Understand the main types of market research used to make marketing decisions
In this report I will be discussing the different forms of market research and how these methods have been used to make marketing decisions for first direct.
Carrying on from this I will be suggesting how different methods are appropriate to enable first direct to revitalise its brand relaunch and evaluating the businesses market research.
Marketing is a management process which is responsible for identifying, anticipating and satisfying consumer requirements profitably. To satisfy consumer needs is to make sure the consumer gets what they want. You do this through market research. The first stage of market research is to plan it also called the ‘MR process;
.Define the problem .Define research objectives .Choose data sources .Choose research methods .Set budgets and deadlines .Undertake research .Analysis and evaluate
Choosing the research is what I am focusing on today. There are four main sources of research, qualitative, quantitative, primary and secondary.
Primary research
Primary research is new information obtained by an organisation first hand from using their own resources and collecting their own data to answer specific issues or questions. The method can involve observation, experimentations, surveys, focus groups, interviews, field trials and panels.
Surveys are one of the most frequently used methods of market research, there are four common ways of conducting a survey, via post, email, face to face and over the phone. The survey allows a careful study of a specific topic questioning consumers and gaining their opinion, it will involve a sequence of questions which may be in the form of a questionnaire or interview depending on the way you present it. A panel is similar to a survey but is conducted over an extended period of time with the same group of people. When