• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Market Research

Extracts from this document...


Market Research According to the American Market Research Association, market research is ... "the systematic gathering, recording, and analysis of data about problems relating to the marketing of goods and services". There are number of key words that are identified in the above definition. They are: * Systematic- this means using an organised and clear system * Gathering- this means knowing what you are looking for (e.g. target audience) and collecting appropriate information * Recording- this means keeping clear and organised records of what you discovered * Analysing- this means putting the information in order and making sense of your information in order to identify the relevant trends and finding out the conclusion. * Problems relating to the marketing- this involves dealing with questions which, will help you to understand better both your customers and other information about the marketplace (e.g. competitors' products and services) Market research is necessary to all organisations because, without it they would not able to identify customer requirements as well as the activities of its competitors. Also, organisations such as, Cadbury Schweppes need to use market research to find out these information before; they can develop their marketing strategy. The use of market research Market research can be used for many purposes. It can be used to collect information about the market. Examples of information about the market include the following: analysing the market potential for existing products; forecasting future demands for existing products; assessing the market potential for new products; studying the market trends; analysing competitor's behaviour and performance; and analysing the market shares. Market research can be used to collect information about the product. Examples of information about the product include the following: finding out customer's acceptance or rejection of new products; making a comparison of existing product in the market; forecasting new uses for existing products, finding out the technologies that may threaten existing products; and new product development. ...read more.


A diary panel is when a consumer recorded his or her purchases in a diary The advantages of panel groups are it can cover a wide range of geographical area, and it covers a number of subjects. The disadvantage of panel groups is panel members need to be rotated to prevent set answers being given. This method would not be appropriate for Cadbury because, people attitudes and habits won't help them to develop new products. Direct observation Observation involves looking at how customers behave in the shopping environment. There are two main ways of doing this. They are known as accompanied shopping and mystery shopping. Accompanied shopping is when a researcher accompanies with the shopper on shopping trip. The researcher will observe and question the shopper why he or she chose that product. This method is very time-consuming and costly. Mystery shoppers is when a researcher poses as a shopper and goes in a branch of a retail shop, in order to report on the level of service provided. The advantages of direct observation are it is very accurate and it is easily controlled. The disadvantages of direct observation are, it is too expensive, it is very time-consuming and requires full co-operation from the group being observed. This method (observation) would be quite good for Cadbury because, they could decide where people most buy chocolate when there're shopping and therefore place their displays in the relevant places. However, this may not always be possible because, the shop itself decides where they put products. Questionnaires The purpose of a questionnaire is to fin out information from people about specific events, their attitudes, their values and their beliefs. A questionnaire consists of different types of questions, e.g.: * Closed questions- this provides the respondent only two possible choices, for example, yes ...read more.


Monthly Digest for Statistics- summarising on economic trends 2. Regional Trends, e.g. households, work, living standards, etc 3. Social Trends, e.g. trends in labour markets and incomes 4. National Food Survey- expenditure on and consumption of food by income group and region 5. Population Trends- family statistics including, births, marriages, deaths, etc in regions The Media Media sources normally include the following: * Newspapers- broadsheets such as The Times and The Financial Times * Magazines and trade journals- obvious example is The Economist (www.economist.com) * Television and radio- this covers specialist news and current affairs programmes * Teletext- this gives a wide range of current information covering many subjects The Internet It is the most common method of obtaining external information. Many organisations such as Cadbury Schweppes use the internet to obtain information about their rival competitors, for example information about their products. Market research companies There are number of market research companies that provide useful information. For example, Mintel (www.mintel.co.uk) is a commercial research organisation which, sell monthly journals containing reports or consumer markets, for example, bread, confectionery, beverage, and financial services. I have collected my secondary data from the following sources: * I got general company information from www.cadbury.co.uk and www.cadburyschweppes.com. * I got some company information sent to me through the post * I got my statistics from the internet at http://www.cadbury.co.uk/EN/CTB2003/information/market_review/ * I also got information about the company and Cadbury Time Out from www.cadbury.ie I have designed and produced my own questionnaire (see page ) to find out what people thought about different flavoured bars, etc. Then I have produced my results for my questionnaire and identified the main findings (see pages ). Next, I have explained the secondary data of Cadbury products and found out the main findings of each graph (see pages ). ?? ?? ?? ?? Unit 3: Marketing Created by Baljinder Duhra - 32 - ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our AS and A Level ICT in Business section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related AS and A Level ICT in Business essays

  1. Analysis of The Cadbury company.

    Cadbury's new cocoa bean was advertised as "Absolutely pure...Therefore the best", the new product was endorsed by trade and medical opinion. This is what turned the vast struggle of the two brothers into a supreme worldwide company that is known as Cadbury's but the introduction of cocoa essence was not

  2. Analysis of The Cadbury company.

    Enterprise This is where the initial business idea came from and where all the new ideas and events are decided. Cadbury's have a very good set of entrepreneurs who keep the business fresh and exciting by designing new brands all the time to try and inspire the customer.

  1. Business Aims and Objectives.

    Sharing this data helps everyone as a wide range of queries can be answered rapidly and accurately from information instantly available on screen. Security systems The security in a business is very important. If a computer in a business is not secured with the correct software, hackers can easily access all the data in the businesses network.

  2. Analysis of The Cadbury company.

    in a given market * To maximise sales * To grow * To operate in a wide range of markets * To give satisfaction to customers * Have a good reputation * To provide the freedom for workers to express them selves and suggest ideas to help the business *

  1. Examine the strengths and weaknesses of the business by performing an internal audit on ...

    This would mean that the cash flow levels would be optimised for the business, which will be appreciated when the business experiences cash-flow shortages DEBTOR'S COLLECTION PERIOD (measured in Days) This ratio shows how long it takes on average it takes a company to collect the debts that are owed to it by debtors.

  2. Free essay

    Managing information

    pressure, so Tesco also need to find and ensure that the person who is employed to process complex information has the skills and ability to do so and has a good understanding in order to so. Task8 Test the system Before the system is full put in operation, all aspects

  1. ASB Statement of principles: Chapter Three - The qualitative characteristics of financial information.

    The statements of Principles identify two main ways that comparability can be achieved. These are consistency and disclosure of accounting policies. Consistency is treating like events in a like manner. Part of this is meauring and displaying events in the same way.

  2. Implementation of ATMS at SBI. Banks in India are looking at deploying biometric ATMs ...

    � Ensure Admin Function is carried out using the Admin Card whenever cash is replenished in ATM. � Ensure that photocopy of the Admin Balance enquiry slips are pasted in a register and are signed by both the joint custodians.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work