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Britvic Case Study Question 3

In: Business and Management

Submitted By Wrighty1992
Words 562
Pages 3
3) Market research for a business is the process of gathering, recording and analysing information to help a company determine the current opportunities and possible threats to a business. It will also show the consumers behaviour and attitude towards a product or service and it will also show the effectiveness of how well the business is promoting its products towards it customers.
The main goals of market research is to help an organisation identify potential markets both new and old and to create satisfied customers through finding out what the customer’s needs and wants and then creating an effective marketing mix by using the four P’s.
Market research is necessary for a company since there is uncertainty around most of the decisions which a business will make so it will provide a large quantity of reliable information and this reduces a lot of risk. Market research tries to provide answers to the ‘Who’, ‘When’, ‘How’, and ‘Why’ of the consumer and industrial buying behaviour of the current business climate.
There are two main sources of market research for a business and they are primary and secondary.
Primary
Primary research can also be known as field research and it consists of gathering information that previously did not exist. It is used by a business when specific information is needed about the organisations products or services and customer satisfaction. Primary research is conducted first hand so all the information that you collect is factual evidence.
Some primary methods of research include questionnaires, focus groups, telephone interviews and postal surveys.
The main disadvantages of a company using Primary research are it can be very time consuming to carry it out and it can also be very expensive.
Primary research can also be further categorised into qualitative and quantitative.
Secondary
Secondary research can also be known as desk...

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