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Summary unit 22 assignment 1- market research DISTINCTION
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Assignment 1 unit 22- market researchThis assignment includes P1, M1, and D1.
Explain the range of market research methods used by a selected business.
Assess, using suitable examples, how different market research methods are
appropriate in helping to meet marketing objectives and inform decision making.
Justify the use of specialist marketing agencies for carrying out original market research.
Introduction -
In this assignment I will evaluate different kinds of market research
that businesses use to be able to keep up with the current trends, so they stay in
the completion of making profit within their industry. The company I have chosen
for this assignment is Tesco, so in that case I will be researching and analyzing
their strategies and fully justifying it.
The different kinds of market research used by businesses include:
Market research refers to the process of researching the effectiveness of a
product or service in order to reach the target audience to meet the customer's
needs. Market research allows organizations to understand more about their
specific target audience. However, there are some disadvantages such as market
research which is that it can only target a small audience, which can be pointless
sometimes.
Customers have different perspectives, making it difficult to collect all the data
from different customers. This has developed into another disadvantage, which is
that market research takes time, and information must be adjusted to have valid
data. Market research may also be expensive due to the large amount of money
required to undertake numerous research tasks. For example, large sums of
money are required to pay wages, conduct questionnaires, perform surveys,
compile reports, and so on.
(Advantages and disadvantages of marketing research Essay Example | GraduateWay, 2022)
The advantages of market research:
Awareness of brand investigation- Businesses may undertake market
research to investigate their brand awareness; this will guarantee that the
marketing budget is spent in the areas where the most impact can be made
, to promote the brand. This will allow Tesco to determine how well
customers know the brand and how effective the advertisements are.
Understanding buying trends- Different people will have different
purchasing habits, and the marketing budget will be dependent on their
spending habits; this will assist in recognizing good and unfavorable
consumer trends. This will assist Tesco in better understanding how
different customer types consume a product and where they are likely to
buy it
Recognizing consumer behavior- Businesses must identify who will demand
their products and services. To do so, companies will investigate different
groups to determine which group will be more interested in the product
and services. There are several factors that could influence customer
behavior, including age, gender, colour, religion, financial situation, and the
environment.
new product development- When it comes to producing a new product or
service, businesses will want customer feedback. This may be done by
having customers try things in store or by providing samples. Businesses
may use consumer feedback to improve their products and guarantee that
they match their customers' expectations.
Investing in the possibility of expanding into new markets- Before entering
a new market, the company must confirm that its products and services are
in high demand. This will help the business in deciding whether to join a
new market or not.
It helps businesses keep ahead of their competitors- To be the best, you
must be dedicated in getting the basics right while also being curious and
eager to innovate. Understanding how to maximize the facts and ideas
generated through market research, audience research, and data research
is important for going ahead and staying ahead.
Blog, M. and Research?, W., 2022. What are the Benefits of Market Research?. [online]
Driveresearch.com. Available at: <https://www.driveresearch.com/market-research-company-
blog/what-are-the-benefits-of-market-research-company-in-ny/> [Accessed 16 September
2022].
(10 key benefits of market research | Turquoise, 2022)
The different types of research-
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