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Unit 22 Market Research Assignment 1
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I have used an example to clearly explain my business idea regards to the overall picture of the notion that is known as Market Research.
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Unit 22 Market ResearchWhat’s Market Research?
Learning aims A – To examine the types of Market
Research used in business and its usefulness in helping
to achieve the marketing objectives of a business.
Learning aims A – To examine the types of Market Research used in business and its usefulness in
helping to achieve the marketing objectives of a business....................................................................1
Introduction-..........................................................................................................................................5
...............................................................................................................................................................5
P1-Explain the range of market research methods used by a selected business...................................5
...............................................................................................................................................................5
Introduction-(p) only.............................................................................................................................5
Define market research?...................................................................................................................6
Your Chosen Business(p)........................................................................................................................6
Purpose of Market Research (p)........................................................................................................6
What is the purpose of why my business may conduct market research?........................................6
To understand the customer behaviour............................................................................................7
To determine the buying trends........................................................................................................7
To investigate the brand or advertise the awareness........................................................................8
To aide new product development....................................................................................................9
To investigate the feasibility of entry into new markets....................................................................9
Define purpose?................................................................................................................................9
Explain market research? Link to McDonalds..................................................................................10
Why does McDonalds require market research?.............................................................................10
Marketing Objectives(p)..................................................................................................................10
Introduction-....................................................................................................................................10
What are the main marketing objectives for my chosen business?.................................................11
Find examples of the main marketing objectives for my chosen business?.....................................11
What are these examples?..............................................................................................................11
1
, Link back to the business?...............................................................................................................11
Justify (why) would the business need these marketing objectives?...............................................11
Increase their brand awareness-.....................................................................................................12
Increase sales-.................................................................................................................................12
Attract new customers-...................................................................................................................12
Current Market Research (p)...........................................................................................................13
Define qualitative data research?....................................................................................................13
Define quantitative data research?..................................................................................................13
Define internal sources?..................................................................................................................14
Define external sources?.................................................................................................................14
Explain 3 primary research methods used by my chosen business?................................................14
Explain 3 secondary research methods used by my chosen business?............................................15
Explain whether the primary or secondary methods of research are qualitative or quantitative?
.....................................................................................................................................................16
Explain whether the primary and the secondary research data are internal or external sources?..17
For each research method explain how the example of their research methods would help my
chosen business to achieve their marketing objectives? What are the different types of market
research used by a business? How is this useful into helping the business in the long term? State
a range of different market research methods used by McDonalds for their target market?.....17
Primary-...........................................................................................................................................17
Secondary-...........................................................................................................................................18
Competitors' marketing strategy-....................................................................................................18
Competitors' analysis-......................................................................................................................18
The competitors’ performance-.......................................................................................................18
M1- Assess by using suitable examples how different market research methods are appropriate in
helping to meet the marketing objectives and inform decision making..............................................19
Evaluation of current market research methods (m).......................................................................19
Assess how appropriate & useful the research method is at helping the businesses to meet the
organisation’s marketing objectives?(how does the market research help with the marketing
objectives- link to business & needs evidence)................................................................................19
Introduction-........................................................................................................................................19
How would Primary research methods would prove to be appropriate or useful to meet the
McDonalds’ marketing objectives and to inform the decision making? Evaluate each research
methods in regards to cost, accuracy, timelines and response rates..................................................19
Primary-...............................................................................................................................................19
Surveys-...........................................................................................................................................20
Interviews-.......................................................................................................................................21
Questionnaires-...............................................................................................................................21
2
, How would the Secondary data research would prove to be useful and appropriate for
McDonalds’ industry?......................................................................................................................22
Secondary........................................................................................................................................22
Cost-.................................................................................................................................................22
How is the cost of the secondary data appropriate?.......................................................................22
How is the cost of the secondary data useful?................................................................................23
Accuracy-.........................................................................................................................................23
Timelines-........................................................................................................................................23
Response rates-...............................................................................................................................23
When the research methods are appropriate then, explain another research method that would
be more appropriate than the other and explain why?...................................................................24
Primary research data-....................................................................................................................24
What would be appropriate in terms of the research methods?................................................24
What would be more appropriate than the other primary research methods?..........................24
What would not be appropriate?................................................................................................24
Secondary research data-................................................................................................................24
What would be appropriate?...........................................................................................................24
Marketing strategies-.......................................................................................................................24
Performance of their competitors-..................................................................................................25
What wouldn’t be appropriate?......................................................................................................25
What secondary research method would be more appropriate than the other secondary research
methods?.........................................................................................................................................25
D1- Explain the range of market research methods used by a selected business................................26
Specialist Marketing Agencies(d).....................................................................................................26
Explore the use of specialist marketing agencies that McDonalds uses to collect their data?........26
Research 3 marketing agencies? Create an overview of the services that they offer to McDonalds?
.........................................................................................................................................................26
What is the Capgemini?...................................................................................................................26
What are Publicis?...........................................................................................................................27
What are the Sapient?.....................................................................................................................27
Justify (say why) the advantage & disadvantage. By using lots of evidence for their usage by the
business for researching their market research data?.....................................................................27
What are the advantages of using a specialist, marketing agencies for McDonalds’?.....................27
Expert knowledge-...........................................................................................................................27
More hands on deck-.......................................................................................................................28
High success rate-............................................................................................................................28
What are the disadvantages of utilising the specialist, marketing agencies for McDonalds’?.........28
3
, It costs money-................................................................................................................................28
Different visions-..............................................................................................................................29
No control over speed-....................................................................................................................29
Conclusion-......................................................................................................................................29
References-..........................................................................................................................................30
Bibliography-........................................................................................................................................32
4
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