Risk or certainty - Primary market research.
Introduction I have been given the task of creating, promotional strategy, and pricing strategy for a new type of chocolate designed for young children. At the moment chocoholics plc have a large proportion of the sales of chocolate bars, but they are in direct competition with Cadbury's, Nestle and Mars. So it is vital that the promotion of this chocolate bar is of a high standard to make sure that chocoholics keep their large proportion. I will have to research about the existing market to see if there is a market niche, or if there is a popular area that chocolate is sold most in the market. I will research what chocolate bars are on the market, what area of the market they are aimed at, and also the price so that I can launch my new chocolate bar at a competitive price. For this research I will use primary research. Primary research is when you do research that has never been done before and has no existing results, where I will create a questionnaire and ask random people what are the preference and liking in a chocolate bar. I asked random people because not many young children go out and buy chocolate bar on their own, mainly they have an adult or parent with them. Another area of research that I will use is secondary research, secondary research is all ready been carried out and the results can be use in my research. I will get this research from competitor's
Different types of primary and secondary market research
Unit 10 P1 Different types of primary and secondary research Market research is an essential part of any business plan, whether it is a fledgling business or a multinational organization. Knowing that there is a sustainable market for your product and understanding of what your audience expects from you is vital from a successful business launch. . Primary research is when the creation of your own research, whether it is a question you ask to your friends and family or a survey put together alongside, agency and managed to a wide panel. Primary research will instantly make you feel more in control of your project. You choose your questions and select your panel through qualitative research, allowing you detailed responses from an individual person. You decide how, when and where your research will be managerial. You can ensure that your research is focused: the number of participants and their backgrounds, the number of nature of the questions, the number of time that your survey is available. Types of primary research: Observation: watching how consumers behave provides many insights, but can leave questions unanswered. Observation works well in retail markets; sit outside a shop and watch how many people walk by, look at a window display etc. Experimentation: Marketers often undertake experiments to measure how the use of one marketing variable affects
Primary Research
Describe how marketing research is used by one of the organisation to understand the behaviour of customers, competitors and market environment. Marketing research: - Marketing research aims to help organisations to find out the information that can inform the decision making process. Marketing research is to find out about the specific needs what the firm is offering to the targeted customer. Marketing research is then further divided up into two main subheadings called primary research and secondary research. Marketing research also includes customer behaviour, competitor behaviour and marketing environment. Customer Behaviour: - Customer behaviour is based on consumer buying behaviour. A greater importance is also placed on consumer retention, customer relationship management, personalisation, customisation and one to one marketing. Viola drinks customers would like to buy a healthy drinks because people are being afraid by their future health. Parents would prefer to buy drinks such as innocent or other smoothies because they are they care about their own health and their kids health. Customers buy smoothies because they believe that they loose weight with start eat health foods and drinks. The following link research shows that peoples had start measuring their weights which shows are real decreasing in their body weight. Reference:
Maketing - Primary research
Marketing Primary research When conducting primary market research, you can gather two basic types of information exploratory or specific. Exploratory research is open-ended, this helps you define a specific problem, and usually involves detailed, unstructured interviews in which long answers are solicited from a small group of respondents, Specific research is more precise in scope and is used to solve a problem that exploratory research has identified, the interviews are structured and formal this type of research is the most expensive out of the two but it gives the best results. When pink zone is conducting our own primary research if we think it is for the best we need to figure out how we will question our target audience e.g. phone, mail, questionnaires or emails. The most likely sort of primary research we would use is questionnaires because we could hire out a business to make and distribute the questionnaires in public also the company would collect in the data for you and sort out all the facts and figures for you however with doing this there are disadvantages for example the business might ask the wrong question which has no relevance to the business or what it is trying to achieve. When asking the questions the consumers must think carefully on the type of questions they are going to ask and what type of information that they are hoping to gather this
Market research
Market Research Introduction Market research is one of the most important things needed to start a business. Market research will help you identify the target market for your business. A business can identify the target market by two types of market research, which are primary research and secondary research. In this unit of course work, I will stat different types of market research and how it affects the business. Business also needs to analyse there own product and services to identify the target market. Market Research Market research is the procedure through which businesses collect information about things going on market such as customers demands, about the other competitor and the market. Market research is important because from market research business can obtain information on products and services. This information will help to answer the following question: * Which products or services are making good profit and which are not? * What people think of particular products and services? * Which product is on demand? * Is there a gap for your business? * Are existing product satisfying customers' demand? The answers for this question will help business to know what products or services they should offer and which they should not. Market research will also help a business to make right decisions about the price of their products and services. Market research
Market Research
2. Market Research Market research is the process of gathering, recording and analysing data that will help you make better decisions in your business at any time, whether it being starting up or improving your business. This data can be taken from the consumers, competing businesses or secondary sources. Market research is vital for every successful business, as it can help to start or expand a business, update existing products, raise your profits, set prices, select a location for your business, launch a new product successfully, analyse and learn more about the number of consumers, e.t.c. There are 2 main types of market research - Primary and Secondary. Primary research is, simply, new data that has been collected by your own business. There are many different ways of finding primary data, including: * Questionnaires * Telephone interviews * Surveys * Observing the consumers * Consumer trials / Free samples * Visiting the competition Secondary research is based on already existing information that has been collected by studies done from another business. There are also many different ways of finding secondary data, including: * Library * Internet * Company data * Published Information - e.g. yellow pages * Government publications * Newspapers Primary research is up-to-date and accurate as it is newly found. It can be used to find the answer to certain
Market Research.
