Presentation Marketing Grade 10 Cap

THE ROLE OF MARKETING Group members : Artchikabye Gunnoo keysie Collard Duvesha Appadoo Tejashwee Jugroop Yovana Chinan Class : Grade 10 cap Table of contents  Introduction  The role of market research  Product-orientated and market-orientated businesses ...

THE ROLE OF MARKETING Group members : Artchikabye Gunnoo keysie Collard Duvesha Appadoo Tejashwee Jugroop Yovana Chinan Class : Grade 10 cap Table of contents  Introduction  The role of market research  Product-orientated and market-orientated businesses  Market research methods  Primary research  Secondary research  Conclusion  Introduction Market research is the process of gathering and analysing information about consumers and the market. It helps businesses to understand about people wants , their buying habits, and their preferences. Researchers collect information through surveys , interviews and questionnaire to help companies in making better decisions, improving their existing products and target customers effectively which will lead to a successful marketing strategies and satisfied consumers.  The role of market research Market research is the process of collecting, analysing and interpreting information about a product. Firms normally need to conduct market research in order to ensure that they are producing the right goods and services that will sell successfully in the market and generate profits when a researcher is carrying a market research it is important for him to response to these questions What feature of the product do they like/dislike? Are people willing to buy the product? What price are people ready to pay?  Product oriented and market orientated Businesses tend to develop new products based on either a market orientated approach or product orientated approach. Market orientated. Product orientated A market oriented approach means a A product-oriented approach means the business reacts to what customers business develops products based on want. The decisions taken are based what they are good at making or doing, around information about customers' rather than what a customer wants after needs and wants, rather than what the production the business need to find the business thinks is right for the a market to sell the product. This customer.. approach is usually criticised because it often leads to unsuccessful products PRIMARY RESEARCH METHODS II) Group interview I) Questionnaires ]It is a research tool or survey It is when an employee instrument that consists of a set interviews multiples of questions designed to gather information from individuals or candidates at the same time , groups of people the interviewer will be have a set Advantages: of ready-made questions for Detailed information can be the interviewees collected Advantages Customer’s opinions can be gathered An interview allows the organisation to ask Disadvantages potential candidates a If questions are not clear it series of questions can mislead customers, Disadvantages Time-consuming and expensive to carry out research, collate and Interviewing is a time- analyse them. consuming process.  IV) observations III) Focus group Observations involve watching Focus group is a group of customers to find out their people presentative of the reactions to certain products or target market agree to services provide information about a particular or general Advantages spending patterns over Observation allows time. They can also test the company product and give researchers to directly opinions on them observe consumers, rather than relying on someone Advantages else's interpretation. They can provide detailed information about consumer Observation can reveal opinions insights that are often missed by surveys and interviews. Disadvantages time consuming and Disadvantages expensive opinions can be influenced It can be difficult to by others in the group replicate the study and test for reliability. It can be challenging to  Secondary market research, involves gathering existing data that has already been produced. Secondary research can be collected from both inside (internal) and outside (external) a business. Internal sources of External sources of information information Data collected from past researches Data collected from sources outside the could easily be used again if it is business. The data may still be useful needed. but there are Examples of internal sources of many limitations since it has been information include: gathered for other purposes. Sources include: Sales department: sales records, pricing Internet: data, customer records, sales records. Trade and employer associations: Newspapers:  Conclusion Market research conclusions summarize the findings from surveys, interviews, or data analysis. They help businesses understand customer needs, preferences, and market trends. By interpreting this information, companies can make informed decisions about products, pricing, and marketing strategies to better serve their target audience and improve sales. Effective conclusions guide future business planning and strategy.