P3 Business Unit 3
Unit 3: Introduction to Marketing
P3: Describe how a selected organisation uses marketing research to continue to the development of its marketing plans
Marketing Research is the collection analysis and communication of information which assists decision making when marketing. Systematic research is organised with a clear method, gathering research is collecting the correct and appropriate data. Recording the data is when you put all gathered information in clear records which show your findings in an organised way. When analysing work, you’re making sense of the information and ordering it correctly. Understanding customers and the market helps you when trying to solve marketing problems. Asda gather information about their customers in order to improve their business, increase profits and increase customer satisfaction.
Companies conduct market research so that they are up to date and are aware of customer, market and competitors insights. Knowing who your market is and what they want also means that you understand external influences that can affect success. The purpose of marketing research is to get a clear understanding of the markets, and being able to identify the changes in the market, also you would be able to improve your understanding of customers’ needs. Many companies are able to forecast market trends by analysing marketing research and this provides a basis when making marketing decisions. For example Asda would look at the sales from Christmas the previous year when ordering the stock for the current year, this would ensure that they don’t run out of food, and they would have a rough idea of what to have in stock and what to not have.
There are ‘the seven Os’ when conducting market research, they are the following: Occupants – who CONSTITUTES the market, Object – what is it that they buy, Objectives – what is the purpose of them buying the objects, Organisations – who participates in the decisions when buying objects, Operations – how do they
P3: Describe how a selected organisation uses marketing research to continue to the development of its marketing plans
Marketing Research is the collection analysis and communication of information which assists decision making when marketing. Systematic research is organised with a clear method, gathering research is collecting the correct and appropriate data. Recording the data is when you put all gathered information in clear records which show your findings in an organised way. When analysing work, you’re making sense of the information and ordering it correctly. Understanding customers and the market helps you when trying to solve marketing problems. Asda gather information about their customers in order to improve their business, increase profits and increase customer satisfaction.
Companies conduct market research so that they are up to date and are aware of customer, market and competitors insights. Knowing who your market is and what they want also means that you understand external influences that can affect success. The purpose of marketing research is to get a clear understanding of the markets, and being able to identify the changes in the market, also you would be able to improve your understanding of customers’ needs. Many companies are able to forecast market trends by analysing marketing research and this provides a basis when making marketing decisions. For example Asda would look at the sales from Christmas the previous year when ordering the stock for the current year, this would ensure that they don’t run out of food, and they would have a rough idea of what to have in stock and what to not have.
There are ‘the seven Os’ when conducting market research, they are the following: Occupants – who CONSTITUTES the market, Object – what is it that they buy, Objectives – what is the purpose of them buying the objects, Organisations – who participates in the decisions when buying objects, Operations – how do they