Market Research - iTeach

Market Research - iTeach

Unit 3 Assignment 2 P3, P4, M2, D2 BTEC Business Level 3 What is Market Research? Define Market Research. Marketing research the systematic gathering, recording and analysis of data about issues relating to marketing products and services. http://www.bbc.co.uk/schools/gcsebit

esize/business/marketing/marketrese archvid.shtml Market Research Organisations should undertake secondary research first as this research is already available, cheaper and quicker to obtain than primary research. Both types of research can be internal and external. Primary and Secondary Research Primary

research is carried out to answer questions that are beyond the scope of secondary research. Secondary research uses data and information that has been collected before either by the organisation or another organisation. Primary Research Observations Experimentation Surveys E-marketing Focus Groups Panels Field Trials Secondary Research

Secondary research is important because: It may answer questions quickly and cheaply Could assist in designing primary research Should enable research to interpret primary research more accurately Could be used as comparative data May provide evidence that cannot be

Secondary Research Secondary research can be obtained in a variety of ways. Internal data is produced on a day-to-day basis including; EPOS Loyalty schemes Sales Website statistics E-transaction records Accounting records Reports from sales staff Secondary Research

External Methods include: News reports Trade journals Market analysis Government statistics Qualitative and Quantitative Research Qualitative research is subjective and often open ended. Quantitative

research relates to numbers and figures and can be analysed and put into graphs. This information often includes sales data, market values, but can include responses from customers. Quantitative Quantitative research produces numbers and figures such as the number or percentage of customer who use a service. Quantitative research can be used to:

Measure products and sales week by week Track prices across a variety of retailers and brands Estimate market share of competing brands Estimate market and segment size Qualitative Provides data on why people buywhat motivates them to buy or their impression of products, services or advertisements. Qualitative research can be used to; Investigate consumer attitudes towards an organisation Ascertain consumer reactions to change

in price Ascertain information about consumer Quantitative Objective Research questions: How Many? What percentage? Tests theory Focus is concise and narrow Measurable Basic element of analysis is numbers Reasoning is logical and deductive (makes conclusions) Establishes relationships, causation Highly controlled setting:

experimental setting (outcome oriented) Qualitative Subjective Research questions: What? Why? Develops theory Focus is complex and broad Interpretive Basic element of analysis is wording/ideas Reasoning is dialectic (involving opinions) and inductive (leading) Describes meaning and discovery Flexible approach: natural

setting (process orientated) Activity: Quantitative or qualitative he following statements quantitative or qualitative Quantitativ Qualitative e Ninety-five per cent of teenagers use the internet. The older generation worry about their retirement, as they perceive a lower income will have a detrimental effect on their lifestyle. Research shows that the police believe CCTV is an excellent deterrent against street crime because they find that it discourages potential criminals. Eightyfive per cent do believe it is a useful

tool when used responsibly. One in three people in the UK own a pet. Both Uses of Market Research Market Research can be used for a variety of reasons, the business will decide on the most appropriate method of research based upon the information they wish to find out. Research can; Effectively measure progress Measure the awareness of a product Inform marketing for the future

Identify strong or weak sales Limitations of market research Cost - will it be cost effective? Effectiveness - is it the most appropriate method? Validity was a large enough sample taken?

Reliability was the research conducted in similar conditions? P3- M2- Task Introduction- what is market research? Describe the following key terms: primary research (give examples), secondary research (give examples) , quantitative data, qualitative data. Choose from one of the case studies- JD sport, Kelloggs,, Tesco (on the shared

area) Describe the methods of market research that your chosen business uses, what they use it for and the advantages and limitations of these methods. (use the table on the next slide) Explain how the methods chosen help the business to plan their development. e.g. McDonalds use sales figures (primary research) to identify trends in products sold, this can then help the business to develop the product or decide when to advertise. E.g. McFlurrys sell more in the summer therefore McDonalds should focus their

advertising fro McFlurrys in the summer. JD Sport Market Research Method and use Exit Surveys Shopping Bag On-site field research Focus Groups Depth Interviews Government Census Geo-demographic data Primary/Secondary

Qualitative/ Quantitative Limitations Kelloggs Market Research Method and use Mintel and Datamonitor (S1) Focus Groups (S2) Survey (S3) Home Usage Test (S4) Questionnaire (s4) Primary/Secondary

Qualitative/ Quantitative Limitations Coca Cola Market Research Method and use Focus Groups In Depth interviews Face to face interviews Telephone interviews Internet

Interviews Test sample EPOS data Primary/Secondary Qualitative/ Quantitative Limitations D2- Make recommendations For each method of research used, make three justified recommendations for improving the

validity of research. For your chosen business you need to be critical of the market research the business carries out. Consider how the business can improve the validity of the research including;

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