Market or action of getting information about consumers’

Market Research

Market research is where the activity
or action of getting information about consumers’ preferences and what they
need. This can be done for example in a supermarket with taste tests; they can
get feedback from their customers and add the improvements that the public
want.

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Types of market
research

Surveys- This is an exam in order to
find out a products boundaries. Companies can use this by bringing taste tests
to the streets and getting overall feedback on how to improve the product 1.
These can also help companies by as they will visit random pedestrians in the
public and get positive or negative feedback.Interviews- This is a conversation
between two people about a certain topic, in a company’s point of view this
topic can be improving products to suit the customers preferences 2. There
will be an interviewer who is more than likely a member of the company asking a
member of the pubic who they have brought in on how they think they can improve
the company.Focus Groups- A focus group can tell
you how groups and people feel about a certain topic and give their reasons
behind the choices. Focus groups help by planning and designing programming.
They ask a group of 4-15 people who are unfamiliar with each other so there can
be no bias opinions. The people are also all different for example there could
be an elderly woman and a teenage boy. This can benefit companies by getting
all different type of people in a room to conclude what companies need to do
and not do to be successful 3.Published Statistics- These are
numbers published by the government agencies and more international
organisations 4.Articles- This is when a company uses
information that has been used already for the company to research, this could
be beneficial as this means there more evidence on what they do with their
products.

 

 

 

 

 

 

 

Cross Keys Market Research

What is the service like at any other
pubs in the Milnthorpe area?What type of prices do other pubs
open in Milnthorpe?What are the opening and closing times?How much are their staff paid?How much staff do they have?What is the food hygiene rating?Do they have a car park?Do they have an outside/smoking area?Do they offer entertainment (football
matches, live performances etc)?Are they located in a well populated area?How much is the average meal?How much is the average alcoholic beverage?Is there accommodation if so how much?Do they have regular customers?

Cross
keys Customer Survey

How
many times do you visit a week?

 

How
old are you?

 

How
did you find the accommodation?

 

How
did you find the food?

 

What
would you rate the meal out of 10?

 

What
facility did you find best?

 

What
was your opinion of the rooms?

 

What
did you think of the entertainment?

Do
you think the staffs were good?

 

How
would you rate the hygiene?

Competitors

Location

Accommodation

Meal prices

Car Park

Entertainment

Facilities

Special offers

Cross Keys pubs and hotel

For cross
keys accommodation the average price for two adults with wifi and breakfast
is £55.

From
looking at the menu, the average meal looks around £9.

Yes it has
a car park.

There is
currently no entertainment advertised.

There are
pool tables, beer gardens; disabled access and dogs are welcome.

Sunday
lunches only for £8.75

Bulls Head

No
accommodation.

The
average main order price is around £7/£8.

No car
park.

They have
sky sports and BT sports for sports games.

Disabled
Access, Darts, Pools, Sky Sports, BT Sport, Wi-Fi, Games machines, beer
garden, car parking, function room, snug, Cocktail bar.

To find
offers you need to ring up.

Heversham Hotel

The
average double bed is £90.

The
average price for a main order is £6/£7.

Yes it has
a car park.

There is
no entertainment advertised.

Nothing.

There are
no special offers advertised.

 

 

Market
research is important for businesses as it lets them know what variety and
genre of products that the audience they are trying to present to want. They
would survey customers who come into the Cross Keys by asking them a few questions,
having a website link on the receipt or giving them a survey to fill out in
store. This can be helpful for them as they would then know whether or not to
hire more staff or lower prices etc. You can see what your competitors are
doing and will be able to make it so your offers are just as good as theirs,
and so you could possibly get something they don’t have.

 

Bibliography

www.yourdictionary.com/survey    1

https://www.slideshare.net/sahikomal/types-of-interviews-44125845 2

https://cals.arizona.edu/sfcs/cyfernet/cyfar/focus.htm  3

https://en.wikipedia.org/wiki/Official_statistics   4

 

 

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