market research is a systematic, objective collection and analysis of data about your target market, competition, /or environment with the goal being increased understanding of them. Market research is the study of markets (or groups of people) you would like to sell your product to. In other words, it is learning about your customers. Who are they? What do they want or need? What are their lifestyles? Primary and secondary research There are two types of research: primary and secondary.
The difference between them relates to whether the research is original to Tesco conducting the research (they gathered the data) or whether it came from another source (the data had already been gathered).
Within these categories, information can either be internal- from inside Tesco- or external- from another organistion or source outside Tesco. primary research is data and information that the Tesco has gathered first–hand and has not been gathered before. Internal primary research data sources include: Sales figures for Tesco’s own products
The Business plan on Jsb Market Research – Optical Imaging Market Technology Trends and Applications
Optical Imaging Market Technology Trends And Applications Of Optical Coherence Tomography (OCT), Hyper Spectral Imaging (HSI), Near Infrared Spectroscopy (NIRS) And Photo- Acoustic Tomography (PAT) In Clinical Diagnostics, Clinical Research And Life Sciences With Market Landscape Analysis - (2013-2018) Released On 20th June 2014 Optical Imaging is an emerging medical technology that uses light to ...
Customer data held on a central External primary research methods include: Questionnaires and surveys Interviews and focus groups Mystery shoppers and other observation techniques. Secondary research used data and information that has been collected before, either from within Tesco (internal) or by another organisation (external).
Secondary research is sometimes referred to as’ desk research’ and sources include: Reports from sales and regional representatives (internal) Trade journals and websites (external) Books and newspapers (external)
Industry reports from industry associations and government departments (external).
It is more cost-effective for a business to conduct secondary research before it starts conducting primary research. This allows it to build an understanding of the market and indentify any major barriers before committing to expensive research. It also allows Tesco to develop some assumptions (for example, people interested in video games are also likely to be interested in MP3 players and other consumer electronics), which means Tesco can use the primary research to test its assumptions.
This helps to restrict the scope of the primary research, which can be expensive and is rarely able to answer all questions about a particular market. However, Tesco needs to be aware of the limitations of secondary research. For example: The information may be old The information may be biased to promote a particular cause The collection methods may have been unreliable. Qualitative and quantitative research Research methods can be qualitative, quantitative or include elements of both. Well-planned marketing research often involves a combination as they can reveal different things about the same market.
Qualitative research is subjective and often open-ended. It often involves interviews with customers or focus groups and generally results in a wide range of answers based on personal experience and feelings. A qualitative question might ask you why you bought a specific product and allow you to provide an open answer. This kind of research can be used to: Find out how customers perceive an organisation or brand Understand how changes in price, or other variables, might affect consumer spending decisions Investigate customer preferences, interests, aspirations and other variables.
The Business plan on Market Segmentation, and Product Positioning
For the purpose of this assignment, I am assuming myself as the owner of a plastic molded toy company in United States that manufacturers, and distributes plastic molded toys through retailers across the country and around the world. The company is capitalizing on the strong growth in the children’s toys segment and planning to expand in an aggressive manner throughout the nation. The company ...
Quantitative research, on the other hand, relates to numbers and figures that can be analysed mathematically and/or presented graphically. This can includes sales figures, market values and so on, but can also include responses from customers. For example, in a question that gives you a series of answers to choose from can be used to produce quantitative data (for example, 75 per cent of customers indicating they liked the colours green).
The befits of market research The information gathered for market research reduces the chances of Tesco making the wrong decision.
If a product designer develops a new product without conducting research, then Tesco is just relying on guesswork as to whether customers will want and need the product. Effective market research therefore improves the chances of success and reduces risk. Tesco can also affectively measure progress over time. For example, Tesco could carry out market research to measure the awareness of a product before conducting a national advertising campaign. After the campaign, research can be conducted to see if awareness of the product has increased. Market research can be effective in measuring progress and the effects of marketing activities.
