In this assignment I am going to explain the range of market research methods used by a selected
business. Also, I will assess, using suitable examples, how different market research methods are
appropriate in helping to meet marketing objectives and inform decision making.
KOKORO
KOKORO is a Korean Japanese takeaway, founded by Rak-Kyu Park in the UK more than a
decade ago. From small beginnings, the restaurant took flight as people began to fall in love
with their food. Nowadays they have stores across the UK with 100 – 250 employees, and
customers flock to eat their soups and scrumptious sushi. They focus on quality service,
supported by the use of fresh ingredients and environmentally conscious packaging ensures
they meet the needs of the modern customer.
P1. Explain the range of market research methods used by a selected
business.
MARKET RESEARCH
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. Market research consists of a
combination of two types of market research:
Primary research - This is the data that the company has collected directly or that has
been collected by a person or business hired to conduct the research. This type of
information generally falls into two categories: exploratory and specific research.
Exploratory research is a less structured option and functions via more open-ended
questions, and it results in questions or issues being presented that the company may
need to address. Specific research finds answers to previously identified issues that are
often brought to attention through exploratory research.
Secondary research – This is data that an outside entity has already gathered. This can
include population information from government census data, trade association research
reports, or presented research from another business operating within the same market
sector.
PURPOSE OF MARKET RESEARCH
The purpose of market research is to look at the market associated with a particular good or
service to ascertain how the audience will receive it. This can include information gathering
for the purpose of market segmentation and product differentiation, which can be used to
tailor advertising efforts or determine which features are seen as a priority to the consumer.
A business must engage in a variety of tasks to complete the market research process. It
needs to gather information based on the market sector being examined. The business
needs to analyse and interpret the resulting data to determine the presence of any patterns
or relevant data points that it can use in the decision-making process.
TYPES OF RESEARCH USED BY KOKORO
, KOKORO has used primary research which it is the basic form of research in which the data
are collected from the real source i.e. consumers, competitors, trade experts etc. It also
includes the process of collecting data with the help of field surveys. In order to execute
primary research, two research methods were adopted by KOKORO which are:
Quantitative research method - This is used to collect the information from a broad
section or area. KOKORO uses this method when it wants to identify the needs and
desires of a large section or group. It can be executed by conducting surveys through on-
line and off-line methods.
Qualitative research method - Is used to find out the detailed information or data. It
mainly works for a small section. KOKORO can use this method by collecting information
from the few people of the target audience and talk to them about their desires, needs
and preferences. It helps in identifying the exact information from the selected people.
KOKORO has also used secondary research where the information has some relevance and
use in the research. Secondary data is collected and evaluated from the existing source like
journals, articles, magazines etc. It helps KOKORO in realizing its issues and adopting the
new or successful methods which has been executed in the past. Also, KOKORO benefited
through the secondary research due its validity and the reliable nature.
M1. Assess, using suitable examples, how different market research methods
are appropriate in helping to meet marketing objectives and inform decision
making.
EXAMPLES OF EACH RESEARCH USED BY KOKORO
KOKORO has been using primary research such as quantitative research method and
qualitative research method, some types of methods and how they were using are:
Online surveys - Online survey is one of the most popular data-collection sources, where a
set of survey questions is sent out to a target sample and the members of this sample can
respond to the questions over the world wide web. KOKORO conduct its surveys through
online platforms. KOKORO has been using online surveys because they are essential as it
helps in collecting the data or information of lager number of people at a single time. It is
also less time consuming. When a customer made a purchase, they ask for a small survey
after the meal about how their experience at the restaurant were. Furthermore, paper
surveys can also be done but it involves huge time and cost.
Focus group – Focus groups are a research method used to gather feedback and opinions
from customers. Each person in the group is encouraged to participate in a discussion
which is pre-planned by a researcher and is guided by a facilitator. KOKORO used this
method to conduct an intimate Q&A session to determine the appetite for their concept
and learn more about their target market. Also, to gather its target audience opinions and
attitudes about certain products, services or concepts. KOKORO use a focus group to
gather customer feedback on a new product or service before they decide to take the
concept into development.
Furthermore, KOKORO has been using secondary research in its business operations, for
example:
Government and non-government archives - It provides the ratios or statistics approved
and recognised by the government. It is useful for KOKORO to identify the future statistics
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