Market research must work out whether customers’ expectations are satisfied by current products or services. Customer Perception The images customers have of the organisation and its products for example value formoney, product quality, fashion, reliability and are they valued Customer needs and expectations Is anticipating the future and forecasting tomorrow’s customer needs and expectations Generating income or profit Is to be profitable by bring as much income as possible for growth and to satisfy shareholders and stakeholders.
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Satisfactory Growth This is achieved by entering new markets by creating new products or the business may choose to merge, takeover or joint venture with another business. Coordinating marketing activities Means having a clear plan of action and the whole emphasis of the planning process is for the organisation to think about the customer and the market. Awareness on change A business has to be aware of changes so that it can react to them to benefit their business. Awareness of legal constraints Changes in the law add to uncertainties listed above. Statute laws like the Consumer protection law, and voluntary agreements like the monitoring of advertising by the Advertising standards authority, all require organisations to understand their obligations.
Analysis of the competition This is essential for a business, as they need to know who the competition is and what benefits they are offering. All of the marketing principles are split up into three categories, which are: – Needs of the customer. Needs of the organisation. Influence of the market. Marketing Research Marketing research is an extremely valuable function in today’s fast-paced, highly technological, and rapidly growing business world. It’s the best tool available to help companies maintain a strong home presence while still trying to expand into other markets. It’s a link between the consumer, customer, and public to the marketer through information. Information is used to identify and define marketing opportunities and problems, generate, refine, and evaluate marketing actions, monitor marketing performance, and improve understanding of marketing as a process
Telephone Surveys Telephoning a random or selected sample of respondents to administer a survey. This process is usually computer-assisted and has the ability to reach the greatest number of respondents. The amount of time needed to complete a study and costs are usually kept to a minimum because of the ease and convenience of administering the survey by phone. Good Points 1. Good at getting quick response (eg did people see your advert last night on TV?) 2. Can reach people located throughout the country
Bad Points 1. People do not like talking to strangers over the phone 2. People do not like being contacted during their leisure time 3. Only a very limited amount of information can be obtained Focus Groups Provide information regarding a particular problem using group dynamics. Focus groups are usually a small group of people, guided by a moderator, that openly discuss attitudes and ideas about a particular issue regarding a product or service. This usually provides more information than administering questionnaires individually.
Good Points 1. Good for collecting in-depth views about what the customer thinks Bad Points 1. Have to make sure the group is representative of everyone’s opinion 2. Can be expensive if you have to hire someone In-person / Intercept Surveys The interviewer and respondent speak face-to-face while the interviewer administers the questionnaire. Good Points 1. Good for collecting in depth information such as what consumers think 2. You can decide what you want to ask – so tailor make it to your needs 3. The interviewer can explain the question if the interviewee does not understand Bad Points
1. Expensive to carry out 2. Time consuming 3. People may lie 4. Interviewbias – you give an answer you think the interviewer wants Mail Surveys Questionnaires are sent to a random or selected sample of a population in the hopes of receiving back a completed survey. This method usually has a low cost per response, and provides more intimate information about the respondent than would be revealed in one-on-one interviews.