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Unit 10: Market Research in Business

M1: Explain, with examples, how different market research methods are appropriate to assist
different marketing situations
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The first is that internet
surveys are effective in collecting vast amounts of data due to a large sample size being
covered on the internet, so therefore this leads to website surveys being both cost and time
effective, so therefore the brand can then get a general idea of what the majority of their
customer base thinks and gets an idea of their behaviours
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Buying patterns
Cookies are used effectively in terms of gaining market research, as they can find out what
people's interests are online, so therefore for companies such as Amazon, they would use
cookies to monitor people's buying patterns, and recommend them similar products in the
future based on what they have previously bought
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Preferences
In terms of collecting information on specific preferences, a street survey is suitable as the
interviewer and interviewee can communicate effectively to find out more detailed
information regarding what the interviewee likes
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With this, you can also note down different pieces of information
such as their attitude toward the product and brand, so you can get an idea about the public
perception, along with the answers to the surveys
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This may be in the form of a
face-to-face chat, they may encourage the customer to fill out a form, or ask them to leave a
customer review online
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Sales trends
Cookies are used effectively in terms of gaining market research, as they can find out what
people's interests are online, in order to advertise them products in the future, which they
believe people are interested in using the information they have gathered
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The only issue with internet cookies is that people need to consent to them when
they enter the website, and most people are against websites collecting information about
them, so this is the only issue that rises up, as they may not get as much information as they
want to help them advertise due to internet laws preventing them from getting as much
information as they need to help them advertise in the future
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With a
street survey, you are able to ask questions in more depth, as well as refer back to answers,
so they will be able to see what the customer likes/dislikes about the brand, in order to aid
their methods to share awareness of the brand in the future, so therefore street surveys
would be very effective
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Advertising awareness
Similar to before, in terms of collecting information on advertising awareness, a street survey
is suitable as the interviewer and interviewee can communicate effectively to find out more
detailed information regarding what the interviewee has seen, where they have seen it, to
find out what methods of advertising are most successful, so they can make changes to their
advertising in the future
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With street surveys, you can gain a fairly

large sample size relating to brand awareness depending where you are situated, so
therefore they can get a fair amount of data relating to this subject
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Coca-Cola carry out this practice a lot, where they may form focus groups, in
order to test their products out and find out the general consensus, so therefore before they
launch the product, they can see what they need to change, and also what they feel they
may need to focus on within the marketing, if there is a good point they eel that customers
may relate to
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New product opportunities
In terms of collecting information on specific preferences, a street survey is suitable as the
interviewer and interviewee can communicate effectively to find out more detailed
information regarding what the interviewee likes, so therefore they can see what a large
sample size likes, so therefore they will be able to cater to these needs, as there will be a
demand for these products, so therefore the business may find more ideas, relating to what
the customers like
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Competitor activities
Some businesses may look at rival companies to see what they may be doing to see how
they are successful, and where their weak areas may be in order to gain an advantage
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So they first thing they may do is look at their profit, and compare it to their own, to see
how far ahead they are and see how far apart they are
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They would also look at their outgoings, to see how much this
would impact their profits, so for example if Coca-Cola was spending much less on labour
costs, Pepsi may make changes to their own labour, to ensure that they streamline, and
become more profitable as a result
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