MARKETING FUNDAMENTALS Project
“You are required to write a report on how marketers use the different methods of marketing research to identify opportunities of the market, segmenting and targeting the market based on the valuable results collected from their marketing research activities. To be able to do this project you should select a company of your choice and identify the various market research techniques the company has used to gather information of the market. The report has to be presented professionally with cover sheet, table of contents and references.”
Marketing research is very important component of a business used to identify and define the opportunities and problems that they will encounter on the market. The aim of the research is basically to inform and approve the company s plan considering the strategy, the product and market. But the main goal of making a marketing research is to find out how changing elements of the marketing mix impacting on customers behaviour. For a company to do a marketing research the right way, it is elementary that they observe, compare and evaluate the market constantly. For this, several methods are used. We will try in this essay to identify and explain which methods are used and how companies can use them, using the example of a fast food company, which is Hungry Jacks. When conducting marketing research, companies try to collect two types of data which are primary and secondary data. Primary research is information that comes directly from the source and that is, potential customers. It can be made using surveys, focus groups and other methods. Secondary research involves gathering statistics, reports, studies and other data from organizations such as government agencies, trade associations and local chamber of commerce. It is important to know that marketing research is often done in 2 different ways which are either by Target market ; consumer marketing research and business to business marketing research, or by methodological approach; qualitative and quantitative marketing research. Hungry Jacks is now, a famous fast food company which actually is a franchise of the Burger Kings Corporation, and is owned by Jack Cowin. It has today over 300 locations all over the Australian continent, and it is the second largest franchiser of Burger King in the world. It first opened in the city of Adelaide, in April 1971, so now more than 30 years. The main products this company sells are sandwiches such as the “Whooper” and the “Tendercrisp”, and also any kind of hamburger, veggie burgers etc.
Hungry Jacks has a huge competitor on the market that everyone knows all over the world as THE fast food restaurant: Mc Donald’s. But it’s proven of course that they have many close competitors, which are the places offering the same kind of services, products and at the same price. First of all, in a marketing research, we have to define the problems, so we will state the marketing objective of Hungry Jack’s, which seem to be three main things: They have to keep the sales growth, maintain their quality, and increase their market share, they also have to increase the frequency of customers visitations to Hungry Jack’s, moreover, their key customers. And finally, they have to enhance the perception of consistency and service and product quality amongst their target group. The restaurant claims that they are serving the most freshly prepared salad ingredients, a big choice of ingredients of a great quality, some bigger and better burgers at great price ( as their slogan says “ The burgers are better at Hungry Jack’s), and their grilled meat is prepared to perfection. This is basically what they think is mostly attracting their customers to visit their restaurants. Also they want to keep on opening new restaurants in Australia. To define its problem, Hungry Jack’s had to involve discussion with the decision makers, and managers. Interview the food industry experts, and make...
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