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C1 and C2 Unit 7
Types of Research and Competitor Analysis
| Question | Answer |
|---|---|
| Market research | The systematic and objective collection, analysis and evaluation of information relating to markets and marketing |
| Primary research | Involves gathering information for the first time. Examples include; Surveys and questionnaires e.g. Postal, Telephone, Face to face and On-line. In depth interviews and Focus groups |
| Secondary research | Research that has already been undertaken by another organisation and therefore already exists. Examples include; national and Local Government e.g. Office for National Statistics,Academic organisations e.g. universities and Newspapers |
| Quantitative research | The gathering of statistical data to inform the company about people’s behaviour but does not identify the reasons |
| Qualitative research | The gathering of non-statistical information that gives a company in depth insight into the reasons for human behaviour |
| Problems of Market Research | 1.Past data and trends may not be a fair indication of the future 2.Accuracy of research findings 3.Financial costs 4. Questionnaire bias and Respondent bias e.g. exaggerating or not telling truth |
| What is internal primary research? | Sales figures/Customer data held on a central database |
| Government data | Government data reports provide information regionally, nationally and globally and combine data from other sources which is also routinely and widely gathered and analysed. |
| How can Government data be used? | Data on economic growth or changes in legislation can be used by marketeers for pricing strategies and product development or diversification. |
| How can published reports be used? | These could be financial reports from other organisations so marketeers can analyse the information and make decisions about ways to maintain or increase their own market share. |
| How is back data (Historical data) used? | Used by organisations and researchers to identify business and economic trends which influence the decisions they make about ways to market products and services. |
| How do comparison websites aid businesses? | Gather data on their behalf through customer feedback, which also enables businesses to see what customers think of their competitors. |
| Why do businesses research and analyse the effect of competitors? | To establish the following (1) The effect on the product to be offered – the price that competitors charge/ offers they apply will have an effect on sales (2) Pricing strategies – businesses use competitor info. to determine how to price their products |
| Government source of secondary data - Office of National Statistics (ONS) | Office of National Statistics provide detailed insights on the UK economy and society; individual departments provide reports on many industry sectors |
| Price Comparison Websites | Allows a start-up to compare and contrast pricing strategies |
| Market Research Reports | Organisations such as Mintel, Keynote and others produce a wide variety of reports that analyse individual markets. Often expensive (typically £500 each), these reports give an overview rather than detailed insights into a specific market |
| What are the benefits of published reports? | Produced by PLCs/A good way of checking out how the competition are doing/ Provide very detailed information to shareholders (which competition can use) |
| What is a benefit of back data? | Useful for spotting trends |
| What are the benefits of Industry reports? | Specific to particular industries/Contributions from industry experts |
| What are the benefits of Government Data? | Compiled and collated by Government sources/Routinely and widely gathered/Data on economic growth and changes. |
| What are the main methods of obtaining quantitative data? | The various forms of survey – i.e. telephone, postal, face-to-face and online. |
| What is quantitative data concerned with? | Concerned with data and addresses question such as “how many?" and “how often?" |
| What is qualitative research concerned with? | Concerned with opinions, attitudes, beliefs and intentions Answers questions such as “why”? “Would?”, or “how?” |
| What is competitor analysis? | It is - Keeping an eye on your competitors and Knowing what sells and what does not. Useful for product development. |
Created by:
durquhart1
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