Portakabin: How Market Research Helps Portakabin to Remain Cutting Edge

Only available on StudyMode
  • Download(s) : 192
  • Published : February 23, 2013
Open Document
Text Preview
2) i) Market research helps Portakabin understand its customers and market as the company collects both Primary and Secondary research for the business. Primary Research is used to ensure that its products and services meet the diverse and changing needs of demands. Secondary Research helps the business create new products that ensure a productive and engaged workforce; this gives them a competitive edge. ii) Qualitative Data is based more on facts, feelings and opinions while quantitative data focuses more upon statistics and figures which then can be presented as a graph, chart or table. However, qualitative data also tells Portakabin the information to develop new designs that customers want. It also ensures that customers are satisfied with the service that was provided. iii) In such changing economic climate most market research is out of date before it can be used. Evaluate to what extent the cost associated with market research is worth it. Market research can ultimately be very helpful and almost crucial for a business. This is because by undergoing market research and finding information about the customers in the market and the market itself, can help a business to understand how the markets work more and what the customers want and so it can help them to be more successful because they have more knowledge of the functions of the market. It helps the business to realise where their full potential lies and what areas they are most likely to be successful. Depending on the time and the amount of market research done by a business, the cost can vary. Research such as taking out questionnaires or surveys can be cost worthy and time consuming as they require much preparation, printing and proof reading and they produce more costs for the business all together but research such as records, of sales for example, do not cost the business anything and so is convenient for them. However, records and statistical data are usually out of date as they provide...
tracking img