assignment 1unit 22 MARKET RESEARCH This piece of work covers all of the criteria for Unit 22 assignment 1. I have achieved a distinction in this unit by Pearson Edexcel in aug 2022. I hope this helps!
Throughout this study, I will look at the different sorts of market research utilised in
organisations and describe the various market research methodologies employed by a
specific company, which in this case would be Apple. Then, using appropriate examples,
I'll analyse how different market research approaches are useful in helping to fulfil
marketing objectives and inform decision-making. Finally, I'll defend the usage of
specialised marketing organisations to do unique market research.
Types of Market Research
Appropriateness of market research methods in helping to meet marketing
objectives and inform decision making
Apple is the company I've decided to conduct my study on because of its success in the
technological field. Apple conducts market research to improve their goods by soliciting
user feedback, and they also strive to maintain a positive relationship with their
customers by delighting them and keeping them up to date on their products, as well as
informing them when new updates are available. Apple employs marketing planning
because it aids in their organisation and decision-making. It also enables the business to
achieve its responsibilities and deadlines while also assisting them in the development of
new items for their present target customers.
Primary, secondary, qualitative, and quantitative market research methods are the four
main types. Businesses conduct market research for a variety of reasons, and the
outcomes of the objectives they hope to attain will indicate the research's main purpose.
Businesses, on the other hand, desire to collect data on their customers, potential
consumers, competitors, and the general marketplace in all circumstances. Here are
some of the reasons why companies conduct market research. Customers' behaviour
must be understood by the firm, as well as who wants their products or services and
why they want them. They must also figure out how to persuade consumers to buy their
goods and services. The company must then determine purchase trends; detecting
upward client trends is critical to the profitability of both new and existing businesses.
Distinct generations will have different buying habits, and many marketing expenditures
will be based on these different generations' spending habits and lifestyles, where trends
can be recognised. A brand's awareness and the efficiency of its advertising can be
examined through market research if a company wishes to investigate brand or
advertising awareness. This will ensure that marketing funds are spent where they can
have the greatest impact in promoting the brand. When developing a new product or
service, firms will seek feedback from customers and potential customers before
releasing it into the market. Customers may be given the opportunity to try products in
stores, receive samples, or participate in pilot programmes in their communities. A
company could look into the possibility of entering new markets, but before doing so, it
must first ensure that there is a need for its product or service and that the market is
not saturated. This will entail speaking with important internal and external
stakeholders, as well as potential and present customers.
To be successful, Apple must conduct primary and secondary market research to
determine what they are doing well and where they need to improve
.
Primary research and Secondary research
Primary research is information and data gathered by businesses on their own. The
research is carried out with the stated goal of answering questions or as an exploratory
exercise for the first time. Many approaches, such as interviews, focus groups, exit
surveys, and questionnaires, can be used to gather this information. External primary
research data is what it's called. Sales figures for a company's own products and
customer data stored in a database are examples of internal primary research data.
Surveys, observations, interviews, and focus groups are the four main market research
approaches. Apple does market research using questionnaires. Apple uses surveys to
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, gather input from customers and improve its products. Apple currently offers a ‘Market
Research Survey Feedback' section on their website, where they have commissioned
independent research to urge customers to participate in the survey. Customers will be
able to provide feedback on their experience with Apple and any issues that may need to
be addressed via this way. Apple values customer feedback and strives to remedy issues
as quickly as possible since they do not want to disappoint their customers. Customers
are relied upon to assist them in modifying and upgrading their products and services.
“Apple conducts customer polls to enhance internal data and thinking. This was revealed
in 2012, when Apple's VP of Product Marketing presented a statement to the court
stating why documents connected to Apple's market research (particularly iPhone
surveys) should be kept confidential during a legal battle with Samsung. This primary
research method aids Apple in understanding their customers by allowing them to point
out parts of a product that should be improved. As a result, by looking at what
customers have said about Apple, they may strive their hardest to meet those
expectations. At the same time, Apple examines their competitors, such as Samsung, to
see how they are performing in terms of product sales and customer reviews. Apple
might release a new product and try to learn more about Samsung to see if they'll be
releasing anything new, and if so, what things they'll be releasing. They do this in order
to stay ahead of the competition and create a superior product. Open-ended questions
are common in surveys, making them a sort of qualitative research. They're searching
for ways to improve their products and services, thus this is also qualitative data.
Apple also conducts research using questionnaires to obtain reactions and input from a
variety of people of various ages. The survey is hosted on the Survey Monkey website,
and the questions are focused on what people enjoy and how they use their phones. This
survey provides an overview of what consumers like as well as how and why they utilise
their products. It also specifies which Apple goods they like, such as the iPhone, iPad,
iPod, AirPods, or MacBook. This will demonstrate which products are the most popular
and in use, and this form of primary research will assist Apple in identifying their most
popular products. They can readily observe which things consumers prefer, which
products are in more demand, and which products are bought more frequently. By
determining which products are the most popular, Apple may be able to continue
creating those items because it is what people want. By seeing what customers desire,
Apple can better understand them and their competitors, as Apple can look at which
items Samsung's customers like and which of their products is the most popular. This is
also a qualitative study because it features open-ended questions and the researchers
are seeking for answers that reference Apple's advances. Although quantitative data can
be acquired in this type of study, it all depends on how the data is collected in the end. If
they create a chart or other type of data for each question, it will have numerical values,
making it quantitative data.
This help apple meets their objective as survey provides an overview of what consumers
like as well as how and why they utilise their products. It also specifies which Apple
products they like, such as the iPod, iPad, iPhone, or MacBook. This will reveal which
products are the most popular and widely used. This primary research aids Apple in
determining which of their items are the most popular. They can see which things
consumers favour and which products are bought more frequently. By determining which
products are the most popular, Apple may be able to continue creating those items
because it is what people want. Apple gains a deeper understanding of its customers by
observing what they want. It also improves in their understanding of their competition,
as Apple may investigate which items Samsung customers prefer and which of their
products are the most popular.
Secondary research refers to previously produced and used data, such as marketing
research, sales reports, websites, newspapers, and publications, census data, and public
records. Secondary research, such as prior marketing research, is used by Apple to
improve their goods. They come up with new concepts for their new releasing products
using old knowledge and data. They can understand what their customers want in terms
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