P3 relates to marketing research, how and why it is conducted by organisations and
how it used to understand its customers, competitors and market environment. This
research might apply to an overseas market where a UK firm has a limited foothold.
Learners could highlight tastes and preferences whi...
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Describe how one of your organisations uses marketing research to
contribute to the development of its marketing plans.
Market research is any organised effort to gather information about target markets or
customers. It is a very important component of business strategy. Under market
research, the organisation uses Primary research more than Secondary research.
Primary research is gathering information through new research. This data can be
collected in either a quantitative or qualitative format way. Quantitative research is
numerically based therefore under quantitative research we have
Survey - this is a formal or official examination of the particulars of a product
made in order to ascertain condition. Example of a survey is postal survey
that is when John Lewis sends a survey form to the address of potential
customers who complete the form and send back in a pre-paid envelope.
Observation- Watching how consumers behave and provides many insights.
Observation works well whereby the staff of the organisation sits outside a
shop and watch how many people walk by, look at the window display etc.
Usually this days electronic bars that count the number of people are now
being used by many organisations
Qualitative research focuses on customer feelings and opinions on a product or
service. Under this research we have
Interviews- this is a conversation between two or more people where
questions are asked by the interviewer to elicit facts or statements from the
interviewee about a certain product. Example an interview is depth interview
which involves a researcher accompanying the customer on a shopping trip in
store
Force groups- Groups of potential customers are brought together to discuss
their feelings about a product or market. Focus groups are a good way of
getting detailed information about customer tastes and preferences
Market research of a new product or service being launched by
John Lewis
1
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