P3 Business Unit 3

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.

​We know how important it is for a brick and mortar business to have a functional and safe parking area for their customers. Neglecting cracks or potholes will cause them to grow rapidly, possibly doing damage to a customer's vehicle. Fixing them quickly is an economical way to enhance the appearance and prolong the life of your parking lot or driveway.

There are a variety of sources available both within and outside my organisation. These sources allow me to get advice on topics such as employment issues, training and any other support I may need. Within the business I work, there are various people that I can talk to regarding my career, such as the Business owner/manager Phoebe, the office manager Claire or my colleagues. I could also use the internet to find out more information about administration. There are a multitude of different websites that can be easily accessed that offer information regarding career advice, training opportunities and a large range of jobs to progress onto. Websites like the National Career Service (www.nationalcareerservice.direct.gov.uk) provide tools to identify

This Act protects consumers from misleading descriptions which the business has said about their products and services. It would be a criminal offence if the business trader was to:

Data is the form of input, which can be produced into information. For example, 5000 could be the value of a piece of data that a business has. By adding context to this, for example if an organisation sold 1000 sandwiches in a week; this becomes information, which will influence important decisions

Stakeholders can have interests, opinions and views who are formed from the businesses aims and objectives.

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

In order to effectively undertake market research on customer behaviour; such as expected prices, how they react to certain methods of research and what kind of care do the customers expect after the purchase is made, it would be best to use observation along with focus groups. Surveys, if used, should be done face to face by door knocking as it is more convenient and has a high response rate. The survey should include quantitative and qualitative type’s questions in order to get a `broader view of the customers’ behaviour. Questions could include “What do you think affects your behaviour

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.

Explain with examples how different market research methods are appropriate to assist different marketing situations.

3.8 Explain the limitations of marketing research used to contribute to the development of a selected organisation’s marketing plans (M2)