Task 1 (a) & (b), Task 2, Task 3, Task 4

Market research

Market research is the collection of information or data to better understand what is happening in the market place. A firm's marketing department needs to know about economic trends, as well as consumers' views. Based on this information, they can put together a marketing plan, which will meet their own needs as well as those of their consumers.  

There are two general types of research:  

  • Primary or field research- Obtaining new data for a specific purpose. The marketing department of a firm or a specialist research organization can provide this. Typically, the data is gathered by:

Interview:  This is the technique most associated with marketing research. Interview can be:

  • Telephone: Telephone ownership is very common in developed countries. It is ideal for collecting data from a geographically dispersed sample. The interviews tend to be very structured and tend to lack depth. Telephone interviews are cheaper to conduct than face-to-face interviews (on a per person basis).

Advantages of telephone interviews

  • Can be geographically spread
  • Can be set up and conducted relatively cheaply
  • Random samples can be selected
  • Cheaper than face-to-face interviews

Disadvantages of telephone interviews

  • Respondents can simply hang up
  • Interviews tend to be a lot shorter
  • Visual aids cannot be used
  • Researchers cannot behavior or body language      
  • Internet: The Internet can be used in a number of ways to collect primary data. Visitors to sites can be asked to complete electronic questionnaires. Other important data is collected when visitors sign up for membership.
  • Face to face: Face-to face interviews are conducted between a market researcher and a respondent. Data is easily compared. Other face-to-face interviews are more 'in depth,' and depend upon more open forms of questioning.
  • Mystery shopping: mystery shopper will collect data on customer service and customer experience. Findings are reported back to commissioning organization.
  • Focus Group: Focus groups tend to be made up from 10 to 18 participants. Discussions, opinion, belief are encouraged, and the research will probe into specific areas that are of interest to the company commissioning the research.
  • Mail Survey: the mail survey is the most appropriate way to gather primary data. Lists are collated, or purchased, and a predesigned questionnaire is mailed to a sample of respondents.
  • Projective techniques: Projective techniques are borrowed from the field of psychology. They will generate highly subjective qualitative data.
  • Product test: Product tests are often completed as part of the ‘test’ marketing process. Products are displayed in mall of shopping center. Potential customers are asked to visit the store and their purchase behavior is observed.
  • Diaries: Diaries are used by a number of specially recruited consumers. They are asked to complete a diary that lists and records their purchasing behavior of a period of time.

http://www.marketingteacher.com/Lessons/lesson_marketing_research_primary.htm

  • Secondary or desk research- This is the use of existing data that has already been collected. It can be anything from a company's own sales statistics to Department of Trade and Industry reports. Other secondary sources of information include:

         

  • EPOS: This a most common system used by most firm such a retails stores, hotel and bank. This system is link with every PC in stores and update stock everyday and quickly.
  • Loyalty schemes: These schemes are used by many retailers company and used them to keep a track of their customers purchase.
  • Sales figure: These figures are used by companies to collect market research data. This is a very quick and efficient way of gathering data.
  • Sales personnel: This data is gathered by sales personnel by talking to customers, reading sales brochures people the site and track peak times of access.
  • Website monitoring: This is one of the cheapest ways to collect data. In this method online traders can monitor the number of times different pages on their website are accessed.
  • Company reports: This is an easy way to compete with different companies. Company can analysis their sales and profit figures.
Join now!

 

Task 1 B

 In the situation described below say how you would have actually used selected primary research methods and secondary research sources to implement your marketing decision

I used following primary research methods:

Telephone surveys

To help with our research we conducted a telephone survey because this method can be used over a wide area, is one of the cheapest and very fast. We obtained some random telephone numbers from 2 local areas because 1 area is near to the centre and second area is with some big houses and garden and theses areas as are ...

This is a preview of the whole essay