Primaray and Secondary Research for my chosen business
Boots have so far done, concentrated on selling cameras and camcorders. Now they want to move into a new market segment by introducing a DVD camcorder to their range. They think there is a big enough market for such as a DVD camcorder, even though there are quite a few DVD camcorders already being sold. As I have already mentioned that the DVD camcorder will be unique by having a UMD memory card slot. They will need to find out more before they go ahead with developing this idea further.
The job of the Marketing Department at Boots is to carry out the market research, to find out consumer reaction to their idea and weather there is a big enough demand for a new DVD Camcorder. The Marketing manager will then write a report and make recommendations to the directors; on the possibility of introducing a new DVD Camcorder and the type of DVD camcorder the target audience may want. Market research Market research is a way in which my business can understand and be aware of the activities of competitors before I can develop my marketing strategy.
Market research is categorised into two types of research. One of these is Primary
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Therefore, the company does not have to actually carryout surveys etc, but just look up information that they need, this is where the Internet is most useful! A big advantage of secondary research is that it saves both time and money for the company in question. However, one common disadvantage with this type of research is that the information found is not always the information that it needed. Market research can obviously be of great help and benefit the business Boots enormously, which is why it is considered a very valuable tool to my chosen business Boots in achieving success and my objectives.
Taking the example of survey/questionnaires, you can see the benefits of it to the company. If I was thinking about launching a new market and/or looking for a gap in the market, I could ask people what is needed in Boots. After I have found out what is in demand by consumers, then I will continue to carry out more research. So the company will continue to use research until all of the research objectives have been satisfied. If the company’s research has been successful, I should know exactly where to head in the market next.
Market research can obviously help a business like Boots that is not doing very well. All businesses including Boots carrying out research have the worry about cost. So if it doesn’t find out the information that it needs and the objectives set out are not covered, then the research has obviously not been a success and then my company has wasted valuable time and money. In some cases, data is very hard to find or access. This would mainly be the case, in my opinion, with secondary research. My firm Boots may be looking for information via secondary research, and not be able the find it.
I may find some information, but it is not detailed enough to cover my objectives. These are some of the problems that this business Boots will have to be aware of. What my business and other businesses will also have to be aware whether the data is valid and reliable. Firstly, if the data is not valid [suitable], then it will obviously be of no use to the company. For example, the company may get some information, when conducting secondary research, which is dated 1983. This information may be too old for use, and therefore not valid. Therefore, this would be a restraint to producing the final product.