Qantas

Marketing research is very important component of a business used to identify and define the opportunities and problems that they will encounter on the market. The aim

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.

Market research indicates decisions made by a business, in this case Tesco, by helping the decision makers understand undercurrents of its market. This process involves research done on customers, competitors and the overall marketing environment.

Marketing research is the method/methods that connect the clients, buyers and users to the marketer through data found from research to find and outline marketing opportunities and dilemmas. The general aim of marketing research is to recognize and evaluate how altering the marketing mix which is comprised of 4 features: product, price, promotion and place, influences customer behaviour.

Market research is utilized by companies to make the right decisions when it comes to

Market research consists of information collection regarding the prevalent market situation, and its analysis. “We define marketing research as the systematic design, collection, analysis, and

What is Market Research? When you collect and identify data (qualitative data and quantiative) about customers, the market and competitors.

Devise and document measures and procedures for measuring the impact of the research information on the marketing decisions

Gather information about its potential and current customers, this helps to understand the customer, improve their services and make more informed decisions hence reducing risk.

Marketing research is what informs business’s make decisions by helping it to understand the changing dynamics of its market. This involves finding out more about customers, competitors and the overall marketing environment.

Rivalries and not just reserved for the sporting field, they are also very prevalent in economic markets. Qantas and Virgin Australia are currently engaged in a fierce competition for market share in the domestic air travel market. Qantas is currently restricted by the Qantas Sales Act, but this Act does not apply to its rival, Virgin, therefore a non- level playing field is present. Virgin is exploiting this by undertaking a price war that has left Qantas with no option but to match prices to maintain its market share resulting in a significant financial loss. Competition between firms is a fundamental theory of economics but this competition needs to be fair otherwise it could lead to a market structure such as a Monopoly where competition

Information needs should be the driving force behind information systems. An information need is a business’s requirement to capture a specific piece of information or set of information points to meet a business necessity.

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: •

Using the index you can alphabetically pinpoint the information you’re looking for and turn to that page to read about and implement the information into to your research.

A comprehensive market research allows you to systematically manage business opportunities. Our team will develop these researches in different countries for you based on a quantitative analysis of trade history, potential costs, competitors, customer profiles and local government policies. This analysis will allow you fully understand the prospects of target markets and ensure your sales force uses its limited resources for the most profitable effect.