How You Plan to Collect Data on Customers, Competitors and the Market Environment and Why You Think This Will Be Useful.
Task 2.1 and 2.2
How you plan to collect data on customers, competitors and the market environment and why you think this will be useful.
How do you propose to use this market research to understand the behaviour of customers, competitors and the market environment?
Market research is a crucial factor to do for any organisation in order to make their business successful. In the case of STUDENTAL, it is a new product from Sainsbury’s. Therefore, Sainsbury’s have to do all the market research on customers, competitors and on market environment in point of fact.
For this task, I have to collect data on customers, competitors and the market environment. To collect data on customers I am going to prepare some questionnaires and ask Customers questions regarding STUDENTAL. This will help me to get the true analysis from customers straight away. This will be more accurate than information collecting from other sources like internet and magazine. I have included a variety of questions to the questionnaire and I am sure that this will help me in understanding behaviour of customers towards energy drinks. In addition, I am also going to observe customers by going in to Sainsbury’s and other supermarkets. I will observe their buying attitudes towards energy drinks. This will help me to make suggestions to the future developments of STUDENTAL. Through observing and asking questions to customers, we will be able to analyse their likes, dislikes and attitudes towards energy drinks. We will able to apply this information to the STUDENTAL.
To collect data on competitors, I am going to do a research on internet. There are many competitors for STUDENTAL. This includes the bigger brands like, Lucozade, Red Bull, Boost and Power Ade. I will check for the price and product descriptions of the competing products. Through this, we will be able to understand the similarities and non-similarities of STUDENTAL and other products. Internet research will be useful to identify similar
How you plan to collect data on customers, competitors and the market environment and why you think this will be useful.
How do you propose to use this market research to understand the behaviour of customers, competitors and the market environment?
Market research is a crucial factor to do for any organisation in order to make their business successful. In the case of STUDENTAL, it is a new product from Sainsbury’s. Therefore, Sainsbury’s have to do all the market research on customers, competitors and on market environment in point of fact.
For this task, I have to collect data on customers, competitors and the market environment. To collect data on customers I am going to prepare some questionnaires and ask Customers questions regarding STUDENTAL. This will help me to get the true analysis from customers straight away. This will be more accurate than information collecting from other sources like internet and magazine. I have included a variety of questions to the questionnaire and I am sure that this will help me in understanding behaviour of customers towards energy drinks. In addition, I am also going to observe customers by going in to Sainsbury’s and other supermarkets. I will observe their buying attitudes towards energy drinks. This will help me to make suggestions to the future developments of STUDENTAL. Through observing and asking questions to customers, we will be able to analyse their likes, dislikes and attitudes towards energy drinks. We will able to apply this information to the STUDENTAL.
To collect data on competitors, I am going to do a research on internet. There are many competitors for STUDENTAL. This includes the bigger brands like, Lucozade, Red Bull, Boost and Power Ade. I will check for the price and product descriptions of the competing products. Through this, we will be able to understand the similarities and non-similarities of STUDENTAL and other products. Internet research will be useful to identify similar