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Types of research - Market research is the collection of information or data to better understand what is happening in the market place.

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Introduction

Types of 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 * Secondary or desk research Primary or field research Obtaining new data for a specific purpose. The marketing department of a firm or a specialist research organisation can provide this. Typically, the data is gathered by face-to-face interviews, by telephone or by post, using questionnaires. This is called a survey. Sometimes potential consumers are asked to test products, and their responses are recorded. Field research has the advantage that the firm itself has control over the whole process. The disadvantages are that it takes longer, and costs more. 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 journals, company reports, government statistics, and surveys published by research organisations. The research process Marketing departments need to have information so they can get their marketing mix right. ...read more.

Middle

Example For fmcg's (fast moving consumable goods) like colas, penetration pricing is usually used. The firm will want a large share of the market; so will settle for a small profit on each item. In the long term, they hope that the turnover, and therefore their profits, will be high. The simplest method of all is cost-plus pricing, where a firm adds a profit mark-up to the unit cost. what is customer services and why do companies use it? Customer service is the provision of care to customers from pre-service to after sales service. It may be face-to-face, over the telephone, written or via new technology using e-mail and the Internet. Companies use customer care to create an overall impression of an organisation that puts the needs of the customer first, to ensure quality and increase sales over competititors. Increasingly, businesses have customer services departments or customer services desks whose job is to ensure the efficient process of delivering customer care, including provision for those customers with special needs. Many companies now produce literature, which outlines their Customer Care Policy or Charter; this may include their policy on refunds, warranties, after sales service and how to make a complaint. Market research aims * advertising * after sales service * design * delivery and distribution * packaging and presentation * pricing * promotion * research * quality control and assurance ...read more.

Conclusion

Links to surveys * cost * speed of collation * accuracy * reliability * age of information * any special characteristics of the market Market Segmentation There are various ways to segment your market. These may include: -Demographically - according to the age structure of the population -Geographically - by country or region or area -Behaviouristically - according to the nature of the purchase, the use the product is put to, the l oyalty to the brand and so on -Benefit - according to the use and satisfaction gained by the consumer -Socio-economically - according to social class and income levels The Marketing Mix The marketing mix is the balance of marketing techniques required for selling the product. It's components are often known as the four Ps: -Price - the price of the product - particularly the price compared to your competitors - is a vital part of marketing. There are two possible pricing techniques: -Market skimming - pricing high but selling fewer -Market penetration - pricing lower to secure a higher volume of sales -Product - targeting the market and making the product appropriate to the market segment you are trying to sell into -Promotion - this may take the form of point of sale promotion, advertising, sponsorship or other promotions. -Place - this part of the marketing mix is all about how the product is distributed. Current trends are towards shortening the chain of distribution. ...read more.

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