Market Research
Market Research What Is Market Research? Market research means systematically gathering, recording and analyzing data about the market for goods and services. To find out what the customer wants, a wide variety of market research techniques are used. These involve asking various questions like: - * What is the target market? * Where are they? * What do they want? * When do they want it? * Can we satisfy them? * How can we improve it for them? Methods Of Market Research? A firm can employ either its own marketing department or get an outside specialist organisation. There are two main types of market research: * Desk Research. This involves using existing sources of information to research the market. This can also be called secondary research. * Field Research. This is the process of gathering new information about the market by going into the 'field' (like house-to-house etc.) This can be called primary research. For my business I will be mainly using field research by handing out questionnaires around my school and collecting the results and by interviewing DJ Chrissy-P from Scream Records and Marcus Akanbyi from Red Records. My research will tell me what type of age groups listen to what kinds of
market research
Marketing is the process used to make it as easy as possible to get the potential customer to buy your product or use their service. Market research is researching what people think about products and services. Market research is researching what e.g sells the best. You benefit from the research. Market research is either primary or secondary. Primary research is finding information that doesn't exist already. An example of primary research is questionnaires, telephone surveys, product resting and working with consumer groups. Advantages are that it provides data that is up to date, relevant and specific to you products. Secondary research is useful for looking at the whole market, and analysing past trends to predict the future. It's research on information that already exists. It involves looking at things like market research reports, or magazines and newspapers. Advantages are that it's cheaper than primary research, the data is found easily and it's instantly available. I will be using primary research as I will be looking for original information. I have rejected secondary because the information I would gather would be of existing cafes, so there would be no point because I would be basing my café on other cafes. I want to see what their opinions are on cafes today to see if I can make changes and improvements to attract customers to my café. For my research, I have
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
Finding out about what consumers want and need, and what makes them buy, is called MARKET RESEARCH. Market research is the process of gaining information about customers, competitors and market trends through collecting primary and secondary data. Why Research the Market? Businesses that are product orientated risk spending large amounts of money launching a product, which could be a failure. Research the market helps reduce this risk. It focuses research and design effort onto products, which have a chance of success in the market place. When the product is launched, a carefully researched product stands less chance of failing. Market research attempts to find the answers to questions a business might have about its market. This information is collected via desk research and field research. The information is then collected and analysed. The business then decides about what to do in the light of the information formed. Desk Research DESK RESEARCH involves the use of SECONDARY DATA. This is information that is available, both within and outside the business: Internal Sources is such as sales invoices, reports and accounts. Government is published statistics, such as consumer spending figures; reports such as Monopolies and Mergers Commission Reports. The Media is reports in newspapers, magazines, on radio and on television. Trade Associations is statistics or
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
Market Research
Market Research by Christopher Currie 11D What is market research? Market research is the process of obtaining information about the market for new and existing products Businesses use a wide range of market research techniques to find out what customers want this involves asking the following questions: ) What is the target market? 2) Where are they? 3) What do they want? 4) When do they want it? 5) Can we satisfy them? 6) How can we improve it for them? By obtaining this information it then proves useful for deciding who to launch my product at, what age to launch my product at, which area to sell my product in, how many bars to sell there and how can I improve the product. Methods of Market Research A Firm may choose to set up its own marketing department or employ an outside specialist organisation to carry out market research. There are two main methods of market research: What is Desk Research? Desk Research involves using published information or secondary data. This information which is already available both within and outside the business. What kinds of Desk Research exist? ) Firm's own data - Records on how much certain customers spend and which areas have the best sales for particular products. 2) Government Statistics - On many topics such as population changes and consumer
Marketing a Pub Quiz Web Site
