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Market Research at Marks and Spencers

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Introduction

´╗┐TREVON MENGOT P3 UNIT3 MARKET RESEARCH MOSES MUNENE Describe how a selected organisation uses marketing research to contribute to the development of its marketing plans In this assignment I will describe the different types of secondary and primary research used by marks and spencer in their marketing plans. Market research This is the process of finding out information about a new product or service through techniques like surveys, product testing and focus groups. Market research allows companies to acknowledge who their target market and consumers are and what the consumers think about this product/service before it becomes available to the public. Market research can be done by the company itself or by a company that specializes in market research. They would normally give samples or money to the people who were used for the testing of the product so it?s not seen as a waste of time. There are 2 types of market research which are Qualitative, quantitative, primary, secondary, internal and external research Quantitative research is a numerical data that marks and spencer needs to collect in order to understand what people think about the products in statistics and figures. Qualitative research is a descriptive type of research which is important to marks and spencer is they want to find out about their customers point of views and opinions e.g. ...read more.

Middle

This graphics shows the scores of the UK mystery shoppers that Marks and Spencer has used. Over the years they have increased and keep increasing which shows it is a good method of research but marks and spencer have decided to be more in touch with their customers they are going to replace the mystery shopper programme with an in depth survey for the customers. http://annualreport.marksandspencer.com/strategic-review/performance-against-our-plan/ Sales records This helps the business know how many sales the business has made and which products are selling more and to what kind of customers. This is so they can know how to improve their sales through their records from previous sales so this would help them improve the products that sell the best so they can be bought more quicker than previous years. This benefits the business a lot because it is a very cheap and accurate way for them to research about their business and improve it. Focus groups Focus groups are a group of people assembled to participate in a discussion about a product before it is launched, or to provide feedback on a political campaign, television series, etc. https://www.google.co.uk/#q=focus+groups+definition Marks and Spencer uses focus groups to help them decide on their products if their customers would buy them because it is important for a business to know what their customers like and what they do not like because they would be able to make improvements if ...read more.

Conclusion

Marks and Spencer obtain a lot of feedback on different product either on the internet, face to face and write a review so they can know what?s best for the customers. This image shows customers reviews online on jeans which was given 5 stars which indicates that is good this method is so the business know which products are making more sales so they can increase their supply or improve the product and lower supply or cancel supply on the less making sales products. http://help.marksandspencer.com/faqs/newsletters-features/product-review Intelligence reports Intelligence reports is information that is important to a company?s market which is gathered and examined in order to create accurate and confident decision making. They are able to help the business by providing professional help and producing detailed reports. http://www.b2binternational.com/publications/white-papers/competitor-intelligence/ Intelligence reports are produced by market research companies which are AC Nielsen, Millward Brown, Kantar world panel and Mintel. These companies help businesses like Marks and Spencer to examine so they are able to produce their annual reports. This image is from AC Nielsen which shows how marks and spencer total sales and other businesses. According to Nielsen Marks and Spencer improved their sales of product which increased by 5.7% in 12 weeks and improved year on year from 4% to 4.1%. This method is good because Marks and Spencer would be able to improve their sales if they notice that their competitors are doing better than them. http://www.retail-week.com/marks-and-spencer-and-waitrose-gain-food-sales-nielsen-reports/5020117.article ...read more.

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