P1 describe types of market research
P2 explain how different market research methods have been used to make a marketing decision within a selected situation or business
M1 explain, with examples, how different market research methods are appropriate to assist different marketing situations
BTEC Level 3 Extended Diploma in Business
Unit 10: Market Research
P1: describe types of market research
P2: explain how different market research methods have been used to
make a marketing decision within a selected situation or business
M1: explain, with examples, how different market research methods are
appropriate to assist different marketing situations
Introduction
This assignment focuses on market research and the different types of
methods that are used during this process. It will also further explain how
market research and the different method are beneficial in marketing
situations to a chosen business, being Barclays Bank.
What is Market Research?
Market research is the collection, gathering and analysis of data in
relation to a marketing issue concerning goods and services. This
research should be carried out in a systematic way ensuring that one is
careful and organized. It is also important to ensure that the data
collected is recorded in some form, either manual or electronic and that
you are able to identify and interpret key components within the research
in order to come to a conclusion.
Types of Market Research
There are many different types of ways that research can found. Each
market research type has its benefits and limitations.
1. Primary Research
This type of research also known as field research, is the collection of data
done by the organization or person themselves. An organization or person
may choose to conduct primary research because it is up-to-date,
therefore making it more reliable and accurate for use. However, this
method can be time consuming and costly, since there is a lot of
preparation that will be needed to ensure that the you collect not only the
correct information but necessary and useful information to make your
decision.
Examples of primary research; questionnaires, opinion panel,
telephone interviews
In relation to Barclays Bank, they used the methods above in order to
create a marketing plan to be able to attract more students to sign up for
their service of student accounts. The approach with primary research
was beneficial because it allowed them to collect updated data that was
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