P3 Market Research
In this section of Unit 3 I will be discussing Apple and how they conduct their market research. Market research is when a business/organisation goes out and gathers information about customers’ wants and needs. Primary research is a type of market research, its research that has been gathered first hand by the person or group conducting the research i.e. surveys, focus groups or observations. Secondary research is another type of research that involves getting your information from someone else; using the research that someone else has gathered. Qualitative and quantitative are the natures of primary and secondary research.
Qualitative research is market research that explores the attitude and behaviours of customers. Apple use this to gain an insight on not only what customers think about their products but why they think it.
Quantitative research is the process of gathering information by asking people for their opinions in a structured way in order to produce hard facts and statistics; research that deals with numbers and figures e.g. 65% of iPhone 6 users want the iPhone 6s.
The sole purpose of market research is to collect data on customers and potential customers. The data that has been collected aids the business in future decision making thus reducing the risk involved in making such decisions. By aiding in decision making, market research guides apple’s marketing plan as well as the four Ps: place, product, price and promotion. The research gathered gives them the necessary information to determine the details of each variable. For example, a simple questionnaire or survey completed by a customer/s can tell Apple how they can improve on some of their products, what price they’re willing to pay for it and what advertising platform they may have heard about the product from. Gathering research on sales (sales research) also helps Apple determine where they should sell their product, geographically as well as the benefits of online stores. Apple can also use demographics research in order to gain information on the habits of their customers, including their source of information so that they can make wise advertising purchases to promote their products.