Market Research

Businesses are affected by the economy and sometimes the economy can have a dramatic drop in countries causing issues for some business mainly due to 4 factors. These factors are inflation, Economic growth, Exchange rates and unemployment.

Secondary information is data which is derived from primary information and can be found via books, newspapers, internet etc. Secondary information is less reliable than Primary information because you cannot be certain as to how precise it is.

Economic factors – which include interest rates, economic growth, exchange rates, inflation and taxation changes (Nieman, G; 1998). The change the economy can have a major impact on the behaviour of the business. For example: inflation may cause a higher wage demand from employees (Herrigton, Kew & Kew; 2009).

Another economic factor in organic farming, in general, is that organic food is typically more expensive that its non-organic counterpart. This observation goes along with both large and small organic farms. When people go shopping, they often look for the cheapest item. Since

Talking about Social-culture factor, Society 's way of life and method of doing things affect the way of life of an association in a situation. Some of the social factors are: -

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

No additives, no preservatives; nothing is added to these products that is not naturally present in their growing process. This is what makes organic so expensive. Without the aid of GMO's, herbicides, pesticides and preservatives added later, these food products have lower yield rates, lower shelf life, longer growth rate,

I declare that this assignment is all my own work and the sources of information and material I have used (including the internet) have been fully identified and properly acknowledged as required.

The main thing behind marketing in a business is finding the customer’s needs and produce the product/ services to satisfy their needs, this way the customer can choose what they would want included in their product/ service. A business that follows this rule is market-orientated.

Economic factors , are issues to do with the economy. They influence businesses and people who take part in the economy , it includes things like interest rates ,unemployment rates , taxes , inflation, periods of growth and recession.

Most of the businessmen consider market research the key to a successful business empire. It is quite essential to conduct a thorough research to analyze the prospects of an existing or new product. A well-conducted research proves fruitful in evaluating the business situations, the potential sales of a product, prospective customers and so forth.

Social factors refer in the trend of customer which keeps changing their trend, and what the trend of their purchase. For example nowadays due to people’s work, they are really busy so they often decide to buy already cooked food.

Social factors often look at the cultural aspects and include health consciousness, population growth rate, age

Economic factors include the operation in tourism and hospitality industry. Such factors can influence the expenses and revenues of the organisation that are working in tourism and hospitality industry. The prices of raw material, inflation rate and product prices also impact the industry. Exchange rates and rate of interest greatly influences the industry. The financial recessions all around the world has led to reduce the purchasing power of the tourists and customers. Thus, therefore, the overall revenues generated from tourism and hospitality industry impacts the financial

Economic factors impact an organization because the economy naturally determines when the best time would be for your organization to expand or contract, and the economy will effect the service industry because of customers having the money to spend. The level of unemployment in the economy drives the hiring or firing decisions an