P1 Describe types of market research?
Answers: Market research is important for very organization; it helps the firm to gain market information
and market response. It also helps the firm to understand its targeted customers. Market research unable
the firm to use segmentation strategy; which helps the firm to make better decision for product launching.
Market research helps the firm to gain pre product launching feedback, this feedback enhance product in
different ways and lower the chances of failure.
Research types are (Mugenda, 1999);
Primary research; conduction of primary research is takes place on initial basis; here the business
itself visit the customers and market to gain knowledge and feedback. Direct interviews and
questionnaire filling is a primary mode of primary research conduction. Team composed of
different official from different departments work to attain more and more knowledge (Mugenda,
1999).
Secondary Research (Tesch, 2013); when business conduct a research on available data gathered
from different sources like newspapers; magazines and data base etc.
P2 Explain how different market research methods have been used to make a marketing decision within a
selected situation or business?
Answer: Assuming AUDI;
PRIMARY RESARCH SECONDRY RESARCH
Primary research will be needed when Secondary market research will be needed
AUDI decides to enter into the new for AUDI when AUDI plans to improve
market. or make betterment in its products and
Understanding a new customers, their services.
needs, it depends, and target customers. Getting information through magazines
Actual financing, budget forecasting and newspapers help AUDI to understand
becomes easy. the flaws and search new market
Provides data accuracy. opportunities.
AUDI may have deeper insight; by It helps in paving a path for primary
directly recording the thoughts, words and search; secondary research helps to make
feelings of your primary data you can able the AUDI to conduct primary
really get under the skin of what your research.
prospects, clients or competitors are really It’s helpful to understand external
saying. environment.
Provides more control over data Less availability of time; AUDI uses this
collection and compilation. approach for making its decision because
Results; primary research is a tried, tested of time constraints.
and proven method of conducting It’s helpful to enrich stored customer
effective research so you know the results information.
that you gather can be relied on. Internal analysis; While conducting
secondary market research, it is very easy
to find out where does your company
stand in the market as well as what do
customers think about your company
Helps in making more accurate and fast
decisions.
, P3 plan market research for a selected product/service using appropriate methods of data collection.
ANSWER: AUDI wants to attract more customers, and improve the confidence of existing customers and
attract more capital, so AUDI want to use the research method to identify and bring customers every
years and AUDI can use the market research plans to attract more customers. The AUDI going to use the
research that will helps to AUDI; the most important research will be primary research in which AUDI
can do interviews and questionnaires; and secondary research to compare with other.
Advantage
AUDI can have more customers and market share
AUDI can get more reputation
AUDI can raise more capital from shareholders.
Primary research
AUDI aim is to collect data to identify what customer needs more and why? This data helps AUDI to
know what product they might bring in market and how they benefit to AUDI. AUDI main research is
quantitative and qualitative research in which AUDI will do questionnaires and interviews market
customers and local parents in market. Primary research can be done in this two ways are (Driscoll,
2011):
Interviews
Questionnaires
Interviews
Interview is the best way to know the opinion of the person and it’s not cost much money and it can be
done easily because interviews gives all the details of the person whom you talking to. AUDI can do
interviews to students in market and local parents in nearby locations, which helps to know the AUDI’s
what their parents want provide to their customers and what customer wants to have in product and this
helps AUDI to know customer’s choice. It helps AUDI to eliminate those products which cause a loss or
have no demand in a market. It’s better to get to know the choice of customers and the market.
Questionnaires
Questionnaires are also best way to collect data and it’s not cost much and by designing likert scale data
can be collected (Nemoto & Beglar, 2013). Questionnaires can be done in anywhere which cost nothing
and this takes less time than doing the other research, in which AUDI go on streets or market. In this
research method AUDI might get the data what they looking for, because sometime when the AUDI
might not get correct data through interviews and they might get more data from questionnaires because
it’s time effective. This way AUDI can save money and they might get more data about the choice of
customer and what their interest, this way AUDI can get more data and know opinion of customers what
product the AUDI should launch.
