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Marketing Research and Planning

Market research:
Market research is important for every business .It represents the information that is it
used to identify and to hold marketing. So they can see which products are available on
the stock market.
Market research is market studies which help decision making of marketing. This study
includes the research of the current market, product research and consumer research.
Market research used by an organisation are: primary research and secondary research.

Primary research:
Primary research represents the methods of research used by the company to evaluate the
market. This means that the primary data is obtained directly by the company through the
use of surveys, interviews, focus groups, etc. Primary research is more costly than
secondary research, because it requires the company itself to do the evaluations. Primary
research can be qualitative and quantitative and they are sometimes obtained through
consumer's reviews. .
Primary research can be internal or external. The internal research can be obtained by a
company through interviewing their own employees and ask for their opinion about the
products and services that organisation offers.

Observation:
Observation generally involves watching how people or consumers behave in their
natural setting. These observations can be done in person or mechanically and can be
very effective for gathering primary data. There are two major observation techniques or
research methods used in primary market research, and they are observation through
interaction and communication with the subject and observation through no interaction
and communication with the subject. This form of research method comes under the
quantitative primary research since through it. Researchers evaluate or measure the
behaviour of the respondents or the users in general. Observation is done by monitoring
some specific behaviour of the customers. An advantage for observation will be that the
research may not be able to ask the questions they want to ask, as they may risk
uncovering who they actually are. A disadvantage will be that the participants behave as
they normally do, so suggestion is valid.

This because the people have very high level of control over their variables. One of the most common examples of this research method is the feedback form given to customers at the time of billing at a restaurant. etc. This is a quantitative type of market research which may either be controlled out in the field or within controlled environments.Experimentation: This involves using a new approach. . An advantage for experimentation is a high level of control . An advantage will be that it is relatively easy to manage . It is a straightforward method of knowing whether or not the customer is satisfied with the business’s existing services and products or what kind of changes would the consumer like to see. it analysed the sales and came to a conclusion about the preferred packaging style or design. Postal: This method can be the cheapest method of collecting data. are used. Surveys/Questionnaire: Another superb and highly effective way to conduct primary market research is through surveys and questionnaires. A covering letter and a stamped addressed envelope should accompany the questionnaire to encourage completion.A disadvantage will be that the respondents may not feel encouraged to provide accurate answers. it can be possible that the data to be false and to not correspond with results of researchers. The results are closely monitored and used to design future strategy and products. When peoples have control over their variables. Surveys are also conducted in the form of web questionnaires these days that enable businesses to collect a lot of feedback and then analyze it for further administration. In order to understand this form of research. The main problem with postal questionnaires is the non-response rate that is typically much higher than with other methods of inquiry. Face to face: This is one of the most efficient methods through the peoples can interacting direct and that the researcher will be able to gather information in detail and will be able to assess the response in detail. This method of primary research involves scientific tests where hypotheses and variables. Through this method they can be able to observe the reaction and body language of customers. A disadvantage for experimentation will be the fake situations. new strategy or new product at a small selection of sites for a set period of time. It is usual to send a follow up letter and a duplicate questionnaire after a period of time has lapsed without a response. After a limited period of time. here is an example that you can refer to: A food product company created 3 different food packaging styles and then sold the products to different consumers. There may also be problems if respondents misunderstand questions that cannot then be explained as in a personal interview.

The aim of the focus group is to produce opinions and attitude on the topic being discussed. with advancements in technology and the internet. Focus groups fall under the qualitative research method and help businesses know a lot about customer or market trends. Response rates also tend to be lower. However. The costs for mail surveys tend to be lower than those for telephone surveys. its development. with the additional problem that respondents need to be able to access the Internet in the first. Telephone: This method does allow a large number of interviews to be conducted in a short period of time. gifts or money. E-marketing research: These are becoming increasingly common as more and more organisations are using the Internet as a means of communicating with their consumers. for example. The disadvantages of Internet surveys are similar to those of postal surveys. etc. and feedback. This division of the group or the selection process must depend on the audience targeted or the product of service of the company. The main disadvantages of mail surveys are the possibility of bias due to response rates. A focus group is a useful method that can be used to measure the reaction . the same gender and so on.Email: Mail surveys are a quantitative marketing research data collection method in which respondents complete questionnaires and return them via the mail. But the main thing here is that the groups of people brought together have something in common. Participants in such focus groups are then compensated by either free coupons. vouchers. since people tend to avoid open-ended questions or open e-mails from unknown sources. without the interviewer having to travel. These types of focus groups can be run or conducted at any location feasible for the company or business. either they should belong to the same age group. This method involves getting a group of people in a room or a place and asking them insightful questions regarding the product. The cost per interview is low and the sample can be spread out nationwide. Focus groups: A group of people are invited to join a discussion about a particular subject. their preferences. which are typically very low for mail surveys and the lower quality of information collected. etc. it is possible to conduct them virtually as well. and mail surveys are a good strategy for obtaining feedback from people who are dissatisfied with a service or have strong concerns. The main advantage to the firm is that they are cheap to set up and run. it is likely that only a short questionnaire can be used in comparison with the personal interview method. through the method of video conferencing. These days. The group will be usually be allocated a set time to discuss each topic. One of the main ways used to conduct primary market research is through focus groups.

