Q1. What is market research?
Market research is a systematic inquiring that provides information to guide managerial decisions, more specifically, it is a process of planning, acquiring, analyzing and disseminating relevant data, information and insights to decision makers in ways that mobilize the organization to take appropriate actions, that in turn maximize business performance. In simple research is any organized inquiry carried out to provide information for solving problems. Good research should be purposeful with a clearly defined focus and plausible goals. With defensible, ethical and repeatable procedures and with evidence of objectivity. The reporting of procedures their strengths and weakness should be complete and honest. Thus, Market Research is a process used by a business to find out about its customers and its markets.
Q2. Why was it necessary for first direct to understand its market in order to relaunch itself? For any business it is important to understand the market that it targets. It is essential to know about their customers which enable the organization to render better products and services to their customers. It is also important for the organization to concentrate and understand about its competitors. Any organization which lacks in the information about its customers and competitors in the market will fail to match itself in a position in related with the market scenario. According to FIRST DIRECT, it was necessary to understand its market has its customer’s perception had dipped drastically which led the company to be no-longer top-performing bank. Q3. What were the key findings from the market research? How was First Direct able to find this out? What types of market research did it use? After the market research, First Direct understood that certain % of customers had different opinions. The major finding of the research was that, they were two key customer segments with different ideas. The two key customers are...
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