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

Quantitative research is done to find the accurate facts by evaluating the problems like opinion, behaviour by using numerical data. This research is based on theories, hypothesis, collecting, analysing the data to make the research accurate.

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.

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.

Market research is the method of gathering and analyzing information about customers, competitors and the market. Market research is used when companies want to focus on things like market trends, customer habits and lifestyle, what price customers will pay for a product and what competition exists. This type of research assists companies build an idea on how competitive the market is also business owners can price their products efficiently with the understanding of the current market research.

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

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: •

Quantitative research involves collecting data, which can be expressed numerically. The design is well structured with pre-determined outcomes. It frequently involves testing a hypothesis, which then can be analysed from the data deductively using statistical methods. Using numerical data is easier to analysis mathematical, so larger sample sizes can be utilised compared to qualitative research, therefore giving a better representative of the population; along with simplifying the process of making a generalisation. Another advantage is that studies can easily compare to similar findings (Kruger, 2003). The disadvantages are the results are limited and might not provide a proper understanding of the topic. Also, statistics and leading questions can be used to give a false representation of the data when summarising.

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.

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.

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