Introduction
I would like to start-up a business where I can learn from others about their culture and to see how different cultures will be with each other. Amsterdam is a big city with a shortage of hotels. That brings me to an idea: starting a hotel business.
The hotel will be between Schiphol and Amsterdam. When I start-up my hotel near Amsterdam, it will be a great business to do. Moreover, it is easier for the people who arrive at Schiphol to reach the hotel.
Type of business
Our business is a partnership type of business because it’s owned by two people. Through our partnership, we will increase the level of our business, making decisions and implementation of changes can be fast, and we cover each other for holidays and
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If the preferences of the guests corresponds to what we have in the hotel, we could know that those are the guests who belong to our hotel. We have to be able to satisfy the guests completely.
We must know which visitors we can expect. For example, guests for a wedding (because a wedding will be held in one of the halls of the hotel), or businessmen who come for a business meeting, or a family on vacation.
To identify how our hotel can be likely to make use of, we’ll use the primary market research and the secondary market research.
The primary market research.
The primary market research is to gather new information by conducting market research, interviews and surveys. This information we have collected through direct contact with the guests. This research differs per business. Our hotel can overview about the target markets through the surveys and interviews we have done.
The secondary market research.
Secondary market research involves the processing of information that is already collected by previous researchers. For the secondary market research, I will use a research company. They will give me the information of the surrounding hotels of my hotel location. It is then possible to promote my hotel with another, so I’ll be able to compare my hotel with the others to improve. Based on the information of the other hotels are be seen what they can do and what not. This
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.
to choose and be more satisfied with their choice of hotel over participants from the extensive
The market research that needs to be used is finding the need for the product through surveying at places that promotion is planned to take place. This consists of scoping places that may be good for the company to find consumers. Realtor offices are a great place to survey
Market research denotes a systematic and an objective collection as well as analysis of data regarding a certain target market. This is inclusive of the level of competition and the environment. Market research plays a significant role in gaining an increased understanding of the issue under scrutiny. The importance of market research when implementing a new business strategy cannot be ignored. This is particularly important if a business wants to establish new operating locations as a diversification strategy. Therefore, it is important that when implementing the geographical expansion plan, Shake Shack should conduct effective research. Effective market research needs to be grounded on such factors such as the geographical location of the new operational area, population and target consumers.
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: •
Primary data is information not already in published form which is obtained by the business some of these methods include questionnaires, interviews, shop floor tests etc The second method is desk research: this method is used to collect secondary data this is data recorded for a specific purpose such as government purposes, trade figure publications and academic research this research does not have to be done in the field . The marketing and sales department is responsible for many aspects of the business they have to carry out market research to find out: · What goods and services the customers want · What the customers think of the goods and products · Expected trends in market and in demand for a product · The strengths and weakness of their competing companies Promotion: Promotion is important to the business because it informs the customers about the product and persuading them to buy their products. There are three main
There are different types of research which can be used to get the information needed for marketing research. Primary research is information which you conduct yourself when you cannot gain information from secondary research which is readily available. This information is very useful because you go the results yourself and you are able to give your own opinion of results which you have obtained. Primary research is more expensive than secondary research because you have to collect the equipment by yourself and set up the different methods of obtaining your information. Secondary research is information which has been conducted previously by someone else, it is of great use as well because it saves time as it is ready for you to use and is
When conducting research, when is it conducive to use primary research over secondary research and vice versa? Both research techniques are viable and beneficial. They each have purpose and can be used as a marketing research template when conducting research. Both techniques are equipped with tools that can be used to guide a researcher through the research process. If these tools are properly adhered to, the research process can be seamless and quite effective. Moreover, market research can assist a researcher in making accurate decisions and improve the chance of success. This paper will explain the difference among research tools used in primary and secondary research. It will also depict the
Market research is the process of gathering, analyzing and interpreting information about a market, about a product or service to be offered for sale in that market, and about the past, present and
According to Entrepreneur Media (Secondary Market Research, 2012), secondary research consists of “outside information assembled by government agencies, industry and trade associations, labor unions, media sources, chambers of commerce, and so on. It is usually published in pamphlets, newsletters, trade publications, magazines, and newspapers.” For Marketing Team A’s market research, the types of secondary research needed are Starbucks’ demographics, and target markets, plus past studies on the coffee drinking habits of college students.
Market research is a systematic, objective collection and analysis of data about your target market, competition, /or environment with the goal being increased understanding of them.
By Primary research we mean, getting information directly from the customers. There are several ways we can get information directly from customers. We can interview customers. We can survey customers. We can observe customers actions and behaviors. All of these methods have their pros and cons.
The Ritz-Carlton Hotel Company operates within the upscale & luxury hotel industry. While it could be argued that Ritz-Carlton operates in the more broad and inclusive lodging industry, they offer a highly differentiated product and service and therefore find themselves operating in an exclusive industry alongside very few direct competitors, such as Four Seasons Hotels, HongKong and Shanghai Hotels, and Starwood Hotels & Resorts. Therefore when analyzing this industry I will not be including cheap hotels, motels, lodges, or inns, unless to offer potential substitutes to luxury hotels. In order to assess the attractiveness of the upscale & luxury hotel industry, an analysis of the general environment surrounding the industry must be
Chan, ESW & Wong, SCK 2006, ‘Hotel selection: when price is not the issue’, Journal of Vacation Marketing, vol. 12, no. 2, pp. 142-159, (Online Sage).