Marketing Research

Marketing research and market information is very important to an organisation as it helps them to satisfy their customers, which then in turn helps them to survive in the long term and make the best profit that they can. Market research is a means of communication between the organisation and consumer , which allows an organisation to establish whether the customers are satisfied by looking at their needs and wants. By finding out customer’s needs and wants the organisation can produce the right marketing mix – the right place, product, promotion and price.

Primary data is gathering information that did not exist before, the company can adapt it to what they specifically need to find out. Marketers go out and collect information first hand. Even though there are many positives to primary data, for example – the organisation knows the information won’t be bias, it also has its limitations. One of them being that it can turn out to be very expensive to obtain, as the costs of preparing and performing the research would be high. Also it requires a lot of time from a marketer. It is very time consuming to collect as it takes while to consider how the research will be carried out, actually doing the research and analyzing the results. Sometimes it is not always possible to conduct certain primary researches as some are on too big of scale for most organisations, or just not possible.

Secondary data is data that already exists and was first gathered for another purpose by someone else. It is much cheaper and quicker than primary research however, likewise, secondary data has limitations too. The data is not always reliable as it may be out of date or collected in a bias manner. The source of the data or the research method ...

... middle of paper ...

...vember 2013.

Tutor2u. Marketing. Available: http://www.tutor2u.net/business/marketing/segmentation_bases_behavioural.asp. Last accessed 6th November 2013.

Adaptive . (2011). Why Market Segmentation Is Important. Available: http://www.adaptiveconsultancy.com/strategy/why-market-segmentation-is-important. Last accessed 6th November 2013.

Tutor2u. Market segments - demographic. Available: http://www.tutor2u.net/business/marketing/segmentation_bases_demographic.asp. Last accessed 6th November 2013.

Tutor2u. Market segments – bases overview). Available:

http://www.tutor2u.net/business/marketing/segmentation_bases_introduction.asp

Last accessed 6th November 2013.

Jim Riley. (2012). Market Segmentation - Targeting . Available: http://www.tutor2u.net/business/marketing/segmentation-targeting-strategies.html. Last accessed 10th November 2103.