Market research contains a collection of data which obtains knowledge into the needs, demands and preferences of customers and the dynamic of the market in which they are involved in. The process involves gathering, analysing and interpreting information about a market and about past, present and potential customers for the product or service; research looks at the spending habits, location and needs of the business’s target market, and the particular competitors that the business may be facing. Market research involves two types of data: * Primary information. This is information that comes from a business’s source – potential customers; this is generally gathered by a business for their own specific purposes. This type of research usually takes the raw data such as information collected through focus groups or/and surveys and interpret the data for different business purposes.
P3 - Describe how a selected organisation uses marketing research to contribute to the development of its marketing plans. Market Research The organisation I have chosen for this is Tesco and what market research is, is when a business like Tesco will have to learn about the target market and what the customers that come would like to buy and what is popular at the time and examples of how Tesco will do this will be from Tesco club card, Tesco online, and when you give in your details they will know you are a male teenager and will send you emails with things that male teenagers would like and this is how market research will contribute to an organisations market plans. Also they will make sure to research the competitors with interviews, surveys and on the internet and this will allow them to know what the competitors have that you can include and also Tesco will have to make sure they research the overall market. Primary Research This is data that is collected for the first time by the organisation that is collecting it which is Tesco for this and the primary research is separated into two groups which are Internal and external. The internal research for this would be things like the sale figures of the business and this would include what is being sold/what the customers are buying at the time and you will be able to see what is most popular at the time and also the customer data would be in internal and with this you can find out what would be popular with them because you can’t be advertising woman clothes to a male.
Marketing Research and Planning Huffman trucking implements a marketing research and planning system that supports a variety of areas within the marketing department. The system encompasses all past marketing research and marketing plans. “To create value for customers and to build meaningful relationships with them, marketers must first gain fresh, deep insights into what customers need and want” (Armstrong & Kotler, 2011). The system is used to research information and make better decisions for future marketing endeavors. It encompasses the following
For illistrating the concept of “Discover what the customer wants”, Charle introduces the area manager to one more company. A manufacturing company managed by Bill. “The key is to discover the customers vision for your company and then alter your vision if need be.” Your vision provides the framework for you to understand the customers vision, to fill in the gaps in the customers vision and to help you to know when to ignore the customers vision. It is
There are some key factors involved in the market research:- Location Competitors Target market Cost of products Services to the customers Time frames to complete the task Servey with the customers Collect the feedback. After considering the role and market research of business it is necessary to decide how the needs will be fulfilled. It helps us as follows:- The work is actually based on the collection of some information from the business nearby:- 1. There should be a team assigned to complete the research work. 2.
P3: Describe how your selected organisation uses market research to contribute to its development plans. In this assignment I will be looking out how Tesco use market research to contribute to its development plans. Market research is an organised way of gathering, recording and analysis of data about issues relating to marketing products and services. There are three types of market research which are: Qualitative and quantitative Internal and external Primary and secondary The type of market research I am going to be look at for Tesco is primary and secondary. Examples of Primary | Examples of Secondary | Sales figures for the business’s own products | Intelligence reports | Customer data held on a central database | Government Data | Previous market research | Newspapers | Experiments | Internet | Observations | EPOS (Electric Point of Sale) | Surveys | | Sales Figures for the business’s own products: Sales figures for product can help a business decide many things.
Task 1 The marketing mix is developed on four main elements known as Product, Price, Promotion and Place, but the marketing mix can also be extended by adding another three elements these are People, Process and Physical. Product – This is where a decision is made on what product or service should be offered to customers. This could also be improving an existing product or service, it is very important that technology based are updated as they may become out of date very quickly which would make them inferior to the competition. To create competitive advantage organisations may also use the product for brand naming, packaging and a guarantee that accompanies the product. Price – Price is a very important part of the marketing mix
o In this assignment I will be I will be conducting two business organisations which are Tesco and Keech Hospice. I will be writing a report describing about their purpose. I will also mention what services they provide and to whom. I will talk about which sector they operate in and what type of ownership they have and how the ownership affects the company. At the end of this report I will give my own opinions and conclude this report off.
If customers are not happy with a product then they will report it to Tesco and Tesco will have to take action to do something about it. Tesco will aim to make customers happy so they can gain their loyalty as this will increase their profit margins. The reason Customers are so important is because without them Tesco will cease to exist because there will be no people buying their product which means no income which equals to no profit. A business like Tesco revolves around the customers as they are always trying to satisfy the customers demand. Owners Tesco is Public Limited Company (PLC) which means that it’s owned by people who have bought shares in the business, these people are known as shareholders.
Value and cost of information. Competent marketing researchers show concern for estimating the value of information against its cost. Value/cost evaluation helps the marketing research department determine which research projects to conduct, which research designs to use, and whether to gather more information after the initial results are in. Research costs are typically easy to quantify, while the value is harder to anticipate. The value depends on the reliability and validity of the research findings and management's willingness to accept and act on its findings.