Limitations of market research No matter how small or large a market research project may be, any type of research performed poorly will not give relevant results. In fact, all research, no matter how well controlled, carries the potential to be wrong. There are many reasons why research may not give good results but a common problem is deciding whether the research is really measuring what it claims to be measuring. Marketers must decide how reliable is the information obtained. Would similar results be obtained if another group containing different respondents or a different set of data points were used?
For example, if 50 customers participate in a research study focusing on customer service, is the information obtained from these 50 customers sufficient to conclude how all customers feel about the company’s level of customer service? What if the same study was done again with 50 different customers – would the responses be similar? Reliability is chiefly concerned with making sure the method of data gathering leads to consistent results. Validity asks whether the research measured what it intended to. Validity implies reliability: a valid measure must be reliable.
The Business plan on Marketing Strategies Market Research
PRIMARY AND SECONDARY MARKETING RESEARCH How Can My Organization Benefit Abstract When conducting market research some questions are not adequately answered by secondary data, the market researcher must collect primary data. The success of a survey hinges most significantly on the willingness of respondents to provide the desired information. In this paper, we shall cover primary and secondary ...
But reliability does not necessarily imply validity: a reliable measure need not be valid. Reliability estimates the degree to which an instrument measures the same way each time it is used in under the same conditions with the same subjects. Validity involves the degree of accuracy of your measurement. Validity is usually considered more important than reliability, because if an instrument does not accurately measure what it is supposed to, there is no reason to use it even if it measures reliable. For example, image you have a piece of string that is three metres long.
You measure it once with a tape measure- you get a measurement of three metres. Measure it repeatedly and you consistently get the same measurement. The tape measure offers reliable results. A tape measure that has been created with accurate spacing for millimetres, centimetres and so on should offer valid results as well. Measuring this piece of string with a ‘good’ tape measure should produce a correct measurement of the string’s length. In research, we want to use measurement tools that are both reliable and valid. We want questions that offer consistent responses when ask multiple time – this is reliability.
Similarly, we want questions that get accurate responses from respondents-this is validity. Costs are also an important consideration in market research, as one has to weigh up the cost of undertaking the research against the potential benefits that may result. You could spend a lot of time and effort in trying to solve a problem through market research, only to find that the solution may not be worth implementing. Use marketing research for marketing planning Task 2 Marketing planning Marketing planning is concerned with establishing objectives and goals, allocating resources to meet these and setting out a clear plan of action.
It also involves setting out a ways of evaluating performance against marketing targets. Typically, the marketing planning process involves: A PESTLE audit A SWOT analysis Setting SMART objectives Determining strategy and tactics Implementing strategy and tactics. Evaluating effectiveness of marketing activity I will explain these different stages in more detail below. Marketing planning: PESTLE and SWOT As part of the marketing planning process, a business has to analyse its external environment. One useful way of analysing the external environment is by grouping external forces into six areas using a PESTLE analysis.
The Business plan on Market Plan Cafe Internet Marketing Business
... be critical to use this marketing plan and the Internet Cafe business plan as living / working documents. ... 0 Marketing Strategy 173. 1 Mission 183.2 Marketing Objectives 193. 3 Financial Objectives 203. 4 Target Marketing ... India provide almost free education Market Growth The market for the services Internet Cafe ... changes rapidly. Product life cycles are measured in weeks, not months. Internet Cafe ...
PESTLE stands for political, economic, social, technologic, legal and environmental influences. Political factors that affect a business are usually beyond the control of the organisation. However, the business needs to anticipate changes and identify the action it needs to take to either make the most of an opportunity or mitigate a threat. For example, during a recession, any banks or financial services providers would have to consider the likely government scrutiny of their business decisions. Economic factors can affect the performance of a business.
These relate to the national – or international –economy, which goes through periods of prosperity (when high employment and income drives demand), recession (when demand falls, leading to lower income and employment) and recovery (when demand, income and employment gradually rise).
Social factors relate to the values and beliefs of society. This includes the population’s demographics (for example, size, gender, ethnicity, income, education, occupation).
This provides useful information for businesses targeting their services at broad segments of the population, such as newspapers and magazines.
