Photo AI
Explain the term 'Market Research' - Leaving Cert Business - Question (C) - 2011
Question (C)
Explain the term 'Market Research'. Analyse how Desk and Field Research can contribute to the continued success of Clothes-4-Us Ltd.
Worked Solution & Example Answer:Explain the term 'Market Research' - Leaving Cert Business - Question (C) - 2011
Step 1
Explain the term 'Market Research'.
Answer
Market research is defined as the systematic gathering, recording, and analyzing of facts about some element of the marketing mix to identify and satisfy customer needs in an informed and effective manner.
The purpose of market research is to ensure that products are available at the right time for the right market at an appropriate price. This process helps identify new opportunities and assists in decision-making. Ultimately, it minimizes risk and enhances growth potential, ensuring that the business remains competitive in its sector.
Step 2
Analyse how Desk Research can contribute to the continued success of Clothes-4-Us Ltd.
Answer
Desk Research involves accessing pre-existing information from secondary sources, which is often both external and internal. For Clothes-4-Us Ltd, desk research can include:
- Market Trends: Analyzing fashion magazines and reports on current trends in the fashion industry from major fashion hubs like Milan, Paris, and London. This knowledge helps the business stay competitive and informed about seasonal changes in fashion.
- Sales Data: Utilizing the company’s sales records and data from the Central Statistics Office (CSO) allows Clothes-4-Us to understand consumer spending patterns and adjust accordingly to maintain a competitive edge.
- Competitor Analysis: Understanding how rival brands operate can help Clothes-4-Us Ltd develop effective strategies and marketing plans. By identifying key success factors and weaknesses among competitors, the brand can improve its market position.
Step 3
Analyse how Field Research can contribute to the continued success of Clothes-4-Us Ltd.
Answer
Field Research involves collecting data firsthand from customers and potential customers, which provides specific insights relevant to Clothes-4-Us Ltd.
- Surveys and Questionnaires: Conducting consumer surveys to gather information on customer attitudes, opinions, and purchasing behavior plays a vital role in understanding the target market. For instance, feedback about customer preferences can inform product offerings and merchandising strategies.
- Direct Interaction: By engaging with customers directly, such as through interviews or observations in-store, the business can gain qualitative insights that are not always captured through desk research. This can include understanding customer emotions and motivations, ultimately leading to enhanced customer satisfaction and loyalty.
- Continuous Improvement: Through ongoing field research, Clothes-4-Us Ltd can regularly adapt its strategies based on real-time consumer information, thus ensuring better alignment with customer needs and increasing profitability.