etc. recruited to participate in a variety of projects. This method of primary research involves scientific tests where hypotheses and variables. focus groups are not as efficient in covering maximum depth on a particular issue. After a limited period of time. The field trials also allow businesses to focus in on their target market without getting data from members outside of the target group. Panel is an external source of information as the professional come from outside the company. . as well as measuring the reaction of customers to a product’s design. each participant will have to be compensated in cash or in kind. it analysed the sales and came to a conclusion about the preferred packaging style or design. On the other hand. However. Panels: A market research panel is a group of recruited survey respondents who have agreed to take part in surveys and/or other market research. A company can use them quickly and efficiently. Field trials: This involves using a new approach. price and message. market researchers must be aware of the market that they are analyzing. This is a quantitative type of market research which may either be controlled out in the field or within controlled environments. They also help identify the product requirements of end-user as well as the other needs not addressed by the company and its competitors. This method is qualitative as the members of the panel offer professional advice and opinions. The results are closely monitored and used to design future strategy and products. However. they sometimes may not give the company much quality higher than a focus group. compared to individual interviews.of customers to a company’s new product or to the company’s strategies. This research also allows companies to further develop the products and services to meet the needs of customers on areas where improvement is needed and getting suggestions on where they need to improve. focus groups are much more expensive to execute. A particular disadvantage of a focus group is the possibility that the members may not express their honest and personal opinions about the topic at hand. new strategy or new product at a small selection of sites for a set period of time. here is an example that you can refer to: A food product company created 3 different food packaging styles and then sold the products to different consumers. In order to understand this form of research. packaging. The first benefit of field trials is that many businesses are investing more and more in market research to test whether the products and services they are developing are in demand. Focus groups usually provide immediate ideas for the improvement of particular products or concepts. focus groups provide insights on the current position of the company’s competitors in the mind of the customer. Usually. and whether others outside of the target market are participating in the analysis. Panels use random consumers. In addition. are used. Compared with surveys and questionnaires. Consumers are screened based on their usage behavior—and you can ask them anything with quick turnaround.

They have to keep their eyes open on various websites. However. With the help of electronic commerce. they keep an impressive amount of data about customers and their purchasing habits. polls. Website monitoring: Many companies nowadays sell their products online. As a result they must gather much information about their possible customer as a quantitative method of research. It very useful for a company as they can make further future decision according to this information on the condition that the records are accurate and updated. either due to the lack of knowledge or trust.Internal Secondary research: Data Records: Companies can choose to use an internal marketing research department to conduct surveys. Costs. all of them are looking for something and some of them are potential customers. even small enterprises can access the global market for selling and purchasing products and services. As a both qualitative and quantitative method of market research. expenses and resources can be tightly monitored and controlled when such a data record system is kept by a company. focus groups and other market research activities. A large number of people do not use the Internet for any kind of financial transaction. Internal marketing records staff can also move at the pace set by business needs. However. Therefore. The internet is used by literally millions of people. e-commerce enables a business to reach the global market. However. Companies using an internal data records system have the ability to modify research during the course of the investigation. The first and perhaps most obvious advantage of a businesses using website for selling their products is the potential for reaching a wider audience. limited resources and employee knowledge gaps may hamper the effectiveness and thoroughness of in-house research efforts. They show how the money value of their sales and what expenses they have. search engines and online competitors. refers to business activities like selling and purchasing of products and services carried out over electronic systems like the Internet and computer networks. E-transactions : Electronic commerce or in short e-commerce. . one important disadvantage of e-commerce is that the Internet has still not touched the lives of a great number of people. a company can track the best selling products or the most cost-expensive and as a consequence least selling. From this information. Accounting records: This quantitative internal method deals with the financial records of a company. the information on a company’s website might be unreliable if not updated on a regular basis.

especially when they take into consideration the competitors reports. This source is not expensive and benefits of the help of many business experts. as anyone is aware this is not a perfectly accurate source of data collection. Market research on the internet can be both qualitative and quantitative as long as market researches take care what sources of information from the virtual space they gather. products or services to market. Government statistics make information on economic and social development accessible to the public. health.External secondary research : Internet : Today the Internet is the most accessed source of information on planet so business can take great advantage of this fact. education and they also offer information about environment. Secondary research: Secondary research is an analysis made by someone else meaning that the business is not the one who is carrying out the research . Many companies find great help in trade journals when it comes to make decisions on trends. journalists and the media. The information from this source is reliable and cost free. allowing the impact of government policies to be assessed. business interest or research interest. similar to accounting reports. They offer quantitative information and qualitative information about economic and social development. businesses.These research can be either internal . either external . There are three types of users: those with a general interest.Internal research represents the use of the information that already exist in the company such as the number of sales or the number of returned products. educational institutions and the general public. thus improving accountability. Such a report contains expenses. Official statistics are intended for a wide range of users including government’s research institutions. Some examples . these reports must be accurate and updated. It is cheap and very useful for a company in making decisions. profits. professional statisticians. semester or annual. and the general situation of the company. living condition. Government statistics: Government statistics represents statistics which are published by government agencies or by international organisations. Trade journals : Newspapers and magazines that deal with economics and business provide a great deal of useful information for market researchers. However. Company reports: All companies create a business report on regular basis.

research papers. This type of research tries to get behind the customer’s mind to fathom what they see lacking or whether they truly like the product or not. This type of research comes out with a wide range of statistics and helps to find out the size of the market as well.for internal can be balance sheets. on-site fieldwork and the shopping bag survey. etc. questionnaires. Qualitative research: Qualitative research or qualitative market research is a kind of a research method which mainly takes into account the opinions and feelings of a customer as far as a business’s products and services are concerned. . Some examples for external source can be government sources. sales figures. profit and loss account. Some common examples of qualitative research work include doing face to face interviews. another example of quantitative research includes researching of the previously existing financial reports. being part of focus groups. trade journals or even competitors. the internet and competitor data. This type of research can prove useful both in terms of primary market research and secondary market research. Quantitative research: Quantitative market research is a kind of market research work that is based on hard facts and statistical data rather than the feelings and opinions of the customers or consumers. Some of the common examples of quantitative research include exit surveys. In fact. External research represents the use of the information that does not belong to the company and which is gathered from an external source like the government newspaper.