A business has to explore the needs of its customers and the activities of its competitors before it can develop a marketing strategy. Therefore market research is carried out to understand the market and to investigate what the customers want from the product. Businesses research many different things to ensure they supply the best possible product to the customer. It is also important to know and understand the strategies used by competitors and how their actions might influence the market. In order for a business to this it will conduct market research in a number of areas. These are: * Consumer behaviour- to build up a picture of consumer behaviour businesses might investigate culture, class, personal characteristics and psychological factors. * Product development - to see what the customer wants the product to be like and if they would like anything about the product to be changed. * Distribution - where the product should be sold. This may be the product will be sold to shops or directly to the consumer. * The market and competitors - to find out who their consumers are and how to compete against rival companies. * Promotion - to see what would increase their sales. For Cadbury's Flyte all of the above will be researched by using both primary and secondary research. Primary research Primary research, also known, as field research is the gathering of new
Market Research
Market Research Market research is a tool that helps organisations to find out their customers needs. It is important to Thorpe Park because they need to know their customers needs in order to provide for them. The different types of methods Thorpe Park use are postal surveys, website and observation. Primary research involves in collecting and analysing information at first hand using face to face interviews and surveys. Secondary research involves using material that already been published such as reports, newspapers and financial records. By doing primary research the data is more original but secondary research can get more out of date quickly. Thorpe Park mainly uses primary research. Qualitative research allows people to give their opinions and involves using open questions like "why do visit Thorpe Park?" A lot of useful information can be used and gained by this method of research. Alternatively people have different opinions so it makes the analysis more difficult. Quantitative research provides accurate information by using a closed question which has a simple answer of "YES" or "NO" answers, this makes the analysis of Thorpe Park much easer. Postal surveys are exit surveys that Thorpe Park use, exit surveys are leaflets which is handed out at exit for guests to let Thorpe Park know what they thought about their day. From this they can look to see what
Market Research
Market Research Market Research is the collection of information from consumers or people that are thinking of becoming consumers. This is where people (consumers) find out if they are interested in buying any of the business' products. Some businesses spend a lot of money just to find out about their market. This is good because it helps the business into finding out what the customers need to buy and also sometimes it gives you information about competitors. Primary Research Primary research is the gathering of data by interviews, telephone or even by post as a sort of questionnaire is sent out. A special research company provides this. Primary research can also be known as 'field research'. In simple terms it is the collection of information by contacting the public who may become consumers eventually. Advantages of Primary research; * The business can be sure that the information gathered is up to date. * The business can design the research in the best way that they see possible. Disadvantages of primary research; * Often when gathering information the analysis of it all can be slow and antagonising. * When taking part in this sort of research it can be very expensive as to employ special researchers to do the work for you. Secondary Research Secondary research is also known as 'desk research'. As you can tell by the name this is researched by published
Primary Research Interview
Primary Research - Interview I visited my local 'Lanes Property Agents' branch and I spoke to a gentleman named Lee Saunders who is a sales negotiator. I asked him a few questions and he answered them willingly; these questions included: . What would you say was the recent problem in regard to the housing market? Lee explained that in the housing market there is a cycle of buyers and sellers that each rely on each other in order for the next stage to be successful. He emphasised the importance of the first time buyer in the cycle, as without them; subsequent buying and selling will reduce - and at an extreme cease to exist. He went on to add that in the last 4 to 5 months, mortgage lenders have tightened the criteria for giving out mortgages so it has made it tougher for first time buyers to 'get their foot on to the market'. 2. Would it be fair to say that activity in the United States has affected the UK housing market? Lee stated that in the US, mortgage lenders lent lots of money out carelessly to buyers who were unable to repay the money accordingly. Therefore, this resulted in the US heading towards a recession. Similarly, this was the case that was occurring in the UK with many mortgage lenders lending 100%+ mortgages to people who were just simply unable to repay the money back. He said that the UK learned from the mistake in the US and thus tightened lending
