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

Market Research identifies

Extracts from this document...

Introduction

In this task I will be explaining all the different types of research a business can do when launching a new products or trying to improve an existing product. There are two main ways a business can gather research and this is through primary and secondary data. Market research includes customer's needs and wants, their future possible needs and wants, potential new markets/customers, new technology, the current trends and fashion, competitor strengths and weaknesses, competitor strategies and the overall marketing environment. A customer's needs and wants are valuable to a business because it lets them know what customers are interested in buying and what they want to buy in this moment in time. For the business to have a possible knowledge of customers future needs and wants is a huge step in getting an edge over their competitors as it will let them plan in advance for the next trends to start and they will be ready before their competitors so they will be able to maximise their customer base. ...read more.

Middle

Primary research Primary research is the information that comes directly from the source, which is usually the potential customer. You can compile this information yourself or hire someone else to gather it for you via surveys, focus groups and other methods. Primary research is a good way to get ideas and max the profit of your business. This contains such things as surveys/questionnaires, focus groups and observations. With surveys and questionnaires it lets the business get feedback on certain things to do with their product or service with also a comparison to competitors. The feedback received from these primary methods of market research includes the popularity of features, how much customers will spend, where they buy from and how frequently and how customers rate the service or product. Also with questionnaires and surveys the company may include some questions about competitors and ask what they do better than their business and also what they do worse. This helps to identify the popularity of competitors and allows the business to change some aspects that customers prefer by their competitors. ...read more.

Conclusion

Secondary sources include the following: * Public sources. These are usually free, often offer a lot of good information, and include government departments, business departments of public libraries, and so on. * Commercial sources. These are valuable, but usually involve cost factors such as subscription and association fees. Commercial sources include research and trade associations, such as Dun & Bradstreet and Robert Morris & Associates, banks and other financial institutions, and publicly traded corporations * Educational institutions. These are frequently overlooked as valuable information sources even though more research is conducted in colleges, universities, and technical institutes than virtually any sector of the business community. Primary and secondary research are both vitally important for businesses when introducing a new product or improving an existing one. They do this research to get an idea as to how they should deliver their new or improved product, meaning they can get the best possible results for it. ?? ?? ?? ?? Adrian Edwards P3- Market research identifies Darren Case ...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 Marketing & Research 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 Marketing & Research essays

  1. Business Studies Company Profile

    THE ROLLS-ROYCE PHANTOM MERCEDES MAYBACH 57, BENTLEY FLYING SPUR, MASERATI QUATTROPORTE AND MERCEDES S65 AMG LIMOUSINE. Local residents * Local residents would also be stakeholders, they are affected by the factories they live by, and this would include pollution, commerce, traffic and noise as well as employment.

  2. Marketing Research

    Learn about competitors through--- 1) purchasing their products 2) Attending trade shows 3) Reading competitor's published reports 4) Talking to their former employees and current employees 5) Talking to dealers, distributors, retailers of competitors 6) Collecting competitor ads 7)

  1. Investigating business

    2005/06 They will ensure that at least 30,000 schools sign up to 'Active Kids' 31,000 schools signed up for Active Kids They will ensure that all our large stores are participating in our food donation scheme Over 65% of main supermarkets are participating They will reward 5,000 colleagues participating in

  2. Applied Business Unit 2 Coursework

    require a work permit to work in the UK 16/24 Sample application form (appendix 45) yes Yes Yes asks for employment history Yes includes schools and examinations No Yes Yes Yes No * Asks how many hours and what days you are able to work * Asks whether they can

  1. I am going to be writing about the concepts of marketing distinctiveness of the ...

    To show that the business has got a common aim. The general objectives of the business need to have a powerful influence on the marketing plans and objectives. Use of marketing principles Marketing managers are surrounded by all different organisations in a business as there is a lot of variation.

  2. Unit 2 Investigating business

    * I can't make decisions by yourself * I share the debts and my partner or partners may not pay their share. * I have to share all the profits. Private limited company A private limited company (PLC) sells shares to friends and family and offers them limited liability.

  1. For this assignment I have been asked to produce a new marketing strategy for ...

    Before researching my primary research I will have to consider some important points, these are: Initial considerations: ? The type of information required ? The type/ nature of respondents who are to be surveyed ? The method(s) by which the survey is to be administered Limited factors including; ?

  2. Describe the types of Market Research

    technology and is one of the most popular ways of market research. E-market research is research conducted through the medium of the internet such as online questionnaires and interactive questionnaires. The advantages to this there is physical stress because it?s all through the internet, also its easy to setup and

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