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The main objective of marketing is to ensure that the business enterprise obtains the revenues it needs to achieve its profit targets - Leaving Cert Business - Question 7 - 2004
Question 7
The main objective of marketing is to ensure that the business enterprise obtains the revenues it needs to achieve its profit targets. (A) Define Market Research. E... show full transcript
Worked Solution & Example Answer:The main objective of marketing is to ensure that the business enterprise obtains the revenues it needs to achieve its profit targets - Leaving Cert Business - Question 7 - 2004
Step 1
Define Market Research.
Answer
Market Research is a systematic process of gathering, analyzing, and interpreting relevant data about a specific market, including information on:
- Market characteristics
- The number of potential customers
- Customer preferences and behaviors related to the product
- Market trends and competitive information.
This information aids businesses in making informed decisions to meet the needs of their customers effectively.
Step 2
Explain the reasons why a business enterprise would conduct it.
Answer
Businesses conduct Market Research for several important reasons:
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Identify Market Needs: To understand what customers desire and identify gaps in the market.
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Assess Customer Preferences: To gather qualitative insights into customer likes and dislikes, allowing businesses to develop products aligned with consumer demand.
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Evaluate Market Trends: To keep abreast of changes in consumer behavior and market conditions, enabling timely strategic adjustments.
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Reduce Risk: To minimize uncertainties about launching new products or entering new markets by making data-driven decisions based on research findings.
Step 3
Analyse two Market Research techniques for a product or service of your choice.
Answer
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Desk Research: This involves reviewing existing internal and external records, including past sales reports and market analysis documents, to identify trends and performance metrics. For example, examining previous sales data can help recognize purchasing patterns.
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Field Studies: This technique involves gathering primary data directly from potential customers through surveys, interviews, or focus groups. For instance, conducting surveys to assess consumer opinions on a new product provides invaluable insights for product development.