Assignment two – Introduction to Marketing
Report describing how McDonalds use market research information to understand the behaviour of customers, competitors and market environment.
Market research definition – the BTEC national business book one edition two defines market research as “an aim to help organisations make effective decision by providing information that can inform the decision making process”.
Market research provides information on:-
Customers – research can show organisations about consumer trends that will help forecast future customer needs. It also shows how people’s lifestyles are at that moment in time such as whether they are eating out.
Competitors – this can help provide important information such as competitor’s product prices, distribution methods and promotional activities. Other information such as profit and overall financial position will help show companies such as McDonalds how burger king are doing financially. This can help as it will show if they need to respond if for example burger king increase advertising.
Market Environment – economic influences such as an expected recession will help companies as it will show they need to rethink advertising moves and maybe lowering prices or in McDonalds case creating value meal deals. Technological influences such as the internet can help inform companies as an increasing use of internet could mean an increase in online marketing for companies. Another technological influence is new food production techniques can help McDonalds create fast food quicker. Legal changes can include changing laws about the packaging they are using.
Primary research – this is here a company is gathering new information for a market research project that hasn’t been collected before.
All information is up to date and has been collected for a specific reason so all information is appropriate to what the organisation is...