Answers: Market research is important for very organization; it helps the firm to gain market information
and market response. It also helps the firm to understand its targeted customers. Market research unable
the firm to use segmentation strategy; which helps the firm to make better decision for product launching.
Market research helps the firm to gain pre product launching feedback, this feedback enhance product in
different ways and lower the chances of failure.
Research types are (Mugenda, 1999);
Primary research; conduction of primary research is takes place on initial basis; here the business
itself visit the customers and market to gain knowledge and feedback. Direct interviews and
questionnaire filling is a primary mode of primary research conduction. Team composed of
different official from different departments work to attain more and more knowledge (Mugenda,
1999).
Secondary Research (Tesch, 2013); when business conduct a research on available data gathered
from different sources like newspapers; magazines and data base etc.
P2 Explain how different market research methods have been used to make a marketing decision within a
selected situation or business?
Answer: Assuming AUDI;
PRIMARY RESARCH SECONDRY RESARCH
Primary research will be needed when Secondary market research will be needed
AUDI decides to enter into the new for AUDI when AUDI plans to improve
market. or make betterment in its products and
Understanding a new customers, their services.
needs, it depends, and target customers. Getting information through magazines
Actual financing, budget forecasting and newspapers help AUDI to understand
becomes easy. the flaws and search new market
Provides data accuracy. opportunities.
AUDI may have deeper insight; by It helps in paving a path for primary
directly recording the thoughts, words and search; secondary research helps to make
feelings of your primary data you can able the AUDI to conduct primary
really get under the skin of what your research.
prospects, clients or competitors are really It’s helpful to understand external
saying. environment.
Provides more control over data Less availability of time; AUDI uses this
collection and compilation. approach for making its decision because
Results; primary research is a tried, tested of time constraints.
and proven method of conducting It’s helpful to enrich stored customer
effective research so you know the results information.
that you gather can be relied on. Internal analysis; While conducting
secondary market research, it is very easy
to find out where does your company
stand in the market as well as what do
customers think about your company
Helps in making more accurate and fast
decisions.
, P3 plan market research for a selected product/service using appropriate methods of data collection.
ANSWER: AUDI wants to attract more customers, and improve the confidence of existing customers and
attract more capital, so AUDI want to use the research method to identify and bring customers every
years and AUDI can use the market research plans to attract more customers. The AUDI going to use the
research that will helps to AUDI; the most important research will be primary research in which AUDI
can do interviews and questionnaires; and secondary research to compare with other.
Advantage
AUDI can have more customers and market share
AUDI can get more reputation
AUDI can raise more capital from shareholders.
Primary research
AUDI aim is to collect data to identify what customer needs more and why? This data helps AUDI to
know what product they might bring in market and how they benefit to AUDI. AUDI main research is
quantitative and qualitative research in which AUDI will do questionnaires and interviews market
customers and local parents in market. Primary research can be done in this two ways are (Driscoll,
2011):
Interviews
Questionnaires
Interviews
Interview is the best way to know the opinion of the person and it’s not cost much money and it can be
done easily because interviews gives all the details of the person whom you talking to. AUDI can do
interviews to students in market and local parents in nearby locations, which helps to know the AUDI’s
what their parents want provide to their customers and what customer wants to have in product and this
helps AUDI to know customer’s choice. It helps AUDI to eliminate those products which cause a loss or
have no demand in a market. It’s better to get to know the choice of customers and the market.
Questionnaires
Questionnaires are also best way to collect data and it’s not cost much and by designing likert scale data
can be collected (Nemoto & Beglar, 2013). Questionnaires can be done in anywhere which cost nothing
and this takes less time than doing the other research, in which AUDI go on streets or market. In this
research method AUDI might get the data what they looking for, because sometime when the AUDI
might not get correct data through interviews and they might get more data from questionnaires because
it’s time effective. This way AUDI can save money and they might get more data about the choice of
customer and what their interest, this way AUDI can get more data and know opinion of customers what
product the AUDI should launch.
