Qualification Pearson BTEC Level 3 National Extended Diploma in Business Unit number and title Unit 22: Market Research Learning aim(s) A: Examine the types of market research used in business Assignment title What is market research? You work full time in the Marketing Department of a small to med...
, Explain the range of market research methods used by a selected business.
Introduction
Throughout this assignment I will be talking about marketing research. P1 involves
explaining the range of market research methods used by a selected business of my choice.
M1 involves how different market research methods are appropriate in helping to meet
marketing objectives and inform decision making, with examples. Lastly, D1 includes
Justifying the use of using specialist marketing agencies for carrying out original market
research. The business I have chosen to research thoroughly is Tesco.
What is Market Research?
Market Research provides relevant data to help support marketing challenges that a
business may occur. The company many use a specific set of techniques to gather
information for a company to understand their target market. Businesses use this
information to enhance/design better products that leads to better quality of the product.
This then betters the company as there are higher chances of gaining more profit.
Quantitative and qualitative
Quantitative deals with numbers and statistics. It is used to test or confirm theories or
assumptions. Whereas Qualitative deals with words and meanings and is used to
understand concepts, thoughts, or experiences.
Tesco need to carry out quantitative research so they can gain facts about how well the
company is doing and what needs to be improved on the company. However, qualitative
research is needed by Tesco to help understand the experience of service they offer now
and what can be improved.
Primary
Tesco is situated across eleven different countries where they are well known for selling
groceries. They started off as a small business and have developed into a massive franchise.
However, they have begun to develop other products such as clothes and many more other
items. So, carrying out market research in advance would be crucial in order to obtain
knowledge about that target market. Primary research is where you carry out the research
yourself and the results you gain are your own. Then you use this information and apply it to
the needed areas within your business.
An example of Tesco’s market research is surveys. Surveys may be conducted by phone,
mail, via the internet and many more ways. Tesco have surveys available set up by market
research specialists who pinpoints specific questions to customers. On Tesco’s website you
can view and answer a survey called customer satisfactory survey. Tesco then gather their
information and compile it to analyse how their services are proceeding and how different
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