What is marketing research? What is its importance to marketing management? What are some of the more common sources of information used by marketing? Explain also what is meant by the marketing information system and by consumer behaviour.
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What is marketing research? What is its importance to marketing management? What are some of the more common sources of information used by marketing? Explain also what is meant by the marketing information system and by consumer behaviour. Marketing Research Marketing research is the systematic design, collection, analysis and reporting of data relevant to a specific marketing situation facing by a company. Marketing uses research when it needs information about a specific situation, as marketing intelligence will not provide the detailed information needed. A company can conduct its own marketing research or it can use an outside agency for some or all of the research, depending on its research skills and resources. Marketing research includes a wide variety of activities, such as: Market potential studies Market share studies Customer satisfaction assessment Purchase behaviour studies Marketing mix studies Importance To Marketing Decisions The marketing research helps marketing management in two aspects: information analysis and distributing information. Information analysis: Information gathered by research usually requires more analysis. It helps managers to solve marketing problems and decisions by using those marketing research. It also helps managers answer questions like 'what if' and 'which is best', questions related to the different elements in the marketing mix, and to make marketing forecast.
In order to establish a good image and seek for survival in this ever-changing business environment. The final goal is to achieve for the long-run profit. By doing so, we need to define the problem and research objectives, develop the research plan, determine specific information needs, implement of the research plan and interpreting and reporting the findings. Of course, there will be a recommendation for the management after the implementation of the research plan. 2.1 Company Background Vitaland Services Limited is the wholly owned subsidiary of Vitasoy International Holding Limited. It has been providing friendly, convenient and efficient tuck shop service to Hong Kong schools since being established in 1991. Vitaland's more than 200 Hong Kong schools' tuck shops are now serving more than 100,000 students and teachers. Traditional, family-operated school tuck shop operations have been well-described as lacking consistent standards of service. Vitaland is the first organization to transform tuck shop operations to systematic chainstores with professional management. Vitaland has established many systems and procedures to manage tuck shops effectively, systems and procedures for; staff training, product sourcing, product development, product variety, food hygiene, shop equipment and business management. 3.1 Forming The Working Groups The cross-functional team is formed for this project to study the consuming behaviour of students.
Average spending of Secondary schools' students in Tuckshop is 9.3 per day (including the lunch) 3. Average spending of female is more than male. Average spending of female of Primary schools' students is $5.3 per day. Average spending of male of Primary schools' students is $3.8 per day. Average spending of female of Secondary schools' students is $11.2 per day. Average spending of male of Secondary schools' students is $8.6. 4. Students studied in Band 3 schools would spend 3.1% more than Band 2 and band 1 school. Students studied in Band 2 schools would spend 1.94% than Band 1 schools. 5. The location of school in the place like Middle Level would spend 2.53% more than the high population density place and low population density place. 8.1 Recommendations Base on the findings, the price-setting can according to the demographic factor. STOPPOS also suggests introducing more food products to the high consuming group. The band 3 school and female in Secondary school would be the target group. Moreover, STOPPOS suggests forming a focus group to develop the new products. Some of the students will be invited in this focus group to understand more about their taste. STOPPOS has reviewed for this project. It found that the research can be useful to understand on the consuming behaviour of the students. However, it may not be detailed enough. STOPPOS suggests joining the external consultation firm to conduct the marketing research next time.
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