Business Work
P3
In this assignment I will be describing how marketing research is used in McDonalds in order to develop their marketing plans and contribute towards making the business more successful. I will also be describing the purpose of market research and why it is important for McDonalds also what type of methods McDonalds carries out in order to improve their business.
Market research: Market research is when information is gathered about consumers, distributers and competitors within a organisations target market. Market research is a affective method of finding out consumers habits and attitudes to current and future products.
There are two different types of market research which are,
Primary research:
Primary research is when you directly gather your own information from your target audience for example a customer survey.
In a new market there are many actions that can be taken by a small organisation with a limited budget such as retailer research which are the people that serve customers daily and know how to serve them best, observation as if location is the key factor its good to measure the rate of normal flow, in depth interviews which can lead to ideas that may have not emerged without the interviews.
There are many advantages and disadvantages to primary research such as,
Advantages:
* You can claim questions at your research objectives * You can receive the latest information from the marketplace * You can access the psychology of the consumer which is how their mind really works and what attracts them to buy products etc.
Disadvantages: * Primary research can be expensive as its money that the organisation how to spend as they are carrying out the research themselves for example questionnaires it would be the organisations paying for the questionnaires that are sent to consumers. * The risk of questionnaires and interviews being bias * Research finding may only be useful if comparable data exists.
Secondary
In this assignment I will be describing how marketing research is used in McDonalds in order to develop their marketing plans and contribute towards making the business more successful. I will also be describing the purpose of market research and why it is important for McDonalds also what type of methods McDonalds carries out in order to improve their business.
Market research: Market research is when information is gathered about consumers, distributers and competitors within a organisations target market. Market research is a affective method of finding out consumers habits and attitudes to current and future products.
There are two different types of market research which are,
Primary research:
Primary research is when you directly gather your own information from your target audience for example a customer survey.
In a new market there are many actions that can be taken by a small organisation with a limited budget such as retailer research which are the people that serve customers daily and know how to serve them best, observation as if location is the key factor its good to measure the rate of normal flow, in depth interviews which can lead to ideas that may have not emerged without the interviews.
There are many advantages and disadvantages to primary research such as,
Advantages:
* You can claim questions at your research objectives * You can receive the latest information from the marketplace * You can access the psychology of the consumer which is how their mind really works and what attracts them to buy products etc.
Disadvantages: * Primary research can be expensive as its money that the organisation how to spend as they are carrying out the research themselves for example questionnaires it would be the organisations paying for the questionnaires that are sent to consumers. * The risk of questionnaires and interviews being bias * Research finding may only be useful if comparable data exists.
Secondary