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Unit 3 - Business decisions P3
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- Unit 3 - Business decisions
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level 3 business extended diploma Unit 3 - Business decisions P3
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Unit 3P3,M2,D2
In this assignment I will be describing how Tesco Plc. uses marketng research to contribute to the
development of its marketng plans.
Background on Tesco:
Tesco PLC is a Britsh multnatonal grocery and general merchandise retailer headquartered
in Cheshunt, Hertfordshire, England, and United Kingdom. It is the second-largest retailer in the
world measured by profts and third-largest retailer in the world measured by revenues. It has stores
in 14 countries.
Source: htp://en.wikipedia.org/wiki/Tesco
Market research:
Researching your market helps you understand your customers, your compettors, and the industry
in which you operate. It's an on-going process that involves using data to drive decisions related to
running your business.
Market research is the process of gathering, analysing and interpretng informaton about a market,
about a product or service to be ofered for sale in that market, and about the past, present and
potental customers for the product or service research into the characteristcs, spending habits,
locaton and needs of your business's target market, the industry as a whole, and the partcular
compettors you face.
Source: htp://www.entrepreneur.com/encyclopedia/market-research
Methods of market research:
* Primary research: Informaton that comes directly from the source--that is, potental customers.
You can compile this informaton yourself or hire someone else to gather it for you via surveys, focus
groups and other methods. It fnds the answers to specifc questons for a partcular purpose. These
enquiries may take the form of direct questoning. or example, it may include face-to-face surveys,
postal or online questonnaires, telephone interviews or focus groups. This type of direct contact
with people is valuable as it gives specifc feedback to the questons asked.
Source: htp://www.entrepreneur.com/encyclopedia/primary-market-research
* Secondary Research: research that is already compiled and organized for you. Examples of
secondary informaton include reports and studies by government agencies, trade associatons or
other businesses within your industry. It’s usually published in pamphlets, newsleters, trade
publicatons, magazines, and newspapers.
Source: htp://www.entrepreneur.com/encyclopedia/secondary-market-research
How Tesco uses primary research method:
* Focus groups: Tesco uses focus groups of potental new customers. This allows Tesco to gain
knowledge from the public whether they are making the wrong or right decisions. They ofen use
focus groups in new product development process, for example, to test consumer reacton to new
product and concepts. ocus groups are also used in Tesco to test marketng programs, as they can
provide an indicaton of how consumers will react to specifc advertsing messages and other types
of marketng communicatons. In this way, focus groups can help advertsing and promoton
managers positon a partcular product, service, or insttuton with respect to their target audience.
Reactons to new types of product packaging can also be tested with focus groups. In additon, Tesco
have used focus groups as a tool to learn more about consumer habits, product usage, and service
expectatons.
Source: htp://www.inc.com/encyclopedia/focus-groups.html
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