Market Research Technique (Leisure & Tourism)
Market Research Technique Cheddar Caves Cheddar caves takes part in market research every year. They do market research on site and off site. Suggestion box- Cheddar caves do not have a suggestion box within the caves, this could be a disadvantage for the caves as that could be an effective way of getting peoples' responses, because people may feel it's easier, quick and convenient whereas a survey could be too in depth and long winded, However with cheddar caves it would be hard to find a central place to put the box as the site is so large. Customer Group discussion- Cheddar caves do not participate in customer group discussions, I think this would be hard to achieve for cheddar caves as their customers come from all around Britain and further. There would also not be a central place for the meetings to take place, However if the meetings did take place it would be useful for the caves because they could find out what people really want within the caves but some people would find it hard to point out bad points to the managers. Quantitative Questionnaires- Cheddar caves partake in surveys every year. They are carried out on and off site. Cheddar Caves aims to collect 2,000 a year. These are to be randomly selected. The questions asked are mainly the usual questions; why have you come here, will you come here again, what you think about it. These are useful
Market Research for Subway sandwich shop
Subway MARKET Research Task 3 Primary Research Primary Market Research - Involves collecting information to meet your specific needs (Field Research). Primary Research can be: Qualitative: Gathering descriptive information, usually representing verbal or narrative data through open-ended interviews or focus groups. Open-ended interviews are involved around leading questions. An interview likes this gives you lots of information, but it’s time consuming for both you and interviewee. Benefits are that you will learn a lot about the groups your studying and common trends, emotional motivators, and general likes and dislikes of your primary market. Focus groups is a group discussion lead by a professional who ask questions about e.g. a product to gain their view and likes/dislikes. Quantitative: Gathering numerical information that can be analysed statistically through surveys. Surveys take longer to develop, but are easier to administer than other types of market research. Also since they take less time to complete, people are usually more willing to complete them. Subway Primary Research Pie Chart sourced from - http://www.slideshare.net/Akihosugitatsu/subway-marketing-plan Primary Research Primary Research (also known as field research) is the act of collecting original primary data. Primary Research can be accomplished through various methods, including
Describe the types of Market Research
P1 Describe the types of Market Research Market Research Market research is when one would gather data through various means and methods in order to gain knowledge of the desired market of their choice. Market research is used to see what problems there are in the market and if there is room for a new product or service through this a business can see if a product is viable or not. Primary research Primary research: this is information which is collected from scratch, as company gather primary research based on their research feedback. They get from the date which company team members produces, this is a primary effort because new fresh data which has been collected is done first handed. All members within the company are involved, in collecting primary by participating their ideas and opinions on question which the company select before handing out the data to consumers targeted. Collecting original data is also known as field research by using different research method such as questionnaire, surveys, observation, postal telephones and e-mailing, as Primary research is collected for a particular purpose such as finding out how “many people in Milton Keynes area are in employment”. Also this helps to classify clearly which service or product will interest a particular age range. Therefore this helps big companies to predict and identify whether the product or a
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
Market Research at Marks and Spencers
TREVON MENGOT P3 UNIT3 MARKET RESEARCH MOSES MUNENE Describe how a selected organisation uses marketing research to contribute to the development of its marketing plans In this assignment I will describe the different types of secondary and primary research used by marks and spencer in their marketing plans. Market research This is the process of finding out information about a new product or service through techniques like surveys, product testing and focus groups. Market research allows companies to acknowledge who their target market and consumers are and what the consumers think about this product/service before it becomes available to the public. Market research can be done by the company itself or by a company that specializes in market research. They would normally give samples or money to the people who were used for the testing of the product so it’s not seen as a waste of time. There are 2 types of market research which are Qualitative, quantitative, primary, secondary, internal and external research Quantitative research is a numerical data that marks and spencer needs to collect in order to understand what people think about the products in statistics and figures. Qualitative research is a descriptive type of research which is important to marks and spencer is they want to find out about their customers point of views and
Differing types of market research techniques.
