This report is for Unit 22 Market Research Assignment 1 Learning Aim A. This work covers all of the criteria required to achieve distinction as well as the correct structure and layout needed to reach these high grades (please have a look at the previews). Just follow the content, it will save you time and help you easily achieve distinctions. Criteria covered: P1 Explain the range of market research methods used by a selected business. / M1 Assess, using suitable examples, how different market research methods are appropriate in helping to meet marketing objectives and inform decision making. / D1 Justify the use of using specialist marketing agencies for carrying out original market research.
John Price
Unit 22– Market Research
Assignment 1
Examine the types of market research used in Currys
Purpose of market research in Currys…………………….………..………………………..………….………….….…………..2
- Understanding customer behaviour
- Determining buying trends
- Investigating advertisement awareness
Types of research methods used by Currys……..…………….….……………………….…….…………………………..…..3
Qualitative research • Quantitative research • Secondary research • Primary research
Internal sources……..…………….….………………….….……………………………….…….………………………………..…..…..4
Loyalty schemes
Website monitoring
EPOS (electronic point of sale)
Accounting records
External sources……..…………….….…………….….……………………………….…….………………………..…………..…..…..5
Internet provides
Government statistics
Competitor reports
Justification of the use of specialist marketing agency for market research………..…………….…….………..7
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John Price
Purpose of market research in Currys
Currys is a British electrical retailer was found in
1884, currently the company has 73 high street
shops and 295 megastores across the United
Kingdom. The company is owned by Dixons
Carphone and is currently the largest UK electronics
retailer. Dixons’s global reach requires a lot of
market research to reach the company’s objectives;
this year the Currys is striving to improve their online shopping experience and to increase net sales
by 7%, thus becoming the leader in technology retailing in the UK. This report will explain and assess
the different market research methods used by the company, linking the findings with the Currys
objectives. Further it will justify the use of professional marketing agencies for carrying out original
market research. Currys uses the market date collected in a number of ways:
Understanding customer behaviour is crucial for Currys,
because the company needs to know what products consumers
want and they want them. Further customer analyses help
Currys identify what convinces their target market to make
purchase and what benefits are most attractive. This aids to
create more appealing and effective advertisements to help
reach the company’s objective to increase sales.
Determining buying trends looks at what products are most popular in which demographic area and
during what time of the year. Currys uses this information to create stock forecast and make sure
that each outlet has a sufficient amount of stock based on demand. Buying trends change overtime
meaning that the company has to carry out this research each season to adjust to the new trends.
This links with the Currys objective to improve their online shopping experience and make sure all
the popular products are in stock and available for delivery.
Investigating advertisement awareness is all about
finding how effective Currys marketing campaigns
are. This information is then used to determine in
what areas the advertisements are most effective
and which areas need improvement or don’t work.
The date is very useful when creating budgets for
marketing campaigns as it indicates how to spend
the company’s money more efficiently with bigger
impact.
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