BTEC Business Level 3 - Unit 22 Market Research Assignment 1 Distinction*
"What is Market Research?"
P1: Explain the range of market research methods used by a selected business. M1: Assess, using suitable examples, how different market research methods are appropriate in helping to meet marketin...
Examine the types of market research used in business
Introduction:
Throughout the duration of this report, I will be examining the types of market research used
in businesses, I will be explaining the range of market research methods used by a selected
business, which in this report will be Apple. Then, I’ll be assessing how different market
research methods are appropriate in helping to meet marketing objectives and inform
decision making, through using suitable examples. Lastly, I’ll justify the use of using
specialist marketing agencies for carrying out original market research.
22/A.P1 Explain the range of market research methods used by a selected business
22/A.M1 Assess, using suitable examples, how different market research methods are
appropriate in helping to meet marketing objectives and inform decision making
Market research is the process of gathering, analysing and interpreting information about a
market, it’s about a product or service to be offered for sale in that market, and about the
past, present and potential customers for the product or service. Here are the things you
research into when doing market research, the characteristics, spending habits, location and
needs of your business's target market, the industry as a whole, and the particular
competitors you face. The market research provides you with the relevant data which can
help you solve marketing challenges that a business will most likely face. Furthermore,
strategies such as market segmentation which identifies specific groups within a market and
product differentiation which creates an identity for a product or service that separates it from
those of the competitors, are impossible to develop without market research. Here are a
range of market research methods which businesses might use when gathering, analysing
and interpreting information: (primary research methods) surveys, observations, e-
marketing, focus groups, pilot research, questionnaires, online surveys, interviews, testers,
sale figures, and trials. These are some secondary research methods: online research,
websites, review companies, business data on customers, sales records, financial records,
published reports, government statistics, trade journals, and media sources.
Businesses have many different reasons for undertaking market research and the outcome
of objectives they wish to achieve will determine their main purpose for the research.
However, in all cases businesses want to gather data on their customers, potential
customers, competitors and the general market place. Here are some of the purposes to
why businesses do market research. The business has to understand customers behaviour,
they need to understand who wants their products or services and why their customers want
them. They also need to establish how they can convince people to buy their products and
services. The business then has to determine the buying trends, identifying upward
customer trends is important to the success of new and existing business. Different
, generations will have unique buying patterns and many marketing budgets will be based on
the spending habits and lifestyles of these different generations where trends can be
identified. The business wants to investigate brand or advertising awareness, a brands
awareness and the effectiveness of its advertising can be tested through market research.
This would ensure that marketing budgets are directed to areas where most impact can be
made to promote the brand. The business would aid new products development, when
developing a new product or service, businesses will seek the opinions and thoughts of
customers and potential customers before taking it into the market. This could include
customers trying out products in store, being sent samples or the launch of pilot schemes in
local areas. A business could investigate feasibility of entry into new markets, however
before entering a new market, a business needs to ensure that there is a demand for its
product or service and that the market is not already saturated. This will involve talking to
key stakeholders inside and outside of the business, as well as potential and existing
customers.
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