Essay
Unit 3: Introduction to Marketing- D2
- Course
- Institution
D2: make justified recommendations for improving the validity of the marketing research used to contribute to the development of a selected organisation’s marketing plans
[Show more]
Seller
Follow
Sheyy01
Content preview
BTEC LEVEL 3 90 CREDIT DIPLOMA IN BUSINESSUNIT 3: INTRODUCTION TO MARKETING
D2: make justified recommendations for improving the validity of the marketing research used to
contribute to the development of a selected organization’s marketing plans.
Introduction
This assignment focuses on recommendations that can be made in order to face the
challenges and limitations that are presented with the different methods of market
research. Furthermore, each recommendation will be further justified. The following 4
methods of market research were chosen not only because the company uses them to
collect data but because these types of research can be useful to a certain extent despite
the challenges that may be faced in the process. Some may not be able to overcome but
their other alternatives that can be used as a replacement.
Aims and Objectives
1. To be able to understand the limitations of marketing research.
2. To be able to make recommendations and be able to justify them with reason.
Telephone Survey- this method was chosen because it used by Nationwide Building
Society to collect data to help their organization progress in the market and it is an effect
way to do so. This method however is unreliable, not always valid, time consuming and
costly. This is because when talking over the phone, individuals might rush and not answer
the questions accurately, therefore making the data invalid to help the company update
their system or make any necessary changes. It will become time consuming to constantly
call different individuals, asking the same questions to collect precise information.
Furthermore, talking on the phone will increase the telephone bill at the of the month,
which is not a major disadvantage because the company should be able to cover those costs
of they make a profit. The benefit of this research is that the company is able to create a
relationship with their customers by interacting with them on a more direct approach,
which let the customers know that the business has their best interest at heart.
Nationwide Building Society can improve this type of research to ensure that they
collect enough information. They can do it on specific days and times when they will not be
disturbing anyone. They can select days such as Saturday or Sunday and around time such
as 1pm-5pm when no one is really busy and are able to answer the questions that will be
asked. They can also increase the sample size by calling more persons so that they have
more accurate data to use to help make adjustments, because asking a small amount of
people will not allow them to collect enough information to use to determine what changes
need to be made to reach this goal. If this method does not seem effective, it is
recommended that they try using another method along with telephone surveys which is
online surveys. They can send out messages to their members, where a link will be available
that carries them to a website where they are able to select answers that may be provided
or type their answer. This method will allow them to ask more questions and it is more
convenient for the members because they can complete it in their spare time without
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Sheyy01. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.89. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67474 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now