Marketing Strategy for Errol Anderson Motors - Chapter 2: Market research that could be undertaken to decide help decide Marketing Campaign

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Ali                11T

Business Studies (Coursework)                Marketing Strategy

GCSE Business Studies

Errol Anderson Marketing Strategy Coursework

By Ali

Ms Begum

Chapter 2: Market research that could be undertaken to decide help decide Marketing Campaign


Business Studies Coursework

Chapter 2: Market research that could be undertaken to decide help decide Marketing Campaign

Market Research

Market Research is defined by the internets’ answers.com as:

“The gathering and evaluation of data regarding consumers' preferences for products and services.”

In other words, market research is finding answers to questions to do with if there is a market for a particular product or service, and how popular it is. This includes expected prices and quality.

A variety of techniques of market research are used to find information about markets, competitors, target markets and their needs, customer satisfaction with products and services, market trends, etc. Businesses can learn a lot about customers, their needs and how to meet those needs. The main purposes for Errol Anderson are:

  • Remain ahead of competition (by understanding the current market).
  • Reduce risk of failure.
  • Understands the needs of the public (potential customers).
  • Promote the business in the correct way to reach the right people in the best way.

There are two types of Market Research; Primary and Secondary methods of research.

Primary Research

Primary research is the gathering of research yourself or ‘first-hand’. A few examples of this are surveys (questionnaires included) and/or undertaking interviews with the public. Primary research is good because the research and the information is specific to a companies needs. It is also up to date (fresh data on the current stance of the public) and private (other business may not use Errol’s data). On the other hand primary research can be expensive and Errol Anderson cannot afford to pay a lot of money. It also time consuming in the collecting of data and the comprehensive analysis required. Errol Anderson does not have a lot of time as a sole trader to do this and does not have enough skills. He may not pay a lot of money for someone to do this for him.

Secondary Research

Secondary research is using research already available. This could be buying from specialist companies (data which has already been recorded and is available). Another example is the internet. Secondary Research is usually free or inexpensive and can be found easily (if available). But sometimes it isn’t available or isn’t specific to Errol’s needs. It could also be out of date. Secondary data cannot push Errol Anderson Motors beyond its competition because it may be available to other businesses.

The process of research

Creating a survey or questionnaire

An effectual market research survey allows a business to explore their field, as well as discover areas of new growth. The information can be used to suggest areas of growth and identify how improvements can be made to a business. Market research using a questionnaire also supplies data for improving existing products or services and developing new ones.

A marketing survey can help a business determine the best approach for conducting business for new and existing product or service development. It is used to help improve overall business by testing the market for product awareness, analyzing trends for new products, discovering new services and determining the success of an existing product. Marketing survey data can also determine how different practises may influence the future of the business. The data can be used to assist a business in creating a successful product or expanding an existing one.

Errol Anderson Motors needs data to identify the pricing needed to establish the business as well as an estimate on how successful the business will be in general and what practises will be better than others.

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The process of creating this is identifying what is needed and putting it into a questionnaire. This is a way to get information for a survey. Errol can make questionnaires for cheap prices and only pay for the amount of questionnaires created, which is not very costly for Errol. The problem with this is that Errol cannot afford to pay someone to make the questionnaire and distribute it and need to do it himself. This will use a lot of his time.

Collecting data about competition

Errol Anderson Motors needs to be better than its competition to attract customers. This ...

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