P3: describe how a selected organisation uses marketing research to contribute to the development of its marketing plans
M2: explain the limitations of marketing research used to contribute to the development of a selected organisation’s marketing plans
BTEC LEVEL 3 90 CREDIT IN
BUSINESS
UNIT 3: INTRODUCTION TO
MARKETING
P3 describe how a selected organisation uses marketing research to
contribute to the development of its marketing plans
M2 explain the limitations of marketing research used to contribute to the
development of a selected organisation’s marketing plans
Introduction
The purpose of this assignment is to describe of how market research is
used by Nationwide Building Society. Furthermore, the types of marketing
research used by the company will be listed under each category being
primary research, secondary research, quantitative and qualitative. This
assignment will also further explain each type of research as well as
limitations of market research and recommendations on how they can
continue to do market research to provide customer satisfaction.
Aims and Objectives
1. To be able to understand the importance of market research in an
organization.
2. To be able to define the types of market research and the
importance of each in an organization.
3. To be able to create conclusions as to why the selected organization
does each type of market research.
4. To be able to understand the limitations of market research and how
to reduce them.
, Market Research
Market research is the collection of data/information in order to
provide customer satisfaction or to meet customer needs. There are two
(4) types of market research:
1. Primary Research: data collected by one’s self.
2. Secondary Research: research done by another person.
Secondary research can be divided into two (2) categories:
Internal: inside the organization
External: outside the organization
3. Qualitative: research focusing on an individual’s feelings, opinions
or experience.
4. Quantitative: research focusing on numbers, time, price, graphs,
charts etc.
Nationwide Building Society uses market research to collect data that
helps them improve their organization as well achieving customer
satisfaction. The research allows them to observe the effectiveness of
their sales and monitor their competitors and their progression as well as
coming to conclusions of how they can advance in the market and
continue to do that in the near future.
Primary Research
Nationwide Building Society does primary research by focusing on
customer reviews as well as telephone surveys.
These customer reviews and surveys help the organization by
informing them of any problems in which the customer may have, what
they would like to see the organization develop, what they think the
organization can do to improve, how they feel about the organization etc.
This data/information collected is used by the organization to improve
sectors in their business and it enables them to ensure that they continue
to satisfy their customers. Nationwide Building Society can start to
incorporate other methods of primary research such as focus group and
interviews in which they have the opportunity to collect more information
and remarks on their business in a face-to-face form.
Nationwide Building Society does primary research because it is a
great way for them to communicate with their customers and create a
relationship with them and the data collected will be up-to-date and the
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