U3A2 Essay

2244 WordsMar 9, 20149 Pages
Introduction In this assignment I will be describing how a selected organization uses marketing research to contribute to the development of its marketing plans. The local business that I will be looking at is Sainsbury’s in Newbury Park. Key Words Market research is used by companies to find and respond to customers’ needs and preferences. This allows business to make persisted decisions for the company rather than take risks. Market research starts out by finding information on customer’s needs, the business competitors and the market trend. Market research can be collected through primary and secondary research. Market research plays an important role because it can reduce business making the wrong decision. Without market research business would have to guess if customers would want or need the product. By looking at the target market it helps answer questions and increases the chances of succeeding. Market research is measured in order to see how the business is progressing. This can be also done by looking at paired comparisons and ranking procedures. Paired comparisons are used to compare things in pairs and to see which you prefer. Ranking procedures is used to determine the business features; this can include the location, service and financing of the business. After the market research has been measured over time the business should be able to use the information to improve the business and assist customer’s needs. Market research also gives the business an idea for how much customers would pay for the product. Primary Research is new data that has not been collected before. It allows business to focus on customer’s needs and interests. The advantages of primary research are that the information is up to date and it helps answer businesses questions. A problem that occurs is the process can be expensive, time consuming and the feedback can be

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