developing a rationale ii |
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Task 1
A business must be aware of who the competition are and what they are doing. When developing a marketing campaign a business must assess the market intelligence is has on the activities of its competitors to best combat any threat.
A business must be aware of who the competition are and what they are doing. When developing a marketing campaign a business must assess the market intelligence is has on the activities of its competitors to best combat any threat.
Information
Market research is divided into two types, primary and secondary. The difference between the two relates to the origins of the information gathered, i.e. was it gathered by the organisation in question or by another source.
Primary market research refers to any research that has been carried out by the organisation. It includes internal and external sources of data.
Market research is divided into two types, primary and secondary. The difference between the two relates to the origins of the information gathered, i.e. was it gathered by the organisation in question or by another source.
Primary market research refers to any research that has been carried out by the organisation. It includes internal and external sources of data.
Internal > Sales figures > Customer data > Purchasing trends |
External
> Surveys > Interviews & focus groups > Observations and mystery shoppers > Product trials and prototypes |
Most businesses will undertake secondary market research to get a better understanding of the market prior to undertaking, what can often be costly and time consuming, primary market research. This entails any date that has been collected before such as:
Internal
> Reports from sales and regional representatives > Previous market research |
External
> Trade journals and websites > Books and newspapers > Industry and government reports > Census data and public records |
Task 2
Match the marketing mistake to the example below; Lack of detail for Quantitative data; Lack of detail for Qualitative data; Validity; Cost; Subjective; Currency; Appropriateness; Reliability
Match the marketing mistake to the example below; Lack of detail for Quantitative data; Lack of detail for Qualitative data; Validity; Cost; Subjective; Currency; Appropriateness; Reliability
> Using information that has been sourced from Wikipedia
> Using measurements taken by a team of students on work experience placement
> Collecting data on under 16s without consulting their parents
> Use of historic data collected ten years ago when making decisions about the market
> Closing the business for the afternoon to allow the staff to carry out field research
> A national business surveying 200 former customers
> Sampling only one of seven market segments when making decisions about the market as a whole
> Asking open ended questions during a survey
> Using measurements taken by a team of students on work experience placement
> Collecting data on under 16s without consulting their parents
> Use of historic data collected ten years ago when making decisions about the market
> Closing the business for the afternoon to allow the staff to carry out field research
> A national business surveying 200 former customers
> Sampling only one of seven market segments when making decisions about the market as a whole
> Asking open ended questions during a survey
Information
Poor market research can lead to skewed results and bias information that can be misleading to the business and its customers. Before making use of data, a business should consider question it, for example in the case of a survey:
Poor market research can lead to skewed results and bias information that can be misleading to the business and its customers. Before making use of data, a business should consider question it, for example in the case of a survey:
Businesses need to gather a significate amount of data to learn about customer behaviour and trends and it is easy to get bogged down in data if this is not undertaken efficiently. It it also important to have the right tools to extract the data for analysis, for instance a business may reply on special software to extract and interpret the trends following a large scale survey.