Benefits And Drawbacks Of Using Secondary Market Research Essay

Secondary market research involves the processing of information that is already collected by previous researchers. For the secondary market research, I will use a research company. They will give me the information of the surrounding hotels of my hotel location. It is then possible to promote my hotel with another, so I’ll be able to compare my hotel with the others to improve. Based on the information of the other hotels are be seen what they can do and what not. This

Primary research gives more accurate result then secondary result. It cost a lot as you should research everything yourself or should hire a person. Primary research takes long time to come to conclusion while secondary research takes short time and are easy to research. Primary research is based on raw data and

The strategy of secondary analysis was chosen for this research because it is cheap and timely in comparison to other forms of research. Using data collected by other reliable sources increases the validity of secondary data analysis research.

Marketing research is very important component of a business used to identify and define the opportunities and problems that they will encounter on the market. The aim

Before launching or expanding a business venture, there needs to be an understanding of the industry, its competitors, and its customers. Market research is vital in assisting companies in the decision-making process and their marketing direction. Data from marketing research is important because it provides companies with ways to identify opportunities, identify market potential, minimize chances of loss, devise effective marketing strategies, gauge customer satisfaction, and serve as an evaluation tool.

Establish guidelines for researching and gathering information and work with the staff to gather and evaluate the data.

Marketing Research on the New Volkswagen Golf Marketing research aims to take some of the risk out of marketing decisions by providing information that can form part or the entire basis of decision-making. It is applicable to all aspects of marketing-mix decisions and should be an integral part of the process of formulating marketing strategy. Marketing research by definition is the function that links the consumer, customer and public to the market through information- information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process. Marketing researches specifies the information required to

Secondary Research is research about information from someone, (like my client), that already exists or produced. I will probably use textbooks and the Internet, for Secondary Research.

The secondary market research done by Luna Park could involve statistical interpretation, analysis and study both the internal and external data such as customer feedback and reports regarding the number of customers through the park in a day. Financial statements and sales reports also help as secondary market research.

This is existing research that has been gathered previously either by the firm itself or by other organisations. This type of research is collected quicker and cheaper as it has been already archived. Secondary data is normally found in internal and external sources.

M1: Explain, with examples, how different market research methods are appropriate to assist different marketing situations. Looking back at the market research methods that could be used to collect information, methods such as questionnaires/ survey, observation, focus groups, experimentation, internet, website monitoring etc. I am going to select 3 primary and 3 secondary methods of research from the ones I have written about. I have chosen 3 primary researches which are: •

In the article ‘Data Collection: Primary Research Methods’, Christ (2009) wrote that, the responsibility for collecting data under primary research falls to the marketer. Marketers can select two basic approaches to collect data using primary methods:

Research Reports and Internet Research – The internet is a very easy way to source secondary data that can be extremely useful as it is a good source of industry information. Some information can be available for free like the Australian beau of statistics, newspapers, council and magazines, some help maybe needed in determining the viability of the information and to analyse the results. Other professional research companies like Roy Morgan and Ibisworld will charge a fee for their reports. This may work well with surveys and experiment research as trends or environmental factors in the market could influence consumer consumption therefore giving invaluable information as to what may sell well or is needed in the current market. This method was chosen as it can be easier to obtain and cheaper than the other research methods. It can also provide information on the competition, which would evaluate what products they have been advertising and why.

When conducting research, when is it conducive to use primary research over secondary research and vice versa? Both research techniques are viable and beneficial. They each have purpose and can be used as a marketing research template when conducting research. Both techniques are equipped with tools that can be used to guide a researcher through the research process. If these tools are properly adhered to, the research process can be seamless and quite effective. Moreover, market research can assist a researcher in making accurate decisions and improve the chance of success. This paper will explain the difference among research tools used in primary and secondary research. It will also depict the

According to Entrepreneur Media (Secondary Market Research, 2012), secondary research consists of “outside information assembled by government agencies, industry and trade associations, labor unions, media sources, chambers of commerce, and so on. It is usually published in pamphlets, newsletters, trade publications, magazines, and newspapers.” For Marketing Team A’s market research, the types of secondary research needed are Starbucks’ demographics, and target markets, plus past studies on the coffee drinking habits of college students.