Market ResearchMarket research is where the activityor action of getting information about consumers’ preferences and what theyneed. This can be done for example in a supermarket with taste tests; they canget feedback from their customers and add the improvements that the publicwant.Types of marketresearchSurveys- This is an exam in order tofind out a products boundaries. Companies can use this by bringing taste teststo 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 thepublic and get positive or negative feedback.
Interviews- This is a conversationbetween two people about a certain topic, in a company’s point of view thistopic can be improving products to suit the customers preferences 2. Therewill be an interviewer who is more than likely a member of the company asking amember of the pubic who they have brought in on how they think they can improvethe company.Focus Groups- A focus group can tellyou how groups and people feel about a certain topic and give their reasonsbehind 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 canbe no bias opinions. The people are also all different for example there couldbe an elderly woman and a teenage boy. This can benefit companies by gettingall different type of people in a room to conclude what companies need to doand not do to be successful 3.
Published Statistics- These arenumbers published by the government agencies and more internationalorganisations 4.Articles- This is when a company usesinformation that has been used already for the company to research, this couldbe beneficial as this means there more evidence on what they do with theirproducts. Cross Keys Market ResearchWhat is the service like at any otherpubs in the Milnthorpe area?What type of prices do other pubsopen 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 (footballmatches, 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? Crosskeys Customer SurveyHowmany times do you visit a week? Howold are you? Howdid you find the accommodation? Howdid you find the food? Whatwould you rate the meal out of 10? Whatfacility did you find best? Whatwas your opinion of the rooms? Whatdid you think of the entertainment?Doyou think the staffs were good? Howwould 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. Marketresearch is important for businesses as it lets them know what variety andgenre of products that the audience they are trying to present to want. Theywould 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 instore. This can be helpful for them as they would then know whether or not tohire more staff or lower prices etc. You can see what your competitors aredoing 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.
Bibliographywww.yourdictionary.com/survey 1https://www.slideshare.net/sahikomal/types-of-interviews-44125845 2https://cals.arizona.edu/sfcs/cyfernet/cyfar/focus.htm 3https://en.wikipedia.org/wiki/Official_statistics 4