Essay
UNIT 10 - MARKET RESEARCH IN BUSINESS - M1
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M1 explain, with examples, how different market research methods are appropriate to assist different marketing situations
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In this assignment I will explain how different marketing research methods are appropriate to assistdifferent marketing situations.
Looking back at the marketing research methods that could be used in order to collect data, I have
chosen three of the primary research (Field Trials, Surveys and Observation) and a Secondary
Method Research (Public Sources).
This method of market research is a quantitative
research and it helps a business to make product
modifications, adjust prices or improve
packaging.
Although there are many advantages in using
field trials for a business, as well as
disadvantages.
One of the disadvantages is that the data
collected through Field Trials requests a lot of
patience in letting the field working out itself.
The speed of the field trial may not allow for the
quickest results, so its key to be patient in letting
the field trial work itself out.
One and the most important advantage is that in
the end will lead to a successful implementation
Field Trials of the product in the market.
Also, to avoid inaccurate results its key for
market researchers to outline specific guidelines
to follow to generate the most accurate
information to help make the best decisions.
Using this form of market research is always
quantitative in nature so its important that
companies use analysts to understand the
information gathered and use it in the most
effective ways.
As an example, The Coca-Cola Company can use
Field Trials whenever they want to decide
between two different packaging styles.
The company would be able to measure which
packaging was resulting in more trials. This will
take a lot of time, and it will be quite expensive,
but in the end it will lead to excellent results.
Also, that’s the way how the Company would find
out what people reaction is when they actually
taste the product and also what tis their opinion
about it.
1
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