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
secondary research
Secondary Research Secondary research involves the use of data that already exists in reference books, government reports and, increasingly from sources on the internet. It can be obtained from a variety of sources such as government statistics, trade journals, commercial research reports and the media An advantage of secondary research is that it can be undertaken quickly, which means early decisions can be made. Secondary research is also very cheap form of market research. Another advantage of secondary is that it can pro vide information on the entire market including over seas customers. However, a disadvantage of secondary research is that the information may be outdated and of limited value. Also, the secondary data may not meet the precise needs of the business. Another, disadvantage of secondary research is that some business reports containing secondary data are expensive, for example £5000 per report. 'Jupiter Sports' is undertaking government statistics. So we could look at the 'Annual Abstract of Statistics' and 'Social Trends', these are the two main publications from the government and its agencies, such as the Department of Trade and industry', who produce vast amounts of detailed information. We can also undertake information from the 'Trade journals'. Trade journals contain detail information on the developments of the specific industries they cover.
Primary research and secondary research
The research plan is based on all the data that I will collect for my primary research. I will include the following in my primary research. Primary research: - Primary research is original and collected to solve the problem in hand. Primary research usually involves having to search out and collect information that is new. There are many ways to conduct primary research. Primary research data is data that did not exist before. It is designed to answer specific questions of interest to the business. However the research is original, the results gathered will be more relevant to the needs of the Client. In this report I am going to explore primary research on a major soft drink company known as Thames water. In this primary research I will be carrying out research on people from age 14-19 year old. All these ages are from year 10 to year 13. In this research these people will be asked about their favourite soft drinks and their feedback. Further, my research will include both male and female. This research will take place in free periods, break and lunch time. The research will be mainly carried out in study centre, library and connect, where most of the students come together. The primary research will be in carry out in 6th form centre, canteen and other relevant places in school such as out side field where students present number. The timings will be only during break
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
Market research: Market research is the collection of information or data so it is possible to have a good understanding about what is happening in the market. A business's marketing department must know about the economic trends along with customer views. By using this information they can create a marketing plan which will meet their own needs as well as their consumers. Market research can be done to find out the following: * Find data and information which helps the business understand what customers want now or in the future * Find out whether current products are satisfying customers * Test new products by asking potential customers to try out the product * Test the effectiveness of an advertising campaign * Find out the active strategies of competitors There are two main types of research: * Primary research also known as Field research * Secondary research also known as Desk research Primary Research/field research Primary research involves getting new data for a specific purpose. The data collected is data which does not already exist. The marketing department of a business or a specialist research organisation can provide primary research. Below are the different ways of obtaining primary data: * face-to-face interviews * using questionnaires * by telephone * by post Sometimes potential consumers are asked to test products, and their responses are
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
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
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
Market Research
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
Market Research
Market Research Introduction Milo has been around since 1933. It is a chocolate malt flavoured beverage, which is fortified with several vitamins. Young and old love Milo simply for being energy- packed and its rich chocolaty taste. As a health food drink, it is full of vitamins and minerals. In fact, new improved Milo boosts optimum performance. This is what makes it different from its competitors who are; Ovaltine, Haulics, Lucozade, Nesqiuck and other chocolate drinks. Milo is available in 18g single serve sachets, 80g, 200g, 300g, 600g, 1kg refill packs and in ready-to-drink plastic bottles. You can also enjoy the goodness of Milo through the healthy and delicious Milo Balls, Milo Ice Cream, Milo Scoop Shake and Milo Balls. I am going to identify and explain the principles of marketing because it is the foundation at, which I'm going to use to create my marketing strategy. Marketing involves the anticipation, identification, satisfaction and creation of consumer wants for the purpose of generating income or profit. It also involves a variety of activities designed to raise consumer awareness, develop new products, increase market share and profit and to manage the effects of change and competition. In order for a business's marketing to be successful, it must be based on the principles of marketing, which are: * Understand customer needs * Understand and keep ahead
