This is the full BTEC Business Unit 22 Assignment 1 - What is Market Research? Coursework document. This candidate received a Distinction mark for this assignment.
What is Marketing?
Marketing is the process of interesting potential customers and clients in your products
and/or services. The key word in this marketing definition is "process"; marketing
involves researching, promoting, selling, and distributing your products or services.
Marketing refers to activities a company undertakes to promote the buying or selling of
a product or service. Marketing includes advertising, selling, and delivering products to
consumers or other businesses.
What is Market Research?
Market research is an effective tool to assist your business planning. It is about
collecting information that provides an insight into your customers thinking, buying
patterns, and location. In addition, market research can also assist you to monitor
market trends and keep an eye on what your competition is doing. Market research is
the process of determining the viability of a new service or product through research
conducted directly with potential customers. Market research allows a company to
discover the target market and get opinions and other feedback from consumers about
their interest in the product or service.
What is the Purpose of Market Research?
Marketing is about understanding what customers want and using this analysis to drive
the business. We should listen to our customers, inform our organisations of new insight
and use automated technologies to predict buying behaviour patterns in order to deliver
personalised messages to stakeholders. Markets come in all shapes and sizes. To
correctly position itself in any one industry, a company must understand who needs a
product and why they need it. It must understand when and where people buy certain
things and how they use them. The size and diversity of a consumer base will
necessarily dictate the ways in which a company attempts to meet its demand. Thus,
companies must conduct market research, asking questions so that the answers can
shed light on the direction they need to go.
Differences between Primary and Secondary Research
Primary research is new research and is done to collect original data. Individuals who
conduct primary research do so in several ways. In the case of scientific research, these
may include laboratory testing, experimentation, etc.
Secondary research is based on research that has already been conducted. It involves
collecting, synthesizing, and analyzing data previously generated and collected via
primary research methods. Individuals who do secondary research may utilize data
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