Essay
Unit 3 P3 P4 M2 D2
- Institution
- Newham Sixth Form College (NEWVIc)
Btec Level 3 Business Unit 3
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Introduction to marketingBelow I have investigated the nature of market research and market planning. I have
addressed how McDonalds uses the above to strengthen business and avoid downfalls. I have
evaluated the different types of market research in relation to McDonalds. Furthermore, I
have applied personal recommendations with reasonable justifications to improve
McDonald’s market research. The results gathered from market research has enabled me to
construct objectives which would stimulate the innovation of a marketing plan. Then I will be
putting my knowledge in the scenario to illustrate marketing objectives.
Market research is the process of gathering, analysing and interpreting information about
consumers' needs, preferences, products or services that are offered in the market.
Marketing research could be obtained through two types of data, primary and secondary data.
Primary data involves conducting original research in regards to specific issues or obstacles
that may hinder the business hence have not been filtered through interpretation or
evaluation. Whereas secondary data’s are interpretations and evaluations of primary sources
is and are already compiled by other researchers thus is readily available.
Market research enables businesses to prosper, by identifying consumers needs. It allows the
business to overcome common impediment, resulting in a stronger business economy. For
instance, it allows McDonalds to observe their popular products and regular consumers; this
ensures investments result in increased profit in the long run. It allows McDonalds to focus
on consumerism resulting in competitive advantage in the wider market. This type of
research also helps McDonald’s to make appropriate marketing decisions such as prices,
services, advertisement strategies, introducing new products and avoiding the expansion into
undesirable categories e.g. pizza. Research also assists to identify problems and reasonable
solutions within the existing business, it facilitates to indicate products that have decreased in
sales, and can inform the company of potential competitor. This allows McDonalds to ensure
increased profit as they can act upon the research conducted and take appropriate actions e.g.
increase brand awareness. Research could further advocate new business opportunities,
increasing the chances of expanding and testing new products and services. McDonalds could
further benefit from such research since it can illustrate the changing market trends, and the
change in population which could consequently increase sales and demands for existing
products.
Primary research involves the construction of novel research, based on particular issues
within the business.The process involves an employee to carry out a research plan once the
researcher has gained some insight into the issues, by analysing previous primary researches
or by reviewing the secondary data, they can establish innovative research in relation to the
specific problem. The research can be obtained through several methods, including
questionnaires, observations, interviews, test marketing and online surveys.
Primary research method Explanation
Online surveys This involves a questionnaire that is
completed by customers online, ensuring a
representative sample since, many customers
use technological advancements in
contemporary society. Therefore the results
for the online survey can easily be
generalised, thus increasing ecological
, validity. Online surveys often consistof
customer’s feedback in a structured
questionnaire, which includes multiple
questions. Although this provides limited
qualitative data, it can easily be analysed
since many questions are close-ended.
Test marketing Test marketing involves selling a new
product into existing or new market in a
relatively small proportion in order to
evaluate customer response. This helps to
create assumptions about the feedback that
could be obtained from a much larger
population and helps the business to amend
the product to meet the needs of customers.
In this research method, the following should
be avoided; Lack of clarity- this proposes
that questions should mean the same thing to
all participants. Embarrassing questions-
private matter question should be avoided.
Because participants may give a false
response.
Leading questions- avoid encouraging a
certain response.
Interviews This type of research consists of only one to
one discussion with the customer and
company’s representative. The researcher
asks about products and services that are
available and records the answers.
Interviews can be structured, this means that
same questions are presented to different
participants in the same way, this is similar to
questionnaire and has been described as
‘verbal questionnaire’. Another type of
interview is Semi structured interviews-
which means no fixed questions are asked
but interview is guided since there are set
topics to be covered. The order of the topic or
how the questions are asked can be changed
for different participants; this makes it easier
for the company representative to build
rapport. Finally there is Unstructured
interviews- In this case participants are free
to talk about whatever they want. Interviewer
may set a topic but interviewee can change
the conversation topic to what they like. This
ensures that customers are comfortable and
are more likely to give accurate and honest
responses.
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