Essay Unit 2 P3 M2 D2 Market Research And Marketing Planning

Assignment 2 – P3, M2, D2 – Market Research and Marketing Planning

Market research is a method to gather information in order to make a decision, the organisation would have the market research department analyse and identify any problem that’s related to marketing. It is their duty to gather valuable information based on the consumers wants and needs so they can carry out smart decision about their marketing, whether it’s a service or goods. Market research can also be collecting information about their competitors.

There is four main methods for market research, there is primary research.

Primary research -

• Observation – This is an effective way to market research because you get to watch first hand on what people prefer to have rather than asking what they prefer; this is because the results will be more reliable if the consumers are unaware. For example Red bull will have their employees observing

This is done by handing them a certain amount of questions where they are required to fill, this is an effective way to market research because it allows organisation to gather specific opinions based on the questions they’ve provided. For example Red bull can have a survey based on the size of the energy drink; they can have a survey on whether they prefer the original or larger cans.

• Experiments – Experiments is another way to market research and this consists of releasing new products or a change in to a previous product out and observe the outcomes of the experiments for example if Red bull changes the prices of a products they will analysis the products sales within a particular period.

• E-market research – E-market research is research done on the internet, a computer user will receive a questionnaire or survey, the user will fill it in then send it back, and this is a very effective way to market research because this allows you to reach to a large amount of people at the same