PowerPoint Presentation
CT Jamie Fiona VivianQ1Primary market researchSecondary market
researchGathering qualitative and quantitative data through new
research
Collected by another organization to provide market
informationJD use quantitative market research on shopping bag
survey Commercial market research reports, government census
dataQ2Purpose of market researchTo provide a business with a
comprehensive view of consumers in order to develop product and
services that satisfy their needs
JD use market research (check-out service) on location of source
Build up detailed of consumer profiles Select the suitable place
More customers Higher profitability
Q3Market research refer to marketing activities designed to
discover the opinions, beliefs and feelings of potential and
existing customersMarket research involves the capture and analysis
of consumerMarket research provides information about who the key
competitors areConsumers taste always changeThe market research
provides consumer feedbackThis enable the business to meet its
demands and outperform the competitionIt helps the business to
develop a clear strategic business planThe market research should
be view as an ongoing processCompetitors changeThe market research
will help the business to identify the key competitorsLet business
know what competitors are doing and their market shareHelp business
to make better decisions then their competitorsIncrease the
profitability and outperform the competition
DisadvantageThe data will be outdatedconsumer taste constantly
changing data quickly outdated no use to achieve customers' needs
and wantsAffect profitability as they will produce products that
the customers dont want so that they wont make profit but
costAffect their brand image
Q4Market researchmarketing activities designed to discover the
opinions, beliefs and feelings of potential and existing
customers
E.g. JD use Market research to look for most suitable place to
build their shopAdvantageMarket research provides consumer
feedbackE-commerceJD use Check-out survey which is highly effective
survey
Capturing customer detailsKnow customers taste like what they
think about the range of productsLead the business to meet its
demand and outperform the competitionDevelop clear and efficient
strategic planIncrease the profitabilitylive informationConsumers
demandSupport JDs store networksPotential international
opportunitiesDisadvantageUnreliable or inaccurate input data
generate poor quality output of informationThe cost of good market
research is often very highJD use Government census data which
conducted every 10 years across UK (the number of people, their
ages and occupations in a location)
Data changes constantlyWe cannot guarantee that all the data
that the business collect is accurate and reliableInaccurate input
data will generate inaccurate output dataAffect business in making
decision and strategiesAffect the profitability of the
businessIncrease the risk of the business
JD use loyalty card schemes, this can build customer loyalty and
let customer come rapidly as loyalty card provide 5% discount. JD
can run Till surveys frequently, however this will cost JD 5% every
time.
We can not guarantee that all the customers will do Till surveys
all the timeThis will just cost business 5% IF 5% cost accumulates,
this will cost business a lotBusiness might can rather use this
money to improve their facilitiesAffect business profitability
