Marketing Research and its Applications

This assignment delves into the field of marketing research, examining various research methods such as quantitative and qualitative approaches, emphasizing the importance of ethical considerations in conducting research. It also explores the application of marketing research in understanding consumer behavior, market segmentation, and product development. The provided references guide students through relevant academic literature and industry best practices.

MARKETING

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 Principles and functions of marketing and marketing mix evaluation.................................1
1.2 Organisation's need to have a customer focus......................................................................3
TASK 2............................................................................................................................................3
2.1 Market research methods and justify suitability for selected products................................3
2.2 Market research information from different sources...........................................................5
2.3 Different parts of the marketing mix should fit together as a homogeneous whole.............6
2.4 Product development with marketing research information................................................7
2.5 Proposals for product development to an audience..............................................................8
CONCLUSION................................................................................................................................9
REFERENCES................................................................................................................................1

INTRODUCTION
Being a developed country, United Kingdom has many small, medium and large
businesses which compete with each other due to cut throat competition. It is not an easy task to
start own business especially in footwear industry as there are many options for customers.
Marketing is a tool which helps in promoting product of company and uplift sales of it ( Jobber,
Ellis and Chadwick, 2012). For example,Nike uses social media to promote its footwear and
capture maximum share of market. This is called marketing process which contributes in
accomplishing organisational objectives of existence. In the following report, different types of
principles which are followed by every small or large business organisations in footwear industry
so that code of conduct and healthy environment cam be maintained in long term.
There are many functions which are executed in marketing to operate activities and tasks
in an effective manner. Seven Ps play a vital role in promoting product ans services offered to
customers. For example product, place, price, promotion, physical evidence,people and place are
major aspects which affect sales and quality of goods. For a good start up, a solid foundation
must be created by data evaluation in which information about target market for future analysis.
So each company needs to have customer focus to conduct marketing activity. There are
different kind of research methods to estimate demand of particular footwear product in United
Kingdom.
TASK 1
1.1 Principles and functions of marketing and marketing mix evaluation
Marketing plays a vital role in operating business in long term to establish goodwill in
market environment (Nwankwo and Gbadamosi, 2010). There are different aspects which should
be considered by ABC firm for start up in footwear industry in United Kingdom. Followings are
some explanation of Nike and Adidas which are leading brands.
Marketing principles- There are many ideal activities which should be obeyed by
organisations. These are marketing strategy, market segmentation, target marketing and product
positioning. Strategy is a technique which helps in achieving goals of company as profit
maximisation and customer satisfaction. For example, Nike uses a marketing strategy to gain
leading position in footwear industry of United Kingdom. On other hand, Adidas uses traditional
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tactics due to old established image in market. Another principle is market segmentation in
which company try to divide buyers based on their choice or preferences. For example, Adidas
targets people who values traditional range of footwear (Armstrong, Adam and Kotler, 2014).
Third principle is target market in which results gained from market segmentation and most
suitable group of audience is identified for ABC company. Final principle is product positioning
in which consumers sees product of Nike in respect to other similar items in market like Adidas.
Functions of marketing- There are various aspects which are performed in business
organisations in footwear industry to promote product and uplift sales in future. One of major
function of marketing is market planning in which objectives are identified as increase market
share and production level. Second is product design and development in which company tries to
make attractive appearance of item so that maximum customers can be attracted to buy one. For
example, ABC organisation will apply appealing shape and style to its footwear product to uplift
sales in future. Physical distribution and financing are also an major part of marketing as they
provide credit to distributors and consumers (Lindgreen, Swaen and Johnston, 2009). Packaging,
labelling, branding and customer support also play a vital role in promoting particular goods. For
example, Nike has high sales due to brand image in sight of customers.
Marketing mix
There are seven elements which make main base for any business organisation like Nike
or Adidas. One of crucial component is product which must have standard quality so that
maximum customers can be retained in long term. For example, Nike offers long lasting products
as sports shoes which are preferred by sports person mostly. Another aspect is place where
product is reached to customers. For effective marketing it should be accessible for public. Third
part is price which should be reasonable to compete in footwear market of United Kingdom.
Fourth is promotion in which proven methods should be used to promote new product of ABC
company in market.
Physical evidence is ambivalence of store, for example, all showrooms have healthy
atmosphere so that customer feels conformable and familiar. People of company like consumers
and employees have a major impact on marketing of all products (Sarkees, Hull and Prescott,
2010). For example, salesperson of Nike are dedicated and friendly which motivates customers
to buy product. Thus above three aspects play a vital role in establish a reputed position of ABC
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company in business market of footwear industry of United Kingdom. Proper execution of
marketing principles will lead to increase in goodwill and image of organisation inn long term.
1.2 Organisation's need to have a customer focus
Every company has to analyse market environment to identify potential customers and
make customise product for them to improve existing performance. Major task for promoting a
new product is to target a particular segment which help in increasing market share in footwear
industry (Gök and Hacioglu, 2010). For example, Nike has main focus on youngsters and athlete
in soccer, running and basketball as target market. With this information support, ABC company
