Market Research Crucial

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

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

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.

PRIMARY RESEARCH (e.g questionnaires, surveys), SECONDARY RESEARCH (e.g Inside Business: sales records, stock records) (e.g Outside Business: gov stats, media)

Primary research is research which is conducted first hand it can include collecting information from interviews, surveys and observations.

Primary research is used to find the needs of the individuals and to collect new data through survey, interviews with individual carer or group of staff members in their workplace or via telephone, email, message.

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: •

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.

Marketing research is best defined as, “a way of investigating and answering questions about human behavior,” (Bont, Et. Al, 2007). Essentially, marketing research is a tool that helps businesses stay ahead of the trends and maintain a competitive edge in the constantly changing global market. Companies that make marketing research a central part of their business plan will see the business grow and develop to not just achieve their business goals, but exceed them. Robert Duboff puts it into perspective in a way that anyone can understand in terms of why marketing research is a valuable tool, “Marketing

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.

Qualitative research comprises of receiving information that gives a verbal expression of the participates, providing more detail and depth than quantitative studies. It can be used to analysis people’s attitudes and emotions towards a topic encouraging them to expand on their answers to explain the reasons behind why they gave a particular response. The drawbacks to this being as it requires more time to collect the data so smaller sample sizes

Identify what consumers might want in the future, thus making more informed choices to be one step ahead of their competitors.

The qualitative research is very subjective. It can usually use the methods of gathering information like individual, in-depth interviews and focus groups. The essence of this type of approach is explorative and open-ended. Generally for the research not a lot of people are studied in-depth and/or a comparably very small number of focus groups are carried out. Participators are asked to answer the general questions and the researcher explores the collected information in order to define consumer’s perceptions, opinions and feelings about the topic or idea that was discussed and to analyze the level of agreement that prevail. The quality of the study using this type of approach always depends on the researcher’s skills, experience and feelings.