Marketing a Pub Quiz Web Site INTRODUCTION I have been asked to produce an analytical report on a marketing strategy for a new or existing product. This strategy will need to include evidence and information about: How the strategy is based on the principles of marketing, How I have used sources of primary and secondary marketing information How I have analysed the impact of the external environment on my marketing decisions. How I analysed the marketing context and decided on an appropriate strategy. How I developed a coherent mix of strategies to meet consumer needs An evaluation of the reliability of the different marketing models used. Within this project there will be explanations to what each aspect is then this will be applied to my venture and reported on. My Business Idea My business idea is an interactive pub quiz web site run nationally for big cash prizes. This work was initially produced in a group for a national young entrepreneur's competition. Just to tell you, we won. METHODOLOGY I propose to conduct my research by means of secondary information by using a variety of textbooks including the Heinemann AVCE Adv. Business, Osborne Adv. Business textbooks plus another few. These will be a means of looking up topics to primary ad to my report. I will gather secondary data by going on the Internet using web sites to find out other relevant data then
Marketing Coursework
Task 2 - Definition of Marketing Marketing is the process of interesting potential customers and clients in your product or a service that you are offering. It is also fundamental to the growth of any business. Marketing is mistaken as just simply advertising. This is not the case as there are four main aspects of marketing (the four P's). These are price, promotion, place and product. This is also called the marketing mix. There are also other aspects of the mix that are less important; which extend the mix. These include things such as people and the process involved. The price segment is based on how much customers are willing to pay for the product. This would vary and depend on the quality of the product and the value for money. It also includes how much the product/service costs to produce. The main aim is to keep your costs as low as possible so that you can maximize your profits. Also, you need to know and research the prices that competitors are charging for the same or similar products. Then that would mean you could price your product/service appropriately. There are various different pricing strategies. Different businesses use different strategies. This depends on how they want to approach the market. For example, a new business would use penetration or competition pricing. This would ensure that their products are at or cheaper than the competition which
Elegant Report
HOW TO REDEFINE MARKETING BY CREATING EXCEPTIONAL VALUE FOR BOTH SHAREHOLDERS AND CUSTOMERS EXECUTIVE SUMMARY This report redefines marketing in terms of share holders and customers as: "Marketing is a management process that seeks to maximize return to shareholders by developing and implementing strategies to build customer relationships of trust with high value customers and creating a competitive advantage." The report also tells us how value can be created for customers and shareholders by using value based marketing principle and taking Cadbury Schweppes as an example which became successful by creating value proposition for both customers and shareholders. Cadbury Schweppes followed the four principles by setting the right ambition, distinctive advantage, selective resource allocation, finding win-win for customer and shareholder. Creating shareholder value is then essentially about building a sustainable competitive advantage-a reason why customer prefer to buy from one company rather then the other. The only route to more shareholder value is to create more value for customers. The value to customer is created by using value proposition which are Customer Benefit- Customer must see value to them in their own terms, Unique- Customer must recognize their benefit. Profitable- The Company has to deliver at a profit; Sustainable- The advantage should be difficult to
Produce a marketing strategy for a new or existing product
o : Sturrock From : Jameeda Bashir Date : September 2002 Ref : Marketing INTRODUCTION The aim of the report is to produce a marketing strategy for a new or existing product. I have chosen to base this report on Cosmopolitan, a successful woman's monthly magazine. I have chosen this because it has a loyal readership and is currently market leader in its field. Women's Monthly Periodicals Adults Mens Womens (000s) (%) (000s) (%) (000s) (%) Cosmopolitan 915 4.1 331 .5 585 6.6 Marie Claire 690 3.6 223 467 6.1 Vogue 272 2.7 259 .1 013 4.2 Elle 951 2 31 0.6 820 3.4 New Woman 660 .4 46 0.2 613 2.6 Red 585 .3 52 0.2 533 2.2 Above is a copy of the current readership figures for the UK's top Health, Beauty and Lifestyle Woman's monthlies. As the figures show, while there is a large gap between the readership figures for Cosmopolitan and its closest rival (Marie Claire), the only way to make sure that Cosmopolitan will remain market leader in the future is to continue to widen that gap. Therefore, my marketing aim is to continue to increase the market share. Cosmopolitan has reached the top of the league by using a marketing strategy which combines the promoting or giving out of questionnaires and other research techniques to understand the needs of the customers/ readers and giving freebies, advertising and more.
