Essay on Bsbmkg506B Plan Market Research

Any existing business can be a threat to Spot Café because of its time in service.

To be able to do this project you should select a company of your choice and identify the various market research techniques the company has used to gather information of the market.

Before launching or expanding a business venture, there needs to be an understanding of the industry, its competitors, and its customers. Market research is vital in assisting companies in the decision-making process and their marketing direction. Data from marketing research is important because it provides companies with ways to identify opportunities, identify market potential, minimize chances of loss, devise effective marketing strategies, gauge customer satisfaction, and serve as an evaluation tool.

It will be mix of both primary and secondary research. The primary research has to be carried out to know the customer attitude, tastes and needs. Various trade journals, industry reports should also be referred as secondary source.

XXXX XXXXX, Inc. franchises provide professional commercial and residential window cleaning, blind cleaning, gutter cleaning, and power washing services to commercial and residential customers in your, and potentially surrounding counties. Your potential clients are businesses and homeowners who want to maintain sparkling storefronts and hygienic homes. Franchises are granted on a county by county basis based on population densities and economic demographics. Our

M1: Explain, with examples, how different market research methods are appropriate to assist different marketing situations. Looking back at the market research methods that could be used to collect information, methods such as questionnaires/ survey, observation, focus groups, experimentation, internet, website monitoring etc. I am going to select 3 primary and 3 secondary methods of research from the ones I have written about. I have chosen 3 primary researches which are: •

Hyman, M. R., & Sierra, J.J. (2010). Marketing research kit for dummies. Wiley Publishing, Inc.

In the article ‘Data Collection: Primary Research Methods’, Christ (2009) wrote that, the responsibility for collecting data under primary research falls to the marketer. Marketers can select two basic approaches to collect data using primary methods:

By doing this they need to gather Information about best products, find out pricing strategy, measure the best price compared to other similar products and also promote product market research is very important to satisfy customers. There 2 field of market research techniques Clare’s Chocolate can use one is quantitative data where the most common sources of quantitative data include: Surveys, Observations, Secondary data And the Second one is Qualitative Data which include: Interviews, Focus groups, Secondary data, Observations, Clare’s chocolate used observation technique where they research that majority of customers are women’s in age group of 25-50 5.

When conducting research, when is it conducive to use primary research over secondary research and vice versa? Both research techniques are viable and beneficial. They each have purpose and can be used as a marketing research template when conducting research. Both techniques are equipped with tools that can be used to guide a researcher through the research process. If these tools are properly adhered to, the research process can be seamless and quite effective. Moreover, market research can assist a researcher in making accurate decisions and improve the chance of success. This paper will explain the difference among research tools used in primary and secondary research. It will also depict the

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* the consumption frequencies, the categories of product consumed and the main reasons to use these products

Secondary research will be used in this market research but focus will be on primary research because statistical data which is available is either very old or doesn’t include all the current brands in the market.

Competition refers to numbers of similar competitive produce brands’ marketers in the industry, their size plus market capitalizations (Owen). The company as a marketer may not have direct influence on them, but it is important that they monitor their activities, in addition to then design effective strategies

An investigation carried out towards the objective through first hand observation and study of the subject will form the base of the primary research. The researcher’s direction for the topic is determined by the data collection from the planned study of the progressive processes and the consumer behaviour regionally. The primary sources for information will include statistical data, interviews, market analysis and discussions with personnel working in the TEDI. Primary research gained from the original data about the product and market will give an insight into the specific interest to the business. The primary literature research will assess the market, starting from the point of concept generation to gain more students within the industry.