Marketing Research Tools Essay example

Secondary market research involves the processing of information that is already collected by previous researchers. For the secondary market research, I will use a research company. They will give me the information of the surrounding hotels of my hotel location. It is then possible to promote my hotel with another, so I’ll be able to compare my hotel with the others to improve. Based on the information of the other hotels are be seen what they can do and what not. This

Secondary research is done to research the data collection through the study of information which has already being researched from the hospital websites, articles, discharge and intake records or through primary research.

Marketing research is very important component of a business used to identify and define the opportunities and problems that they will encounter on the market. The aim

The most challenging part of conducting marketing research knows what to do with the information after it has all been gathered. The findings must be organized and translated into useful information that can be evaluated, categorized, and interpreted for the purpose it was gathered. Usually, this process involves the use of internal marketing professions who compile information into software programs that store and sort the information into useful charts, graphs, or reports. Once the information is sorted into useful information, comparisons, findings, and other statistical information should be analyzed to determine where the product(s) will be marketed.

This is existing research that has been gathered previously either by the firm itself or by other organisations. This type of research is collected quicker and cheaper as it has been already archived. Secondary data is normally found in internal and external sources.

Based on Caetora and Keaverney’s views, this statement above highlights the major advantage of conducting primary research. It means the fact that the data collected is specific to the firm’s needs to operate abroad. However, the greatest disadvantage

M1: Explain, with examples, how different market research methods are appropriate to assist different marketing situations. Looking back at the market research methods that could be used to collect information, methods such as questionnaires/ survey, observation, focus groups, experimentation, internet, website monitoring etc. I am going to select 3 primary and 3 secondary methods of research from the ones I have written about. I have chosen 3 primary researches which are: •

In the article ‘Data Collection: Primary Research Methods’, Christ (2009) wrote that, the responsibility for collecting data under primary research falls to the marketer. Marketers can select two basic approaches to collect data using primary methods:

The marketing research tools that we use for our business in order to target our market and find ways to meet our customers demand, and find out what they expect from our business and what type of service they expect from our business. We mailed out surveys, questionnaires, used our testimonial website, and blog site as an outlet for customers to discuss their experience with our business and rate our service. We also set-up in store demos at large retailers like Wal-mart, Sam’s Club and grocery’s stores to promote our brand and get the word out about our product and services. Another marketing tool we used was different social media

When conducting research, when is it conducive to use primary research over secondary research and vice versa? Both research techniques are viable and beneficial. They each have purpose and can be used as a marketing research template when conducting research. Both techniques are equipped with tools that can be used to guide a researcher through the research process. If these tools are properly adhered to, the research process can be seamless and quite effective. Moreover, market research can assist a researcher in making accurate decisions and improve the chance of success. This paper will explain the difference among research tools used in primary and secondary research. It will also depict the

Primary research is any type of research that you collect yourself. There are many ways to do so such as surveys and questionnaires, interviews, observations, focus groups and participating in internet forums.

Related to the cost concerns are the difficulties associated with actually carrying out the research. A major advantage of secondary marketing research is its lower cost relative to primary marketing research. While some market research reports cost thousands of dollars, there are numerous secondary market research sources which cost considerably less, so that an organization can adjust its secondary marketing research demands to fit the company budget. Another cost-related advantage of secondary market research is that the costs are known and fixed. Primary marketing research, on the other hand, typically involves a range of unknown costs, such as overtime, hiring outside companies to help analyze your information and more. Another advantage of secondary marketing research is that it is already converted into charts, demographics, and organized whereas primary research must be processed prior to understanding and interpreting. The major disadvantage of secondary research is that it was not specifically conducted to address the organization 's specific problem or concern. Other disadvantages include a comparative lack of timeliness, relevance, and accuracy.

According to Entrepreneur Media (Secondary Market Research, 2012), secondary research consists of “outside information assembled by government agencies, industry and trade associations, labor unions, media sources, chambers of commerce, and so on. It is usually published in pamphlets, newsletters, trade publications, magazines, and newspapers.” For Marketing Team A’s market research, the types of secondary research needed are Starbucks’ demographics, and target markets, plus past studies on the coffee drinking habits of college students.

Market research is the collection and evaluation of customer data detailing preferences for an organization’s products and services (Oxofrd University Press). The information gleamed from a market research study con prove very useful in a business’s decision making processes. It is essential for managers to carry our market research as it can determine an organization’s success. Market research allows managers to become familiar with an industry, its potential customers’ need, and the competitive environment they desire to work in. It also provides a basis for managers to make informed decisions as to whether to enter an industry or explore other options. As the manager of a high-end retail organization, it is prudent to conduct a market research gain information of potential customers and the competitive environment.

Secondary market research can be gathered from either internal or external data. Internal secondary data includes items like defect reports, historical performance measures, and sales data. External secondary data are items that are collected outside of the organization. This includes data such as industrial sales numbers and averages (Kerin, R.A., Hartley, S.W., Berkowitz, E.N., and Rudelius, W., 2006). Many organizations use this form of external data to benchmark their position in relationship to others within their industry. They can also use external secondary data to calculate percentages and ratios for comparison purposes. In the earlier example within primary marketing research, the organization was able to use primary marketing data collection to rate how the organization was