1
MARKET RESEARCH AND
PLANNING
BY DAYNA TYE
DAYNA TYE | YEAR 12 | BUSINESS STUDIES | 2. MARKET RESEARCH AND
PLANNING (MRS. CAIN)
, 2
Contents
Page One | Cover / Title Page
Page Two | Contents
Page Three | Introduction
Page Four | Cummins and their marketing strategies
Page Five | Page Four continued
Page Six | Limitation of Market Research
Page Seven | Marketing Planning
Page Eight | Conclusion
Page Nine | Research
Page Ten | Bibliography / References
Introduction
DAYNA TYE | YEAR 12 | BUSINESS STUDIES | 2. MARKET RESEARCH AND
PLANNING (MRS. CAIN)
, 3
In this assignment I will be talking about the market research completed and
taken out by Cummins and how they use their market research to make their
market plan. Marketing research is systematic gathering, recording and analysis
of data about issues relating to marketing products or services.
- Primary/Secondary Research
To attain their market research, Cummins could use primary research; this is
research they collect themselves by going into the store and collecting
information that way. They can collect internal information from the businesses
own sales figures or customer data held on the system. They could collect
external data from questionnaires and surveys, interviews and focus groups and
mystery shoppers and other observation techniques; Cummins use
questionnaires in order to find out the information they need. Using a
questionnaire would be easy for them as they can send out an email or give
customers a sheet so they don’t have to waste time in having focus groups and
using up time that they could have been using to make more products. They
could also use surveys and give them to the customer as they come in to pick up
their product or they could send it to them in an email in order to find out what
they could do to improve how they operate, how the staff should act and in
general how the business could improve its performance. Cummins could have
focus groups with customers in order to find out what they think of the business;
the company could come up with a sheet of questions for the customer to
answer and then the company would call in all the customers and have them
give their answers. Using focus groups can help the business to determine as a
whole what needs to be improved within the business; this would be easier for
the company as they would not have to ask different customers questions
individually. Having mystery shoppers would not be easy for the company as the
products they create are very high in price – mystery shoppers are usually those
who go to retail stores and check out their customer service. Interviews would
also be hard as the business managers would have to take a lot of time out of
their day in order to interview all of their customers.
The other way is internal and external secondary data; reports from sales and
regional representatives (internal), previous marketing research (internal), trade
journals and websites (external), books and newspapers (external), industry
reports from industry associations and government departments (external) and
census data and public records (external). The company can pay someone to go
online and do online research to find all of these things. Cummins may use
previous market research as they would not have to pay out any money for
someone to go online and take out new research; although they do have to be
careful when using previous market research as it could be incorrect. Using
incorrect data could impact the business in a negative way and could result in
the business losing a profit or going into serious debt. Cummins use industry
reports in order to carry out market research as they are easy to use and are
more likely to be correct. Using industry reports from industry associations and
government departments is best as the government know what is needed within
the market.
DAYNA TYE | YEAR 12 | BUSINESS STUDIES | 2. MARKET RESEARCH AND
PLANNING (MRS. CAIN)
, 4
- Limitations of Secondary Research
There are several limitations when collecting secondary data; the business must
be careful that the information collected is not too old, is not biased and that the
collection of the data was reliable as some research found online can be
unreliable.
- Qualitative and Quantitative Research
Qualitative research has to be; open ended and subjective, involve an interview
with customers or focus groups and results in a wide range of answers based pm
persona experience.
Quantitative research has to be; relatable to numbers and figures that can be
analysed mathematically/graphically, and have sales figures, market values and
responses to customers.
- Uses of market research
The information businesses gather for market research help towards the business
not making the wrong decisions. If businesses do not complete market research
they will just be guessing, which isn’t good because the result could come out
wrong.
Businesses can also measure progress effectively over a period of time. A
business could carry out research about a certain product which will in turn tell
them if they need to improve the product, keep it the way it is and market it in a
different way or eliminate the product completely. Marketers can make a report
on how the results came together and see if it came out the way they expected it
to or not.