Technological developments can affect businesses in a range of ways. For example, the development of e-commerce benefited Amazon. co. uk, but eventually took business away from traditional bookshops that developed e-commerce websites later. Legal developments, affect businesses in a range of ways. For example, any changes to the Data protection Act would affect any business that holds customer data. Similarly, pubs and restaurants were affected by the introduction of the smoking law, which has led to many building shelters outside their premises to try to keep smokers’ custom.
Environmental factors can relate to the social, political and legal aspects affecting a business. For example, a business may decide to package their food products in recyclable packaging. This may prove to be popular with consumers if there is a growing level of concern over waste. Similarly, the government may put pressure on businesses to increase the amount of recycling. SWOT analysis A useful approach to examining the relationship between a business and its marketing environment is by conducting a SWOT analysis. SWOT stands for: Strengths Weaknesses
The Term Paper on Export Business Marketing Plans
Tradeshows are becoming of more importance in many organizational communications mix. Behind advertising, tradeshows account for one fifth of total marketing communications budget in the US and approximately one-fourth of the budget for European firms (Gopalakrishna, Lilien, Williams & Sequeira, 1995 & Jacobson, 1990). This report will analyze why tradeshows are becoming a more utilized ...
Opportunities Threats Strengths and weaknesses are internal to Tesco and can include issues such as the buildings, quality of the staff, IT systems and so on. The external element looks at the opportunities and threats present in the environment in which Tesco operates. Carrying out a SWOT analysis requires research into Tesco’s current and future position. The idea is to match Tesco’s strengths and weaknesses with the external forces (opportunities and threats).
SWOT analysis draws together all the evidence from the various analytical techniques used.
It is a way of producing a summary, which then provides the basis for developing marketing objectives or aims and ultimately strategies or plans. Strengths refer to the internal features of Tesco, which provide a competitive advantage. An example could be a highly efficient IT system. Weaknesses are internal aspects of Tesco, which may not stand comparison with competition or are not performing effectively an example might be not having staff effectively trained on systems and procedures. Opportunities focus on events and developments external to Tesco.
This might include new territories for a product or services, or a new segment of a market. Threats are developments external to Tesco’s, which could damage overall performance. These threats can originate from governmental policy, such as an increase in corporation tax or new laws. SMART objectives All businesses set objectives. These can be at a variety of levels, from a whole-company objective (for example, grow revenue by 20 per cent), to a small-scale objective that will be achieved through a promotional campaign (for example, raise awareness of the product by 15 per cent in the target market).
Determination of strategy and tactics-implement changes and evaluation Marketing strategy encompasses selecting and analysis the target market and creating and maintaining an appropriate marketing mix (the four Ps or the seven Ps. That satisfies the target market and the business. A marketing strategy articulates a plan for the best use of the organisation’s resources and tactics to meet its objectives. A marketing plan will include: Executive summary Situation analysis –SWOT Company resources Marketing objectives Marketing strategies which will include:
The Essay on Marketing Plan Strategy Objective Market
A marketing plan is the key to business. Its purpose is to maximize the business' profits. As opportunities crop up or the business environment changes, the objective and marketing strategies in the plan will aim toward the best action. The marketing plan and the strategic marketing plan fit together in that both are essential for the success of a business. Without a strategic marketing plan, ...
Identification of the target market Development of a marketing mix to reach the target market Making financial projections, in terms of what returns will be expected from the plan and the costs involved in administering the plan Putting in a place control systems and evaluating criteria – marketing control processes consist of establishing performance standards, evaluating the actual performance against what was planned and reducing the difference. The rolling out of the marketing plan may involve the implementation of changes which could affect any of the marketing mix elements.
These have to be carefully planned and executed. It is also essential that all activity is measured and evaluated, and correctives courses of action are put in place if anything deviates from what was planned. Task 3 The marketing concept, in contrast, focuses on getting consumers what they seek, the target of much negative attention from government and public interest groups. … For example, regulations that limits the amount of sugar that can be imported. Between the advantages and disadvantages of different options
