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Summary What is market research?
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Unit 22 Assignment 1 of the Level 3 National Extended Diploma in Business Finance. Achieved Distinction.
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Matt Claydon, 20172752Unit 22 Assignment 1
What is market research?
, Introduction
In this report I will be justifying the use of different research methods to support the purpose of the
research. The business I will be choosing to evaluate is Nike. Nike is engaged in designing, marketing,
and distributing of athletic footwear, apparel, equipment and accessories and services for sports and
fitness activities.
Purposes of Market Research
Market research is the gathering and analysis of information about a group of buyers known as
markets. The purpose of market research for Nike is so they can understand consumer preferences
and tailor their products to better meet these preferences. They also use market research to identify
market trends so they can stay at the forefront of the sportswear industry.
Other purposes for market research for Nike are that it informs Nike on the product development.
This allows Nike to develop innovative products that their target audience would want. Market
research also allows Nike to optimize marketing strategies, so their products/advertisements
effectively reach their target audience. This allows them to use their resources more efficiently to
keep costs as low as possible. One last purpose for Nike to use market research is to evaluate pricing
strategies so they can use the most optimal price to bring in customers from competitors.
Evidence towards P1
Definitions
Primary research means research that is the collection of data directly from its source. This would
provide results/information specifically about your company/market. This can include focus groups,
surveys, interviews, and observations.
Secondary research is existing research that has already been complied and organized in use and is
used for a different purpose. You can find secondary research typically via an internet search or by
researching marketing journals.
Qualitative- Qualitative research refers to non-numerical information that describes qualities or
characteristics. This type of research typically provides insights into attitudes, behaviours,
perceptions and experiences and provides details.
Quantitative-Quantitative research is information that can be quantified and measured. It involves
collecting numerical values or quantities which is good for statistics and mathematical calculations.
Validity refers to whether the research method accurately measures what it claims to assess.
Reliability refers to how consistent and dependant research findings are. This means can the research
be repeated and if the findings are the same.
Evidence towards P1
Appropriateness of research
As Nike is an international company that is a market leader within the sportswear
industry, it is imperative that they consider all factors before deciding what type
of market research methods they use. Although market research is considered as
an essential, it can be costly for a company such as Nike.
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