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Market Research

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Introduction

Market Research According to the American Market Research Association, market research is ... "the systematic gathering, recording, and analysis of data about problems relating to the marketing of goods and services". There are number of key words that are identified in the above definition. They are: * Systematic- this means using an organised and clear system * Gathering- this means knowing what you are looking for (e.g. target audience) and collecting appropriate information * Recording- this means keeping clear and organised records of what you discovered * Analysing- this means putting the information in order and making sense of your information in order to identify the relevant trends and finding out the conclusion. * Problems relating to the marketing- this involves dealing with questions which, will help you to understand better both your customers and other information about the marketplace (e.g. competitors' products and services) Market research is necessary to all organisations because, without it they would not able to identify customer requirements as well as the activities of its competitors. Also, organisations such as, Cadbury Schweppes need to use market research to find out these information before; they can develop their marketing strategy. The use of market research Market research can be used for many purposes. It can be used to collect information about the market. Examples of information about the market include the following: analysing the market potential for existing products; forecasting future demands for existing products; assessing the market potential for new products; studying the market trends; analysing competitor's behaviour and performance; and analysing the market shares. Market research can be used to collect information about the product. Examples of information about the product include the following: finding out customer's acceptance or rejection of new products; making a comparison of existing product in the market; forecasting new uses for existing products, finding out the technologies that may threaten existing products; and new product development. ...read more.

Middle

A diary panel is when a consumer recorded his or her purchases in a diary The advantages of panel groups are it can cover a wide range of geographical area, and it covers a number of subjects. The disadvantage of panel groups is panel members need to be rotated to prevent set answers being given. This method would not be appropriate for Cadbury because, people attitudes and habits won't help them to develop new products. Direct observation Observation involves looking at how customers behave in the shopping environment. There are two main ways of doing this. They are known as accompanied shopping and mystery shopping. Accompanied shopping is when a researcher accompanies with the shopper on shopping trip. The researcher will observe and question the shopper why he or she chose that product. This method is very time-consuming and costly. Mystery shoppers is when a researcher poses as a shopper and goes in a branch of a retail shop, in order to report on the level of service provided. The advantages of direct observation are it is very accurate and it is easily controlled. The disadvantages of direct observation are, it is too expensive, it is very time-consuming and requires full co-operation from the group being observed. This method (observation) would be quite good for Cadbury because, they could decide where people most buy chocolate when there're shopping and therefore place their displays in the relevant places. However, this may not always be possible because, the shop itself decides where they put products. Questionnaires The purpose of a questionnaire is to fin out information from people about specific events, their attitudes, their values and their beliefs. A questionnaire consists of different types of questions, e.g.: * Closed questions- this provides the respondent only two possible choices, for example, yes ...read more.

Conclusion

Monthly Digest for Statistics- summarising on economic trends 2. Regional Trends, e.g. households, work, living standards, etc 3. Social Trends, e.g. trends in labour markets and incomes 4. National Food Survey- expenditure on and consumption of food by income group and region 5. Population Trends- family statistics including, births, marriages, deaths, etc in regions The Media Media sources normally include the following: * Newspapers- broadsheets such as The Times and The Financial Times * Magazines and trade journals- obvious example is The Economist (www.economist.com) * Television and radio- this covers specialist news and current affairs programmes * Teletext- this gives a wide range of current information covering many subjects The Internet It is the most common method of obtaining external information. Many organisations such as Cadbury Schweppes use the internet to obtain information about their rival competitors, for example information about their products. Market research companies There are number of market research companies that provide useful information. For example, Mintel (www.mintel.co.uk) is a commercial research organisation which, sell monthly journals containing reports or consumer markets, for example, bread, confectionery, beverage, and financial services. I have collected my secondary data from the following sources: * I got general company information from www.cadbury.co.uk and www.cadburyschweppes.com. * I got some company information sent to me through the post * I got my statistics from the internet at http://www.cadbury.co.uk/EN/CTB2003/information/market_review/ * I also got information about the company and Cadbury Time Out from www.cadbury.ie I have designed and produced my own questionnaire (see page ) to find out what people thought about different flavoured bars, etc. Then I have produced my results for my questionnaire and identified the main findings (see pages ). Next, I have explained the secondary data of Cadbury products and found out the main findings of each graph (see pages ). ?? ?? ?? ?? Unit 3: Marketing Created by Baljinder Duhra - 32 - ...read more.

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