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Market Research.

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Introduction

Task 2 - Market Research Marketing (2.1) Marketing involves researching customer requirements in terms of using the four Ps; this combination of factors helps the business sell a product. * Developing and designing a product customers desire, producing the right amount and to the right quality specifications * Using a price that they find acceptable but allows the business to make a profit * Finding out what types of promotional methods attract * Making sure that the product is on sale in places convenient for the customer to buy it Marketing is important to the firm as it helps them get their business to what is wanted and needed by the public, finding out what the public want so both parties are profitable, it also builds communication between the business and the customers. ...read more.

Middle

Secondary Research can also be used for market research, as it is information that already exists and has been created for situations like this. It is cheaper and faster to use this option but it also has disadvantages such as the information may not be completely relevant to the business and only a few parts of the data may be able to be used and this would be a waste of money. The information may also be quite old and so again, not completely relevant. Examples of secondary research are accounts and sales records, government statistics, newspaper articles and the relevant sites on the Internet. Choice and Justification of MR Methods I Will Use (3.1, 3.6) METHOD HOW? WHY? Observation I will visit local businesses in the same market of convenience retailing to observe how they work and what they do to keep customers happy, I will also take note of what I think they are doing badly. ...read more.

Conclusion

notes Relevant marketing and other relevant business studies theory Helps consider judgement on how to market your firm Competitors literature / leaflets Pick up when visiting convenience stores, request details, adverts in newspaper and/or on the internet To look at how competitors work, what they have to offer, what they do good and what they do badly. Estate Agents Look in newspapers for local vacancies To see what properties are available in my local area, to give an idea of property costs and to see if they match requirements and needs Local Authority Write to local council for information about financial assistance for this type of business in the area Find out if Durham County Council provide advisory or financial assistance Visit relevant websites Visit relevant websites which give information on market size and growth etc To gain knowledge on market of chosen type ...read more.

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