Describe how a selected organization uses marketing research to contribute to the development of its marketing plans Primary and secondary research Marketing research informs businesses, helps them make decisions and understand the changing dynamics of its market. To know all of this you need to research your customers, competitors and the overall marketing environment. With that information you can analyze the data and make conclusions to improve the marketing of your products of services.
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The assignment tells us to perform a primary research, we need to conduct a survey to get answers to our questions first hand, and this means that the information hasn’t been gathered before. So I’ll be focusing on primary research. Within primary and secondary research the information can either be internal, from inside the organization or external, from another organization or source outside of the organization. So when we hold a questionnaire and ask people questions for our marketing research then the information is primary but external because the information comes outside the business from another source.
Qualitative research Research methods can be qualitative or quantitative or include elements of both. To get a clear picture about your market businesses often use both of them. Qualitative research is subjective and often open ended. It often involves interviews with customers, using this method gives you a wide range of answer which need to be reasoned. A few examples of qualitative questions that I could ask BMW’s customers are what their first expectations and preferences are. Do they want speed, comfort, a nice detailed finish, reliability, status?
Or extra gadgets that other cars don’t have. What comes into their minds when they think about a BMW? Knowing this gives you the ability to do something about you brand image. And what they want a car to have. And what drives those people into buying a BMW, what important decisions customers have to make, like why not buy a Mercedes?
You also want to know your potential customers favorite car brand and why that particular car attracts them. And on the bases of that you could adjust your marketing strategy so that you present values in which all or most of your customers can see themselves in.all of these questions were qualitative ones which you can’t express in numbers, percentages etc. Also it is more difficult because you get opinions and peoples personal values which vary. Quantitative research Quantitative research on the other hand relates to number and figures that can be analyzed mathematically and or presented graphically. For example in a questionnaire which we are supposed to hold, a question that gives you a series of answers to choose from can be used to produce quantitative data for example 75% of the customers would pay to the utmost €30.000,- for a BMW. Because the assignment was to present percentages and numbers in our marketing research I will focus on the quantitative question because they make us able to measure or see certain patterns or similarities between customers. And with the quantitative questions you can also see how many people are able to afford such a car, what age group usually purchases cars that are categorized under the luxury section. What is the relation between the sector in which the customers work and the car.
You can derive many results from the previous question like: type of person that can afford this kind of car, with that you could direct your marketing strategy more directly and specific to your marketing group. Limitations of market research-costs, effectiveness, and validity of data collected Within marketing research there is always a risk of results not being relevant, no matter how well controlled it carries the potential to be wrong. This is because the research has to measure what it claims to be measuring. Marketers have to decide how reliable is the information obtained.
This means that when another group containing different respondents or a different set of data points the responses should be similar. This has two elements namely that the data is reliable and will lead to consistent results and then the research should also be valid, it has to measure what it claims to measure. Validity is usually considered more important than reliability, because if an instrument does not accurately measure what is supposed to, there is no reason to use it even if it measures reliably. So if I have done my research right it should give the same findings and results if someone else would do it.
But unfortunately I have not the available resources to claim that my research in pass 4 would be reliable it could be valid because it might be that I get similar answers from my respondents. For it to be reliable I would require internal information from BMW which I don’t have. So this means that the basis of my research is not reliable. Then there is the part of the costs, one has to weigh up the cost of undertaking the research against the potential benefits that my result. You could spend a lot of time and effort in trying to solve a problem trough market research, only to find that the solution may not be worth implementing