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P3 Unit 3 Btec Business Level 3

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P3

Market research
Market research is the action or business of promoting and selling products or services, including market research and advertising. The information is about markets, products or services that a business sells to get new customers and make sure that the customers are happy. They aim to fulfil the aim of making as much money as they can and expanding the business.
There are two types of market research:

Primary: This is information that the person has gathered by themselves. It can be collected through questionnaires, customer interviews, focus groups, observations and experiments.
Secondary: This is information that has been gathered already but not by the individual themselves. There are 2 types of research:
Internal- This information is usually from within a business. For example this can be retails data, stock analysis and accounts.
Primary Research:
Tesco:
Questionnaires: Tesco are an international organisation. They use questionnaires by sending them through the post, telephone, text, internet and face to face. By using it through the post it is cheap so they just need to pay for the postage. They can send these to residents in the company without spending a lot of money. Regularly sending these can mean regular feedback but a problem is that people can just disregard what they have received in the post. By getting feedback from them they can also find out what types of things the local residents what to be receiving information about from Tesco. This will ensure they will keep buying from Tesco. Tesco also use questionnaires from the Telephone which can be a better way because customers may not understand some questions so this means whoever they are talking to can expand on the question. However this would be different if it is an automated bot speaking. This can be a cheap way of using a questionnaire because it will be a

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