Preview

P3 Business Unit 3

Good Essays
Open Document
Open Document
759 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
P3 Business Unit 3
Unit 3: Introduction to Marketing
P3: Describe how a selected organisation uses marketing research to continue to the development of its marketing plans
Marketing Research is the collection analysis and communication of information which assists decision making when marketing. Systematic research is organised with a clear method, gathering research is collecting the correct and appropriate data. Recording the data is when you put all gathered information in clear records which show your findings in an organised way. When analysing work, you’re making sense of the information and ordering it correctly. Understanding customers and the market helps you when trying to solve marketing problems. Asda gather information about their customers in order to improve their business, increase profits and increase customer satisfaction.
Companies conduct market research so that they are up to date and are aware of customer, market and competitors insights. Knowing who your market is and what they want also means that you understand external influences that can affect success. The purpose of marketing research is to get a clear understanding of the markets, and being able to identify the changes in the market, also you would be able to improve your understanding of customers’ needs. Many companies are able to forecast market trends by analysing marketing research and this provides a basis when making marketing decisions. For example Asda would look at the sales from Christmas the previous year when ordering the stock for the current year, this would ensure that they don’t run out of food, and they would have a rough idea of what to have in stock and what to not have.
There are ‘the seven Os’ when conducting market research, they are the following: Occupants – who CONSTITUTES the market, Object – what is it that they buy, Objectives – what is the purpose of them buying the objects, Organisations – who participates in the decisions when buying objects, Operations – how do they

You May Also Find These Documents Helpful

  • Good Essays

    The process of market research is systematically collecting, recording and analysing information associated with a marketing problem. Following this process gives an insight into the customers mind so that it can be understood what they want.…

    • 1069 Words
    • 5 Pages
    Good Essays
  • Powerful Essays

    HartleyC M2 A2

    • 1784 Words
    • 6 Pages

    Market research is fundamental in setting up or running an organization. The explanation for this is point of fact, that is, if an organization does not have research done on the targeted market, and has sagacity on the needs, needs and inclination of the expected target market for the products or administrations that it is putting forth, then, the business wander is likely not to be effective and will slump or fall flat.…

    • 1784 Words
    • 6 Pages
    Powerful Essays
  • Powerful Essays

    Mark 373 Study Guide

    • 2453 Words
    • 10 Pages

    Marketing research- the systematic gathering, recording and analysis of information to help managers make marketing decisions.…

    • 2453 Words
    • 10 Pages
    Powerful Essays
  • Powerful Essays

    Unit Three - Marketing P3

    • 1133 Words
    • 5 Pages

    Market research indicates decisions made by a business, in this case Tesco, by helping the decision makers understand undercurrents of its market. This process involves research done on customers, competitors and the overall marketing environment.…

    • 1133 Words
    • 5 Pages
    Powerful Essays
  • Powerful Essays

    P3-Describe how a selected organisation uses marketing research to contribute to the development of its marketing plans…

    • 1723 Words
    • 5 Pages
    Powerful Essays
  • Satisfactory Essays

    Prepare a 700 to1050 word detailed outline of your Market Research Implementation Plan in which you address the following:…

    • 246 Words
    • 1 Page
    Satisfactory Essays
  • Good Essays

    Bst1 Task 3

    • 1294 Words
    • 6 Pages

    P3 Describe how a selected organisation uses marketing research to contribute to the development of its marketing plans…

    • 1294 Words
    • 6 Pages
    Good Essays
  • Good Essays

    P3 Unit 3

    • 875 Words
    • 4 Pages

    P3 Describe how Tesco uses market research to contribute to the development of its marketing plans.…

    • 875 Words
    • 4 Pages
    Good Essays
  • Good Essays

    Btec Bussiness Unit 10 P1

    • 970 Words
    • 4 Pages

    Market research can provide companies with vital information which allows them to make choices based on what the customer wants. It can allow businesses to predict what might happen in the future of a market and how to plan for such events.…

    • 970 Words
    • 4 Pages
    Good Essays
  • Powerful Essays

    Marketing research is best defined as, “a way of investigating and answering questions about human behavior,” (Bont, Et. Al, 2007). Essentially, marketing research is a tool that helps businesses stay ahead of the trends and maintain a competitive edge in the constantly changing global market. Companies that make marketing research a central part of their business plan will see the business grow and develop to not just achieve their business goals, but exceed them. Robert Duboff puts it into perspective in a way that anyone can understand in terms of why marketing research is a valuable tool, “Marketing research can be freed to do what it can do well: provide information about the past and present to enable insights that can help decision makers use their judgment,” (The Market Research Magic is Gone, 2011). Marketing research is a key component in any business because it helps the organization identify how they will gather, analyze, and interpret information about a product or service they offer in the market along with the past, present , and future potential customers for that specific product or service offering. It also provides information on the characteristics, spending habits, and location of the businesses target market, the industry, and competition they will face in the particular market. Marketing research will also identify the specific strategies with regard to marketing segmentation and product differentiation that is best suited for the organization in order to achieve their goals and expand their product offerings. Entrepreneur best describes the benefit of marketing research, “It allows business owners to determine the feasibility of a business before committing substantial resources to the venture,” (Market Research, 2014).…

    • 2048 Words
    • 6 Pages
    Powerful Essays
  • Good Essays

    Assignment 2014

    • 1830 Words
    • 9 Pages

    M3 Analyse the research findings and make recommendations on how marketing strategies could be adapted or implemented…

    • 1830 Words
    • 9 Pages
    Good Essays
  • Satisfactory Essays

    study guide

    • 452 Words
    • 2 Pages

    The purpose of market research is to gather data on customers and potential customers. The collected data aids business decision making. This therefore reduces the risks involved in making these decisions. Marketing research can help a business Gain a more detailed understanding of consumers' needs - marketing research can help firms to discover consumers' opinions on a huge range of issues, e.g., views on products' prices, packaging, recent advertising campaigns…

    • 452 Words
    • 2 Pages
    Satisfactory Essays
  • Powerful Essays

    Market Research is a systematic, objective collection and analysis of data about a particular target market, competition, and/or environment. It always incorporates some form of data collection whether it is secondary research (often referred to as desk research) or primary research which is collected direct from a respondent.…

    • 3039 Words
    • 13 Pages
    Powerful Essays
  • Powerful Essays

    Gb500 Unit 4 Assignment

    • 2096 Words
    • 9 Pages

    Market Research is the action or activity of gathering information about consumers' needs and preferences. Market Researcher is principally responsible for interpreting data, formulating reports and making recommendations based upon the research findings. To accomplish this task, the Market Researcher works with the client (either internal or external) to understand, define and document the overarching business object. The Market Researcher applies qualitative and quantitative techniques to interpret the data and produce substantiated recommendations. Market Researcher frequently present the findings and recommendations to the client (Bont & Hamersveld, 2007).…

    • 2096 Words
    • 9 Pages
    Powerful Essays