DAYNA TYE | YEAR 12 | BUSINESS STUDIES | 2. MARKET RESEARCH AND
PLANNING (MRS. CAIN)
MARKET RESEARCH AND
PLANNING
BY DAYNA TYE
DAYNA TYE | YEAR 12 | BUSINESS STUDIES | 2. MARKET RESEARCH AND
PLANNING (MRS. CAIN)
, 2
Contents
Page One | Cover / Title Page
Page Two | Contents
Page Three | Introduction
Page Four | Cummins and their marketing strategies
Page Five | Page Four continued
Page Six | Limitation of Market Research
Page Seven | Marketing Planning
Page Eight | Conclusion
Page Nine | Research
Page Ten | Bibliography / References
Introduction
DAYNA TYE | YEAR 12 | BUSINESS STUDIES | 2. MARKET RESEARCH AND
PLANNING (MRS. CAIN)
, 3
In this assignment I will be talking about the market research completed and
taken out by Cummins and how they use their market research to make their
market plan. Marketing research is systematic gathering, recording and analysis
of data about issues relating to marketing products or services.
- Primary/Secondary Research
To attain their market research, Cummins could use primary research; this is
research they collect themselves by going into the store and collecting
information that way. They can collect internal information from the businesses
own sales figures or customer data held on the system. They could collect
external data from questionnaires and surveys, interviews and focus groups and
mystery shoppers and other observation techniques; Cummins use
questionnaires in order to find out the information they need. Using a
questionnaire would be easy for them as they can send out an email or give
customers a sheet so they don’t have to waste time in having focus groups and
using up time that they could have been using to make more products. They
could also use surveys and give them to the customer as they come in to pick up
their product or they could send it to them in an email in order to find out what
they could do to improve how they operate, how the staff should act and in
general how the business could improve its performance. Cummins could have
focus groups with customers in order to find out what they think of the business;
the company could come up with a sheet of questions for the customer to
answer and then the company would call in all the customers and have them
give their answers. Using focus groups can help the business to determine as a
whole what needs to be improved within the business; this would be easier for
the company as they would not have to ask different customers questions
individually. Having mystery shoppers would not be easy for the company as the
products they create are very high in price – mystery shoppers are usually those
who go to retail stores and check out their customer service. Interviews would
also be hard as the business managers would have to take a lot of time out of
their day in order to interview all of their customers.
The other way is internal and external secondary data; reports from sales and
regional representatives (internal), previous marketing research (internal), trade
journals and websites (external), books and newspapers (external), industry
reports from industry associations and government departments (external) and
census data and public records (external). The company can pay someone to go
online and do online research to find all of these things. Cummins may use
previous market research as they would not have to pay out any money for
someone to go online and take out new research; although they do have to be
careful when using previous market research as it could be incorrect. Using
incorrect data could impact the business in a negative way and could result in
the business losing a profit or going into serious debt. Cummins use industry
reports in order to carry out market research as they are easy to use and are
more likely to be correct. Using industry reports from industry associations and
government departments is best as the government know what is needed within
the market.
DAYNA TYE | YEAR 12 | BUSINESS STUDIES | 2. MARKET RESEARCH AND
PLANNING (MRS. CAIN)
, 4
- Limitations of Secondary Research
There are several limitations when collecting secondary data; the business must
be careful that the information collected is not too old, is not biased and that the
collection of the data was reliable as some research found online can be
unreliable.
- Qualitative and Quantitative Research
Qualitative research has to be; open ended and subjective, involve an interview
with customers or focus groups and results in a wide range of answers based pm
persona experience.
Quantitative research has to be; relatable to numbers and figures that can be
analysed mathematically/graphically, and have sales figures, market values and
responses to customers.
- Uses of market research
The information businesses gather for market research help towards the business
not making the wrong decisions. If businesses do not complete market research
they will just be guessing, which isn’t good because the result could come out
wrong.
Businesses can also measure progress effectively over a period of time. A
business could carry out research about a certain product which will in turn tell
them if they need to improve the product, keep it the way it is and market it in a
different way or eliminate the product completely. Marketers can make a report
on how the results came together and see if it came out the way they expected it
to or not.
DAYNA TYE | YEAR 12 | BUSINESS STUDIES | 2. MARKET RESEARCH AND
PLANNING (MRS. CAIN)