7.2.1 Differing types of market research techniques Primary Data Methods Observation Mystery Shoppers There are different types of observation and the first is the Mystery Shopper and this happens where I work at Moto Restaurant, which is situated on the M1. What happens is that a customer visits a service station and fills out a form that has questions about different aspects such as customer service and the quality of the restaurant such as the tables. This happens every month and after being analysed a percentage is given in the different areas. The advantages to this system are that it gives the Restaurant views from an external source that isn't biased, as the company doesn't employ them. As if an employee performed the mystery shop then perhaps other factors may come into it. This could be competition between departments or sites. On the other hand the employee could be a good mate of the restaurant manager and give them good marks. Also it will show the areas of the restaurant that could be improved such as customer service. All types of observation will show improvements but using the Mystery Shopper technique means that employees are working not knowing that they are being observed. So the employees are working normally and not acting because they know someone is watching them. There are few downfalls to this system but the one that is easy to spot is
Market Research for a New Company : Fusion
Market Research for a New Company : Fusion Introduction Established markets generate intense competition during which new and innovative marketing strategies are required and new and existing products are developed. As a market develops, consumers become more experienced and discerning and look for more benefits from the products they choose. Although some organisations' products may appear unchanged at this developed stage of a market, the more successful businesses re-work existing brands and continues to develop new ones to meet changing consumer needs. The development of strong brands has always been a feature of the confectionery market. Launched in 1996 Fuse is a fusion of delicious snacking ingredients: fudge, raisins, peanuts and crispy cereal smothered in Cadbury's milk chocolate. In fact it is 70% chocolate. It is aimed at those people whose fast moving lifestyles find them snacking "on the hoof". It is primarily targeted at 16 - 34, i.e.; those people for whom snacking is a way of life. The launch ads in 1996 were aimed at the 16 - 34 "X-files" audience and featured a reporter investigating the appearance of a mysterious new bar. The 1998 TV ads featured the Fuseliers - a purple uniformed platoon who created the explosive Fuse Bar using fudge pieces, raisins, crispy bits, peanuts and tons of Cadbury's chocolate. Tagline, "Don't Blow a Fuse Eat One". |More
What is the purpose of market research?
Market Research What is the purpose of market research? 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. However many businesses today feel it is important to know what the consumers needs and wants are prior to development of the product. This is so the company can develop a product that they think will be successful in the market place as it is based on potential customers wants and needs. This type of a product is known as a market-orientated product. Market research consists of two categories: Desk research Desk research is gathering together and analysing of existing data that has already been collected and published for other purposes. This is also called secondary research. Using desk research is a relatively cheap and quick way to gather data that already exists. This could be data from the present companies' sales
Web-based technique refines market research methods.
Interamerican University of Puerto Rico Graduate Studies Department San German Campus Web-based technique refines market research methods Article 1 BADM 5060 MIS Prof. Luis Zornosa Jorge L Nieves Hernández 583-79-8330 3/14/2002 Summary: Nowadays a market research project can take several weeks and cost several thousands dollars. A team of marketing professors and students from MIT Sloan program has developed what is called Virtual customer Initiative (VCI). The goal of the project was to help firms to determine customer wants in a faster and more accurate way than traditional Markey research tools. VCI is a web based application that combines complex calculations and multimedia tools to obtain customer feedback. It uses six web based methods to pinpoint customer preferences. Some tools are based on computer driven mathematical formulations that determine customer attributes for pricing for a given product. VCI source code is available free. The team surveyed hundreds of people to test the application using the case of new vehicles preferences. The system was able to predict the preferences of people surveyed. Vehicles identified as a disaster on the test have in fact been disasters in the market. A real case was the Polaroid I-Zone instant camera. Web surveys revealed a great interest in a product with interchangeable covers, but the Polaroid's
How A Bakery Can Use Market Research
Unit 10 – P1 Market Research can be defined as the systematic gathering, recording and analysis of data about problems relation to the marketing of goods and services. This can be broken down as follows: * Systematic – This is carried out in a careful and organised way. * Gathering and Recording of Data – This is collecting data and setting it down into writing or computer records. * Analysing the Data – Identifying patterns and trends. * Problems relating to Marketing – These Include what price to charge, how best to advertise the goods and services, where to sell them from and so on. There are two main methods that are used for market research. There is primary research which is collecting new information and secondary research which is to use information which is already provided, for example, If Bismillah Bakery wanted to conduct primary research they could do surveys where they ask customers/people questions, or they could research other companies using the internet to collect secondary research. Primary Research Methods Information that an organisation collects from its own research efforts is termed primary. This involves the collection of new information for a specific purpose. Observation can involve watching different types of behaviour. The main advantage of this technique is that the researcher watches behaviour first-hand rather than having to
