Market research
UNIT 12: INTRODUCTION: * In order to complete this unit, Market Research course work, I will need to explore the principles of Marketing Research. To do this effectively I will need to select a product and appropriate method of data collection and plan research for the product I have selected. * I need to carry out a survey on both primary and secondary research with the use of an identifiable sampling method. * I also need to interpret the findings on my own research and present them clearly verbally, with use of diagrams and in writing. * I also need to analyze the effectiveness of types of Market Research, including an appropriate collection of data and sampling methods. * And lastly I will analyze and evaluate on my research findings and make a conclusion on the application of selected research methods and make recommendations for improvements with regards to the research methods of the product I have selected. PRINCIPLES OF MARKETING RESEARCH Market research is the process of researching customers and market. Market research enables a company to minimize its risks and entering a new market always involves risk because it means entering the unknown. Market research simply means gathering, recording and analyzing market data to find out consumer wants and needs. Market Research Sources Desk research Field Research MARKET RESEARCH OR SURVEY METHODS PRIMARY
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 Market research is when businesses try to find out what the customers want. Most business are product orientated which means that they rely on selling their products to customers and them being successful for the business to survive. The reason that businesses need to research the market is because if they are selling a product to people then the businesses need to find out what the customers want. If you going to be selling a product if no one is going to but it then you will become bankrupt and also if you are selling a product you need to know who you are aiming to sell that product to. You need to know which kind of people who are interested in your product. My business is going to be relying on people being interested in the products that I am selling. I am going to be doing market research to find out what type of people that I am going to be attracting. Like I have mentioned in the market segments section I will be attempting to attract young men between the ages of 11to 25 as my main customers. I am hoping that the market research that I am going to be doing will help me to decide other market segments that I could try to attract. There are two type of market research and they are field research and desk research. Desk research is when you do secondary research that has already been done before by someone else. Then you collect all the data and give
Market Research.
Task 2 - Market Research Marketing (2.1) Marketing involves researching customer requirements in terms of using the four Ps; this combination of factors helps the business sell a product. * Developing and designing a product customers desire, producing the right amount and to the right quality specifications * Using a price that they find acceptable but allows the business to make a profit * Finding out what types of promotional methods attract * Making sure that the product is on sale in places convenient for the customer to buy it Marketing is important to the firm as it helps them get their business to what is wanted and needed by the public, finding out what the public want so both parties are profitable, it also builds communication between the business and the customers. Marketing is also important as it helps a business identify potential profiting products that customers would purchase, it helps you to identify what types of products the customers would buy to see if you can charge a higher price - therefore profit becomes greater. Types of Market Research Marketing research is the process of gaining information about customers, competitors and market trends through collecting primary and secondary data. (Alain Anderton, pg 129) It is where a person will go to find out information such as pricing strategies, placement, product and promotion techniques that
Market Research
Market Research What is Marketing? Marketing is such a wide-ranging topic that people often look on the subject from different viewpoints. To some extent such different viewpoints results from background or the area of employment of the person giving the definition. The following shows a list of sample of the wide range of definitions given for the subject: * Marketing is a social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. * Marketing consists of individual and organizational activities that facilitate and expedite satisfying exchange relationships in an environment through the creation, distribution, promotion and pricing of goods, services and ideas. * Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational objectives. * Marketing is the management process, which identifies, anticipates, and supplies customer requirements efficiently and profitably. Whatever the context in which the term is used, it generally implies a demand for a product or service. There are three factors for any product or service: . People with needs 2. Their purchasing power 3. Their buying behaviour A market, therefore, can be defined as people with needs to
Market Research
Market Research Market research involves gathering and analysing data from the marketplace (i.e. from consumers and potential consumers) in order to provide goods and services that meet their needs. Primary research This is research designed to gather primary data, that is, information which is obtained specifically for the study in question. It can be gathered in three main ways - observation, questionnaires and experimentation. Observation involves watching people and monitoring and recording their behaviour (e.g. television viewing patterns, cameras which monitor traffic flows, retail audits which measure which brands of product consumers are purchasing). Questionnaires are a means of direct contact with consumers and can take a variety of forms. Personal questionnaires (such as door-to-door interviewing), postal questionnaires, telephone questionnaires and group questionnaires (such as asking for the attitudes of a group of consumers towards a new product). Questionnaires can be a very expensive and time-consuming process and it can be very difficult to eliminate the element of bias in the way that they are carried out. It is important that every respondent must be asked the same questions in the same order, with no help or emphasis being placed on certain questions / responses. Experimentation involves the introduction of a variety of marketing activities into the
Market Research.
Market Research Marketing Research is the identification, collection, analysis, and dissemination of information for the purpose of assisting management in the decision making process related to the identification and solution of problems and opportunities in marketing. For example, if a company was considering introducing a new product to its range, it might research the likely consumers to see whether making the product is feasible. They would gather information such as the types of marketing that would be effective; the price people would be willing to pay for it and what people would expect from the product. Market research can be carried out in two basic ways. The 1st of which is Field (or primary) research where the information is gathered by directly asking people or by observing people. The second is Desk (or secondary) research carried out using sources such as newspapers, previous studies, samples and surveys Businesses use market research on a regular basis for a number of reasons. * Descriptive reasons - if a business wants to discover what is happening in a certain market and to identify trends in sales. * Predictive reasons - to forecast what may happen in the future. Eg. A travel company may want to predict the changes in the types of holidays people take over the next 5 years. * Explanatory reasons- to give an explanation as to why there has been a
Market research.
market research The product that I want to do my market research on is biscuits'. To define biscuits is quite hard now a days'. There are many brands and also many types for instance rich tea, digestives, custard creams and many other assorted sweet biscuits. However, there are also savoury biscuits as well such as crackers that you eat with different assortments of cheeses. Bearing in mind the wide range of biscuits on the market already, and also the 'health biscuits' such as the a:m range I'm going to choose the very basic biscuit... the digestive biscuit. I'm only going with the digestive biscuit because once I have completed my market research I will be able to change the product to the consumers wants, if that works then I shall be able to make a profit. The information that I want to find out is: - v How often does the consumer eat the biscuit? I think that this will be the most important question because this will give me times of the day. I.e. if the consumer eats the biscuit at 'break time' at work then I can still use the normal digestive biscuit but add different toppings on it like white/milk/dairy/dark chocolate. v At what price does the consumer buy the biscuits? I want to sell my product in a place where every-one of all ages, cultures and social backgrounds. If I was to slightly change the product i.e. if I bought out a milk chocolate range of
Market Research
Market Research in Planning Market research is the gathering, presenting, analysing and interpreting of data about the markets (people's demands for goods and services). To find out what the consumer wants companies have to carry out market research. When a company launches a product or service into the market place, most companies have one major objective, which is to sell their product competitively, and profitably. Some companies create a product-orientated product that means that the company launch their own product and then embark on a heavy marketing campaign to try and convince the consumer to purchase it. It's important during the market research that the company distributing the product that they know their target audience well enough for them to relate to. Knowing your target audience can help you create your advert for your product. It's hard to tell what the general public think of you product but if you aim your product to an audience and make your product have its own message then your product would have its own unique style, such as Adidas deodorant is for the younger and older audience who enjoy working out and Lynx's deodorant is usually aimed for male teenagers and the unique message is that using Lynx's gets your more girls even though it does the same thing as Adidas's deodorant. It's important that the company that releases the product does their
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
