Market Research

Market Research

Market research, one of the key factors to a businesses success in its

industry. The primary function of market research is to identify the

customers needs and views, also allows a business to access thorough

information of the industry it's planning to work within, it also

allows the company once its analysed the information to adjust how its

run to cope with demand and other aspects which could affect the

outcome of their profits at the end. Market research can be carried

out through primary research, secondary research or both. It is also

the promotion of the product/service, which a company is selling;

promotion is vital to a company's success due to the fact that, if the

public doesn't know that a product exists how will they buy it?

Most large company's have their own marketing department to deal with

all the necessary information which they receive from their sales

figures and market research, also they process this information,

interpret it and distribute the information the way they see best fits

the situation.

Primary research

Primary (also known as field) research means asking someone for his or

hers views or opinions. You will have to ask appropriate questions to

find out the information you need. In market research this is called a

survey.

A survey may be done: face-to-face, telephone, post, e-mail or

questionnaire. The survey which are most popular, are done by phone or

face-to-face this method is often used for more in depth surveys for a

wider spread of information which the business can use to interpret

any way it wants to.

The method is to ask specific questions and have a range ...

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Another sort of promotion McDonalds has been trying is sponsoring, by

doing this McDonalds has funded local schemes such as the "grassroots

football", but at the same time its promoting itself as a very

charitable company and this may appeal to customers and convince them

to eat out at McDonalds

By effectively using their resources and the research, which they

gathered, they produced an effective and quick campaign to boost their

sales again in the US and other countries where sales lacked for a

small period.

From the "I'm lovin' it" scheme alone they boosted sales within a year

in 2003 to once again gain some profit from sales, also to improve on

sales figures McDonalds improved there current menu by adding a more

wider range of meals and also made adjustments to current meals on the

menu.