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

Research Theory - Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably.

Extracts from this document...

Introduction

Research Theory Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably. Marketing Principles Customer Satisfaction Market research must work out whether customers' expectations are satisfied by current products or services. Customer Perception The images customers have of the organisation and its products for example value for money, product quality, fashion, reliability and are they valued Customer needs and expectations Is anticipating the future and forecasting tomorrow's customer needs and expectations Generating income or profit Is to be profitable by bring as much income as possible for growth and to satisfy shareholders and stakeholders. Satisfactory Growth This is achieved by entering new markets by creating new products or the business may choose to merge, takeover or joint venture with another business. Coordinating marketing activities Means having a clear plan of action and the whole emphasis of the planning process is for the organisation to think about the customer and the market. Awareness on change A business has to be aware of changes so that it can react to them to benefit their business. ...read more.

Middle

Only a very limited amount of information can be obtained Focus Groups Provide information regarding a particular problem using group dynamics. Focus groups are usually a small group of people, guided by a moderator, that openly discuss attitudes and ideas about a particular issue regarding a product or service. This usually provides more information than administering questionnaires individually. Good Points 1. Good for collecting in-depth views about what the customer thinks Bad Points 1. Have to make sure the group is representative of everyone's opinion 2. Can be expensive if you have to hire someone In-person / Intercept Surveys The interviewer and respondent speak face-to-face while the interviewer administers the questionnaire. Good Points 1. Good for collecting in depth information such as what consumers think 2. You can decide what you want to ask - so tailor make it to your needs 3. The interviewer can explain the question if the interviewee does not understand Bad Points 1. Expensive to carry out 2. Time consuming 3. ...read more.

Conclusion

May be bias - just giving one point of view 2. May be out of date 3. Information may not be relevant Demographic Analysis Provides population information such as, age, race, gender, household populations, household income, population numbers in a particular geographic area, family size, marital status, and education levels. Psycho graphic Analysis Provides lifestyle information such as, spending habits, consumers' self image, influences of social status on spending, occupations, image consumers want to convey, and other lifestyle indicators. Quantitative and Qualitative research Quantitative Research Is collecting numbers, for example the number of items bought, the price paid, the number of outlets stoking a product, and so on. In such a numeric form the information it is easy to collect and analyse. Qualitative research It is examining opinions and is a growth area of research, as consumer opinions are sought by products and services providers, politicians, town planners and virtually every organisation that exists. The only problem is that of information collation. Open-ended Questions collection chatty responses tend to confuse, not assists, the opinion seekers. Therefore opinion research is usually quantified. Gary Harrison ...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. The process of electroplating and how it is used to protect products.

    look at various types of information sources to find out if electroplating is better than making the product from the electroplated raw material. Primary information - When I visit the electroplating company I will observe the machines and chemicals used to see if they are dangerous to the employees.

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

    is showing an increasing trend, decision should be taken to install a second ATM. This will help prevent building up of large queues in front of ATMs and the consequent inconvenience to customers. * * * * BRANCH SETUP * Hardware and Software The following items of hardware, cabling equipments

  1. Business Internet marketing

    This can vary considerably. For example, the store PC World offers discounts and credit terms which all combine to alter the price individual consumers pay for a laptop. How The Internet Supports Price Of The 7P's The internet supports the price of products in many different ways.

  2. Marketing principles

    Businesses have to have each of these laws in order for them to proceed. Sale of Goods Act 1979- this is basically when the buyer and seller interacts with each other to buy and sell a product. The goods which the seller is selling must be reasonably fit for the

  1. Market Research

    There are number of methods that involve discussion with respondent. Some of which have been mentioned, below: 1. Face-to-face interview Face-to-face interviews are carried out by free lance market researchers, or the employees of market research businesses. Face-to-face interviews may include the following: * Street survey- these take place in the streets, particularly in busy town centres.

  2. The object of this study is to propose and empirically analyze a conceptual framework ...

    This condition of customer loyalty is reached through four sequential stages in Oliver's view (1997). In the first stage, the customer is only cognitively loyal, in a sense of having direct or indirect knowledge of a brand and its benefits, and proceeds to purchase on a basis of a belief of superiority in the offer.

  1. Free essay

    Marketing Strategy for Errol Anderson Motors - Chapter 2: Market research that could be ...

    The data can be used to assist a business in creating a successful product or expanding an existing one. Errol Anderson Motors needs data to identify the pricing needed to establish the business as well as an estimate on how successful the business will be in general and what practises will be better than others.

  2. marks and spencer - satisfying customers

    Steven Bond comments, "For years we were sitting on a goldmine that went unexploited because we were already successful. Now we appreciate the immense value of all this data." Data from the charge card system, combined with external sources such as census, demographic and national panel data tells Marks & Spencer a great deal about its customers.

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