Market Research, Making The Best Use Of Information

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

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

Primary data is data which your business or you find and gather data to analyse. By you or the business finding the data this makes it primary because the data belongs to you making it original. The different ways to gather data is surveys and interviews by collecting data like this makes it original and reliable.

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.

Primary data is intended for personal/company use and is compiled by the user for a specific requirement.

Primary sources are sources of information or data that are not interpreted, evaluated, or analyzed, and secondary sources are sources that only interpret, evaluate, or analyze secondary sources.

Secondary source: Secondary sources are usually primary sources that have been analysed, interpreted and or evaluated. Secondary sources can be primary sources but it all depends on how it is used.

A primary source of information is information that is seen or heard directly by a person. It is information gathered by a person directly in contact with the incident or event.

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.

A primary source, as the name implies, is a primary or original document or physical object that was written or created. Primary sources are commonly used when studying history as they are raw and original and they are from the points of view of people who have direct experience of the past however there is the secondary source as well and it’s a sources that generalizes, analyses, interprets, synthesizes, evaluates, cites, comments on or discusses the original sources or situation under study. Such as books, magazines, and textbooks.

Primary research. This has to be gathered first and to answer certain questions that are related to the project; therefore it is more time consuming and expensive. Primary research is considered to be a reliable source of information as it is coming directly from consumers.

Cadbury uses market penetration strategies to keep people aware of their brand. They do this all in their current market. They do this by selling more to existing customers, like selling their products in multi-packs. This means that the customers can buy their products in larger quantities and it will encourage them to do so as they can have more of the product instead of buying it individually. They also use product development strategies such as selling new products in an existing market.

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:

The following statistics stated in the case indicate that “23% of respondents would definitely buy the Montreaux dark chocolate with fruit product and 40% would probably buy the product.” These average ratings strongly suggest that this product should be introduced into the market very gradually. This strategy would enable the company to evaluate consumer buying patterns so that the company could determine future production levels and future marketing strategies that benefit both the company and the consumer. Financial information given in the case also indicates that the company needs to introduce this product very conservatively. Exhibit 1 informs that with 5.98 million total purchases, low awareness, low ACV and mediocre product, Montreaux would gross $17.44 million. Exhibit 2 shows that with medium awareness, medium ACV and an average product Montreaux would gross $25.1 million. These figures do not meet Montreaux’s objective of earning at least $30 million in its first year. Exhibit 3 shows a slightly improved situation: with high awareness, high ACV, and an excellent product, Montreaux would gross

Industry Analysis: Cadbury Schweppes (CS) is comprised of a global confectionery and beverage company. For the purpose of this case we will maintain our focus on the confectionery business and the assessment of adding to their sugar confectionery portfolio. CS is number three in the beverage business but see the opportunity to become the largest confectionery in the world. The categories are chocolates, sugar and chewing gum. At this time Adams is the number two sized in the gum business. This industry operates on “bigger is better in confectionery”. Their strategic discussions and ambitions appear to stay true, in mentality, to this mantra. This mantra could be potentially dangerous to the business. CS had a presence in over 70