained following information : * March 2007 Wyevale introduce new birds and animal department in the garden centre * April 2007 the garden centre changed the layout of the centre and introduces a cafe and golf club for customers * July 2007 Wyevale introduces summer houses. To get better results and to make are decision easy. We looked at local Wyevale annual report of 2007. Website monitoring We monitored what ages customer likes to shop online 76% customers are ages 60-80 and 33% are aged between 20-50, we compare the prices from store to internet their was a big difference for example hand multi ladder is £89.99 in store but online £69.99 it which attract customers to buy that product online. This method was one the important part of our research because this method was one of the easy ways to collect our data and helps to find out how many people shop at Wyevale online. Sales figure Our team also looked at their annual account figure for last 2 years; the report showed us that company has gone in 10% loss from last year. We also looked at their sales figure, the sales figure was high 17% on garden furniture from last year but it was down 21% on footwear and clothing We use this method because this method was really easy and useful for are research because it's contains information about sales and profit figures of our competitors and we found the information on their website. ?? ?? ?? ?? Task 1 (a) & (b), Task 2, Task 3, Task 4

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