Unit Three - Marketing P3
Marketing Research
Market research indicates decisions made by a business, in this case Tesco, by helping the decision makers understand undercurrents of its market. This process involves research done on customers, competitors and the overall marketing environment.
For example, when Tesco is promoting a product, they need to know the likes and dislikes of their targeted consumers in order to target the correct market successfully. They would also be required to research about their competitors, to find out if by any chance they offered a product that was similar, and how they would differentiate their product from it. Also, as an overall, they would be required to research the environment of the market, as well as the size of their target market, in order to decide how they are going to offer the product to the consumers. Example: sold in store, online, or both.
Primary and Secondary Research
There are two types of research:
• Primary Research
• Secondary Research
Information for these types of research can be done internally – within the organization, or externally, from another organization or source of information outside the organization, in this case Tesco.
When information or data is gathered for a certain purpose and has not been gathered before is known is primary research.
Internal primary research data source could consist of:
• The business’s sales figures of products
• A central database holding customer data
External primary research data source could consist of:
• Various questionnaires and surveys
• A variety of focus groups and interviews
• Observation techniques
When data or information that has been collected before, either internally or externally, is used for research is known as secondary research. Another name for secondary research is ‘desk research’.
Internal secondary research data source could consist of:
• Sales and regional reports
• Market research gathered in the past
External secondary research data
Market research indicates decisions made by a business, in this case Tesco, by helping the decision makers understand undercurrents of its market. This process involves research done on customers, competitors and the overall marketing environment.
For example, when Tesco is promoting a product, they need to know the likes and dislikes of their targeted consumers in order to target the correct market successfully. They would also be required to research about their competitors, to find out if by any chance they offered a product that was similar, and how they would differentiate their product from it. Also, as an overall, they would be required to research the environment of the market, as well as the size of their target market, in order to decide how they are going to offer the product to the consumers. Example: sold in store, online, or both.
Primary and Secondary Research
There are two types of research:
• Primary Research
• Secondary Research
Information for these types of research can be done internally – within the organization, or externally, from another organization or source of information outside the organization, in this case Tesco.
When information or data is gathered for a certain purpose and has not been gathered before is known is primary research.
Internal primary research data source could consist of:
• The business’s sales figures of products
• A central database holding customer data
External primary research data source could consist of:
• Various questionnaires and surveys
• A variety of focus groups and interviews
• Observation techniques
When data or information that has been collected before, either internally or externally, is used for research is known as secondary research. Another name for secondary research is ‘desk research’.
Internal secondary research data source could consist of:
• Sales and regional reports
• Market research gathered in the past
External secondary research data