Unit 36 P5

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

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

The secondary market research done by Luna Park could involve statistical interpretation, analysis and study both the internal and external data such as customer feedback and reports regarding the number of customers through the park in a day. Financial statements and sales reports also help as secondary market research.

to choose and be more satisfied with their choice of hotel over participants from the extensive

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: •

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.

Prior to conducting primary research, companies should first obtain secondary data from all available sources that pertain to the interests of the subject. Companies conducting secondary market research focus on collating sections of research

To be the first choice of hotel guests, team members, and owners alike, building on the heritage and history by:

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

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

If hoteliers have a better understanding of the expectations of their Mainland Chinese tourists, they will be better able to meet and serve this market to ensure guests are satisfied with their stay. (Tsai, Yeung & Yim, 2011).

Service is the most important aspect when it comes to handling a hotel. A hotel’s main objective is to provide the best service and tend to all of the guests’ needs and requirements. If there is no service then there would be no business. When running a business, the costumer is always placed first. Poor services can results in a complaint from a guest. But that complaint can be used to better the business in the future.

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.