Marketing Research. Explain how different marketing research methods have been used to make a marketing decision
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This assignment will cover the following: Pass criteria * Describe types of market research * Explain how different marketing research methods have been used to make a marketing decision * Plan marketing research for a selected product/service using appropriate data collection * Conduct primary and secondary research for a selected product/service making use of identifiable sampling techniques * Interpret findings from research presenting them clearly in an appropriate format Merit criteria * Explain with examples, how different market research methods are appropriate to assist different marketing situations * Explain the reasons for choosing the particular method of data collection for a selected product/service * Analyse own research and findings and make recommendations on how marketing strategies could be adapted or implemented Distinction criteria * Evaluate the market research method used by a selected organisation * Evaluate the findings from the research undertaken P1 Describe types of market research Scenario 'A simple definition of market research that is easy to remember is: 'keeping those who provide goods and services in touch with the requirements of those who buy them.'1 There many types of marketing research techniques, primary, secondary. Primary research involves getting original data directly about the product and market. Primary research data is data that did not exist before. It is designed to answer specific questions of interest to the business2 Primary sources enable the researcher to get as close as possible to what actually happened and is hands on. Primary methods include observation, interviews, and using pilot studies. Observation watches the behaviour first hand instead of asking someone what they might do in a situation. Observation is more accurate then asking people, because people do not always know what they would do or they may not answer honestly. Observation can be watching people in a shop; this can help provide information on the best layout and displays. It shows where people look, and how long they spend in particular aisles. ...read more.
IEE=Young adults probably want to purchase more accessories, but can't afford it so they are restricted. Young adults are just starting their lives and only have enough money for just getting by. Older people have money to spend, but they won't waste it on car accessories, not unless it's a birthday present or for a special occasion. IER-Thank you for your time 3) Male client aged 17 IER-Thank you for giving us your time to answer some questions for our survey IEE-No problem IER-Do you drive a car? IEE-Yes I drive a Vauxhall Astra IER-How often do you drive your car? IEE-Everyday IER-Do you have any accessories for your car? If so, how often do you purchase accessories? IEE-I have tinted windows and larger exhaust. I would purchase something to kit up my car every couple of months like new polishing and cleaning equipment, bigger rims and possibly new sound system. IER-How much do you spend on your car accessories? IEE-I spend about 1500 pounds IER-Would you fit them yourself or professionally? IEE-I fit everything myself. I struggled at first to fit my rimps, but I got the hang of it and I had some mates show me how to do it. It costs a lot to get anything done professionally so I do it myself. IER-What other accessories would you like to buy for your car? IEE-A spoiler IER-Do you like making your car look good on the outside alone, or both in and out? IEE-I want my car to be comfortable and smooth inside so leather sits and CD & speaker player is a must have for my car. I probably spend more time and money on making the outside look at its best though. IER-Do you think that your car is big part of your life? IEE-Yes because it's what I like, my friends like and something we like showing to each other in our spare time. ...read more.
For the first time, bosses at Tesco could see what was being bought by which customer. Assumptions about the way people shopped- notably that they bought everything from the same store - were shattered. What became clear was a more complex picture of modern-day retail habits and the Clubcard, with its offer of personalized incentives to persuade people to fill these troubling gaps in their shopping baskets, proved both an eye-opener and a massive money-spinner.14 Consumer data has helped shape the products they offer, Tesco have a better understanding of consumer segments and shopping profiles which has helped them to market themselves and form relationships with customers and build loyalty in customers and target particular groups with their marketing. This level of sophistication has made sure that Tesco remain the leaders within the market.15 Tesco and Asda have both introduced products in selected stores to suit the needs of the customers living in those areas, for example in some stores they sell halal or kosher products. I think this is a very clever way of finding out a lot of information about your customers and means they are able to advertise particular products, services and offers to specific people who are more likely to be interested in these items. For example Tesco would not want to waste money in advertising make up to men, MP3 players to elderly people and furniture to an 18 year old who still lives with their parents. Tesco also use observation within their stores to see how people shop, it can show where people look what aisles they visit and how long they spend looking. This can help them to understand how their different customers shop and can give them the information to lay out their stores in a friendly inviting way that encourages customers to look at products they may not usually buy and may be interested in. Their stores are set up to encourage people to spend more money and they have managed to achieve this by using the information they have obtained through observation. ...read more.
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