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Market Research

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Introduction

Market Research Introduction Milo has been around since 1933. It is a chocolate malt flavoured beverage, which is fortified with several vitamins. Young and old love Milo simply for being energy- packed and its rich chocolaty taste. As a health food drink, it is full of vitamins and minerals. In fact, new improved Milo boosts optimum performance. This is what makes it different from its competitors who are; Ovaltine, Haulics, Lucozade, Nesqiuck and other chocolate drinks. Milo is available in 18g single serve sachets, 80g, 200g, 300g, 600g, 1kg refill packs and in ready-to-drink plastic bottles. You can also enjoy the goodness of Milo through the healthy and delicious Milo Balls, Milo Ice Cream, Milo Scoop Shake and Milo Balls. I am going to identify and explain the principles of marketing because it is the foundation at, which I'm going to use to create my marketing strategy. Marketing involves the anticipation, identification, satisfaction and creation of consumer wants for the purpose of generating income or profit. It also involves a variety of activities designed to raise consumer awareness, develop new products, increase market share and profit and to manage the effects of change and competition. In order for a business's marketing to be successful, it must be based on the principles of marketing, which are: * Understand customer needs * Understand and keep ahead of competition * Communicate effectively with its customers to satisfy customer expectations * Co-ordinate its functions to achieve marketing aims * Be aware of constraints on marketing activities Understanding customer needs This principle is based mainly on marketing research. Market research can be used to gather information about consumers buying habits and spending patterns. ...read more.

Middle

This is because the data already exists; hence it does not need to be researched. As a result another advantage is formed, which is that it is easily accessible. Accessing it is easy and quick because the data already exists; you don't have to wait for the data to be researched. The main disadvantage to secondary research is that it may not be applicable. This is because since it already exists it may be outdated; therefore it has the potential of becoming unreliable. The assessment of my primary research methods Here are the two types of primary research, which I'm going to use to create my marketing strategy: * Questionnaires * Surveys I have chosen to use questionnaires as a primary research method because they are relatively quick and easy to administer and analyse. I have created two questionnaires which are based on the product Milo. There purpose is to attain qualitative and quantitative data. Qualitative data looks in depth at consumer's feelings, attitudes, desires and perceptions, whereas quantitative data provides more structured information that is statistically measurable. For example the first questionnaire basically concentrates on the product Milo and the consumer's perception (taste, value for money, packaging, etc) of the product and the second questionnaire focuses on how people would take their Milo e.g. hot, cold, lukewarm, etc. I would consider the questionnaires a success because of there quality level. The structure of the questionnaires ensures that it obtains the exact information required. The main factors, which are involve in creating a questionnaire like: * How to frame the questions * How long the questionnaire should be * How the questionnaire should be laid out Have all been carefully taken into consideration when developing my questionnaires. ...read more.

Conclusion

This maybe because the cost for a computer to facilitate it is expensive or because they don't have the expenses to keep it running; thus you could say that it is expensive to set up. Another secondary method of research I planned to use is UK government statistics, which is another external source of data. I choose to use this research method because it deals with many factors that are essential to my search to create a marketing strategy and because the information attained is likely to be flawless; since it is carried out by many professionals and is promoted (funded) by the government. For example the government publishes a vast array of information on all aspects of the economy, business and the population. Publications such as Social Trends, Regional Trends, the Census of Population, the Family Expenditure Survey and the Annual Abstract of Statistics provide useful background marketing information about regional and national population characteristics, income and expenditure patterns and trends. Since secondary research already exists, no scientific method or technique was needed to collect information. I just tried to find useful information externally on Milo. I didn't use internal sources because I didn't find it significant enough to be considered. For example the invoice created for a financial purpose, would contain a large amount of consumer data; this would be considered as internal data. I found this information inadequate in assisting me with creating a marketing strategy. The secondary data, which I have collected on Milo, has giving me an array on the success of various past promotions, shop keepers and customer opinions on the product, product quality audits, etc. It is important that I use secondary data because it provides reviewed, analysed, existing data that contains environmental factors such as social, economical, political, etc. ...read more.

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