• 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. Applied Business Unit 2 Coursework

    I have considered the following: * thanking the candidate for applying * say that you look forward to seeing the candidate I think that both of the above should be included in my interview invitation letter because by thanking the candidate for applying, it makes the candidate feel respected and

  2. Marketing Research

    Collecting competitor ads 7) Reading articles on the concerned industry E) Some companies have established an internal MI center to collect and circulate marketing intelligence. The staff scans major publications, abstracts relevant news and disseminates relevant news to the marketing dept. Marketing Research (MR): This is the third component of MIS.

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

    |wasn't enough and wasn't | | |advertising. | | |that useful. | |Keynote |To gain information on |Keynote is easy to use |The book was for the 2003 |It had plenty information | | |various consumers, |and is reliable. |year as some information |such as market size but | | |industrial and service | |was out of

  2. GLOBAL STEEL INDUSTRY DEVELOPMENT

    In 2001 and 2002, world crude steel production was 833.70 million tonnes and 886.70 million tonnes, respectively. The following significant developments have been witnessed recently in the global steel scenario: There has been a spate of mergers and acquisitions all over the world in the steel industry.

  1. Applied Business Studies

    All businesses put in place objectives, but they may differ from one another, as all businesses are different. Business objectives may change over time either if they have been completed, or if the business managers looked at the objectives and understood that it was not reachable.

  2. Investigating business

    At Sainsbury They have several ways of measuring its success. Firstly, customer feedback is a useful indication of service quality collected through customer surveys, online surveys, usability studies and a mystery shopper programme. Success is also be measured by analysts' opinions of the business, and other relevant factors as follows, just to mention a few.

  1. Describe the types of Market Research

    collection methods, rapid availability of brand switching and shifts in buyer preferences accurate. Report of sensitive expenditures: beer, liquor, cigarettes high level of specificity e.g. actual products not intentions anymore .information on aggregate sales activity and shifts in retail outlets (store performances)

  2. Research into Business Plans

    money in the company to help it set up and gets started, acting as a source of capital to get the business going. An example of this would be the programme ?Dragon?s Den?; where high business tycoons put their money out to the best business idea they think applied to

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