* National Diploma in Business * Unit 10: An Introduction to Marketing Research
* P1: Describe the main types of marketing research and how they have been used to make a marketing decision in a given situation:
* Marketing Research: * Marketing research is the gathering of all the data together which enables to know what the needs of the customers are and they want. It is carried out to determine consumer’s needs and wants before developing the product or services. it is a continual process and does not end with the launch on any one or any other company product or service. Hence once a business has started, marketing research needs to be on going so as to remain competitive in order to fulfil customer’s needs.
* primary research: * primary research is defined as type of research that involves collecting of different information within a business in different ways such as conducting market survey, interviewing , questionnaire or even focus group interview and etc. Hence this information is collected directly from the customers. Therefore this research is carried out according to the research of the company requirement. as for the primary research, it Is mainly based on the sampling techniques hence this requires statistic method
* secondary research: * Secondary research is simply defined as a research that involves the processing of data that has been collected previously by someone. Hence this refers to the discussion of previous market research such as report or press articles in able to make conclusion. Therefore this information gathered from previous studies performed by trade association and other organisation.
* quantitative data:
* Quantitate data are those that specifically aim on the numbers and figures of sales per month. hence not at the meaning and experience this can be used to show the patterns within a business using statistical data, track the amounts of market shares for big companies, add up the amount of stores stocking a particular product and list the amount of cash being invested into advertising on a product..
* qualitative data: * Qualitative data can be defined as those data that are focused on describing the meaning and not drawing statistical. this could information on the reasons people buy, what makes them buy the product, service or advertisements. It can be used to look at reactions to advertisement campaigns, their views new products and information about the consumers’ preferences. Qualitative research gives more descriptive answers and expresses the customers’ emotions.
* P1: List a minimum of 6 methods of primary and 6 methods of secondary research giving an explanation of each one.
* PRIMARY RESEARCH:
* Observation: * this is when the business tries to watch/observe how their customers behave or react toward their product or competitors for instant what are people doing, what they are buying where they are and how often.. For example on the clothing shops such as new look they will try and watch how many customers will get in the shop and how who will end up looking at the window display.
* Focus group: * This is when a group of people which are typical customers gather together and discuss the certain product or market and giving their views on the views on the quality of
The product/service, the price and the material and also the product usage. Hence this method enables to business to know what its customers wants the most. This method is very cheap and also effective
* phone interview:
* This is a quick method off the customers. But bit can sometime not be too effective as some of the customers may not be bothered talking on phone hence tend to give a very short answer and straight to the point answer. This method is very cheap and also effective. But can sometimes be difficult to reach the target group.