Market Research

Marketing involves researching customer requirements in terms of using the four Ps; this combination of factors helps the business sell a product.* Developing and designing a product customers desire, producing the right amount and to the right quality specifications* Using a price that they find acceptable but allows the business to make a profit* Finding out what types of promotional methods attract* Making sure that the product is on sale in places convenient for the customer to buy itMarketing is important to the firm as it helps them get their business to what is wanted and needed by the public, finding out what the public want so both parties are profitable, it also builds communication between the business and the customers. Marketing is also important as it helps a business identify potential profiting products that customers would purchase, it helps you to identify what types of products the customers would buy to see if you can charge a higher price – therefore profit becomes greater.Types of Market ResearchMarketing research is the process of gaining information about customers, competitors and market trends through collecting primary and secondary data. (Alain Anderton, pg 129) It is where a person will go to find out information such as pricing strategies, placement, product and promotion techniques that are used by competitors in the same market to give the customers what they desire.

Primary research has many advantages because you are gaining information for a specific purpose relevant to you through direct investigation such as observation, questionnaires, and/or experiments.It also has its disadvantages as it is time consuming and can cost a lot of money to set up.Secondary Research can also be used for market research, as it is information that already exists and has been created for situations like this. It is cheaper and faster to use this option but it also has disadvantages such as the information may not be completely relevant to the business and only a few parts of the data may be able to be used and this would be a waste of money. The information may also be quite old and so again, not completely relevant. Examples of secondary research are accounts and sales records, government statistics, newspaper articles and the relevant sites on the Internet.Choice and Justification of MR Methods I Will Use (3.

1, 3.6)METHODHOW?WHY?ObservationI will visit local businesses in the same market of convenience retailing to observe how they work and what they do to keep customers happy, I will also take note of what I think they are doing badly.To gain knowledge on how competitors work.

To see what strategies work and what do not and to see if there is a gap in the market.QuestionnaireCreate a questionnaire to find out what you want to know from the customers.Allows you to be able to meet customer needs better than competitors.Talk and Q & A SessionRon Batty, of Business Link will be giving a talk in school to inform us of how businesses start up and how to improve business in this areaTo gain expert knowledge focusedRecord observations (photograph)Visit sites of businesses in the same market and photographTo provide evidence to give us the chance to compare and contrast the differences between other convenience storesTextbook, Teachers’ notesRelevant marketing and other relevant business studies theoryHelps consider judgement on how to market your firmCompetitors literature / leafletsPick up when visiting convenience stores, request details, adverts in newspaper and/or on the internetTo look at how competitors work, what they have to offer, what they do good and what they do badly.Estate AgentsLook in newspapers for local vacanciesTo see what properties are available in my local area, to give an idea of property costs and to see if they match requirements and needsLocal AuthorityWrite to local council for information about financial assistance for this type of business in the areaFind out if Durham County Council provide advisory or financial assistanceVisit relevant websitesVisit relevant websites which give information on market size and growth etcTo gain knowledge on market of chosen type

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