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Market research

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Introduction

Market research: Market research is the collection of information or data so it is possible to have a good understanding about what is happening in the market. A business's marketing department must know about the economic trends along with customer views. By using this information they can create a marketing plan which will meet their own needs as well as their consumers. Market research can be done to find out the following: * Find data and information which helps the business understand what customers want now or in the future * Find out whether current products are satisfying customers * Test new products by asking potential customers to try out the product * Test the effectiveness of an advertising campaign * Find out the active strategies of competitors There are two main types of research: * Primary research also known as Field research * Secondary research also known as Desk research Primary Research/field research Primary research involves getting new data for a specific purpose. The data collected is data which does not already exist. The marketing department of a business or a specialist research organisation can provide primary research. Below are the different ways of obtaining primary data: * face-to-face interviews * using questionnaires * by telephone * by post Sometimes potential consumers are asked to test products, and their responses are recorded. Primary research has the advantage that the firm itself has control over the whole process. The disadvantages are that it takes longer and is more expensive. Face to face interviews = Face to face interviews is the method of managing a questionnaire which involves face to face interaction with a participant. There are several advantages and disadvantages of face to face interviews. Advantages * Allows the interviewer to create a relationship with the interviewee * Allows the interviewer to observe as well as listen * More complex questions can be asked rather than using any other types of data collection * The interviewer can adapt the questions as necessary * The interviewer can clarify doubts and make sure that what is asked is properly understood. ...read more.

Middle

Government data, for example, is usually cheap or even free to access. It is likely to be accurate and updated regularly. Some information on competitors may be easily available via company reports or websites, but these are unlikely to contain sensitive information or data that gives the firm a negative image. NIVEA market research Market research involves the methods which a business uses to discover customer needs, wants and desires. Market research enables businesses to successfully come up with new ideas and develop new products. The following work will show how an international company, Beiersdorf, joins market research with new product development on its NIVEA Deodorant brand to offer thrilling new products which meet customer needs, wants, and desires in a better way. Beiersdorf has a clear vision to be as near as possible to consumers, without considering which country they live in. Creating better consumer insights is essential for the persistent success of Beiersdorf along with its global brands such as NIVEA, Eucerin and Atrixo. These are the result of more than 120 years of experience in research and development. Beiersdorf have launched several new brands along with products in a range of countries and categories. Beiersdorf is a novelty leader which has allowed the company to form its market and bring in new trends. The launches of the products have led to long term global growth. Market research involves the systematic gathering, recording and analyzing of data regarding customers, competitors and the market. This associates marketers to consumers by providing vital information to resolve any marketing disputes and help with marketing decisions. Developing new products The international market research team of Beiersdorf is situated at the company headquarters in Hamburg, Germany. The main aim of this team is to be the consumer's voice within Beiersdorf. Superior market research has helped the organisation secure the long term future. By studying and understanding the data drawn up regarding consumers' behaviours, needs, attitudes and opinions lowers the risk of making marketing decisions. ...read more.

Conclusion

The brand position is the specific niche in the market which the brand identifies as occupying. The NIVEA deodorant (Pearl and Beauty) includes feminine sophistication and stylishness to the NIVEA deodorant brands personality. This helped to build on the core deodorant positioning. It made NIVEA Deodorant more attractive, modern and sole too trendy young female consumers. Using qualitative research to inform advertising This stage involves briefing an advertising agency to build communication in order to support the launch of the new product. By carrying out market research the research team could easily check if the advertisements really supported and communicated the new product. The company also carried out qualitative research on certain advertising ideas amongst a range of groups of the target consumers. It showed ideas in the structure of storyboards of what a TV advert could look like. The key aim was to asses which were the best ideas in terms of: * Did they stand out as exciting or different? * Were they relevant to the consumer? * Did they communicate the right things about the new product? * Did they persuade the consumer to want to purchase the product? Evaluating success Ongoing consumer tracking can be done to discover consumers' views of the new product. This involves interviewing people each day to discover if they are using the product, or what they think about it and the reason why they would purchase it. Beiersdorf also use other sources of secondary data such as consumer panel data and EPOS (electronic point of sale) data. These sources monitor the success of the sales of the product right through the launch phase through the product life cycle. The screen print above shows a case study where I obtained information on NIVEA market research. I used this case study to help provide information on how market research supports NIVEA's new product development process. The website I used to find this case study was: http://www.thetimes100.co.uk/case-study--how-market-research-supports-new-product-development-process--87-260-1.php . ?? ?? ?? ?? Vimal Patel 12HAN Unit 3 1 Mr Plat ...read more.

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