Unit Three - Marketing P3

1133 WordsNov 5, 20125 Pages
Marketing Research 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. For example, when Tesco is promoting a product, they need to know the likes and dislikes of their targeted consumers in order to target the correct market successfully. They would also be required to research about their competitors, to find out if by any chance they offered a product that was similar, and how they would differentiate their product from it. Also, as an overall, they would be required to research the environment of the market, as well as the size of their…show more content…
All market research conducted has the chances of being wrong no matter how well controlled and planned. There are various reasons why market research may not provide accurate or good results but a usual problem is deciding whether the research conducted really measures what it claims to be measuring. Marketers for Tesco are required to decide how reliable the information they have obtained is. Also they need to take into consideration, if the research contained had different respondents or different set of data points, would the results be similar. Validity refers to whether the research conducted is what it intended to be. Validity involves dependability, which means, a valid measure must be reliable. But, reliability doesn’t have to link to validity, a reliable measure is not required to be valid. The difference between reliability and validity: • Reliability guesses the point to which an tool processes the same way each time it is used in under the same conditions with the same subjects. • Validity involves the point of accuracy of your measurement. For organizations like Tesco’s, validity is considered more important than reliability because if a process does not precisely measure what it is supposed to, there is no use of it and therefore it being reliable is useless. Costs are also an essential

More about Unit Three - Marketing P3

Open Document