can also differentiate its buyers who will likely to be its retained customers in future. Another
method to determine needs of target audience with target market is digital marketing which is
wide spread tool all over world.
Customer focus is a term which includes serving desires of consumer like a particular
shoes is customised according to athlete. For example Nike has three types of customers who
have their own specific needs for footwear. It has always involved its consumers through various
campaigns as football, basketball. One effective way to get information about customer is that it
has conversation about how they are using product and what main benefits to their health. It
focusses on which feature is most needed by public which is a market strategy of Nike and
makes it different from competitors like Adidas and Puma.
Targeting the market is one of most important market activities in which company finds
its potential buyers in footwear sector of United Kingdom (Luan and Sudhir, 2010). It is first
component of marketing strategy in which a group of customer by breaking market into
segments is target for company to achieve organisational goals and objectives. Thus these above
two aspects of marketing play a vital role in getting better position in footwear market for ABC
company in future.
TASK 2
2.1 Market research methods and justify suitability for selected products
There are different types of ways which are used to identify latest trend of particular
goods and services of ABC company. Market research helps in getting deep knowledge about
preferences, choices and need of specific group of people as segment in market. As being a
footwear company, ABC organisation will conduct survey, focus group, persona; interview,
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observation, questionnaire and field trials. For example, mentioned company decides to launch a
new sports shoes which will be a competitive product of Nike and Adidas as they are leading
brands in this sector (Chattopadhyay, Shivani and Krishnan, 2010). Following are some
explanation of them in detail.
 Survey-This is most known method through which company can determine how much
and who will be the target audience for its product. For example, market research for
sports shoes will include one to one interviews in which a sample is offered to customer
to use it and give feedback about it. It can be conducted in shopping mall or something
else. This methods has 90 percent response rate but it is costly at same time. Another
element of survey is done through telephone which is less expensive but people are not
interested in participating in phone survey. Other methods of research are through online
and mail.
 Focus group- In this, a moderator asks pre decided questions to a limited group of
people.Sessions takes place at neutral places with video taping which lasts on to two
hours. At least three groups are needed to gain balanced results about product which
makes it times consuming for company.
 Observation-To get more accurate information about how customer buy and consume
particular product. For example, ABC company can observe consumer behaviour about
how they response to product quality so that it can make its product up to mark for them
and get positive response (Gheorghiu, Gheorghiu and Spanulescu, 2010). Shopping
patterns and usage habits about sports shoes could be predicted by business organisation
and provide customised new product in market in front of strong competitor like Nike
which sells best quality product in footwear al over the world.
 Personal interviews- For more subjective data, this method is useful in which open
ended and unstructured questions are asked to potential customers of market. Due to
individual concern, it is a costly process and time saving as they lasts for an hour most of
the time. One drawback of this technique is that results are not that helpful as a whole
because small group of person does not represents complete market choice.
 Field trials- Sometimes, company selects some particular stores to place new product
through which real response can be observed from customers. It may help in making
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modification in product and adjust its prices or improve packaging of product for better
results.
 Questionnaire-This is also a helpful technique in which a set of questions are asked to
public and an interpretation is prepared on basis of their response or answers (Taylor,
Bogdan and De Vault, 2015). It is most useful way to find out exact desire of people
regrading design and quality of product to get maximum satisfaction in future. Thus there
are many methods which contributes in conducting market research to help in start up for
predict choice and preferences of customers related to sports shoes with a wide range.
Suitability for selected product-On basis of above pros and cons of various methods, it
can be said that observation and online survey will be most suitable for ABC company in
footwear industry in United Kingdom to launch new sports shoes. So that it will have maximum
sales of product and a considerable market share.
2.2 Market research information from different sources
Sources are root from which data is collected for an effective market research.
Information can be gathered in two types of categories like primary and secondary. First part
includes people of company like consumers, salesman, suppliers and dealer which are directly
connected to organisation. They can provide more exact data related to product quality and its
position in market. For example, after establishing start up in future, ABC company can evaluate
scope of improvement in its goods like sports shoes (Wedel and Kamakura, 2012). Another
category of data for market research is secondary which is already existing by collection or
publication .Its sources can be explained as following.
 Government publication and report- Thus there are many useful sources which can be
utilised by ABC company to estimate future demand of product especially in sports
shoes. As they are very low cost and time for organisation, it is preferred by most of them
to analyse latest trend in market. Being a starting company, it will keep eye on new and
innovative methods to provide suitable and customised shoes to consumers. Central and
state government issue time to time reports in which a detailed market research of various
sectors like footwear, textile and food etc.
 Newspapers-This is also an useful source which provides crucial information for market
research like business magazines and journals. They can be used by ABC company to see
what is the current demand of customers related to features in footwear product,market
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research reports and make altered items in market to gain attention from potential
buyers. Weekly or monthly reports are published including fluctuation in pricing policies
and government rules which can affect start up.
 Trade association-These entities like export promotion council publish time to time
some useful data which can be used by ABC company to use in estimating current
scenario in footwear industry (Taylor, Bogdan and De Vault, 2015). For example, trade
association of footwear sector issues some latest trend and possible future preferences of
customers which is an inexpensive source of market research.
 Foreign government and international agencies-This source is also helpful in getting
data regarding growth of industry all over the world. In this, international units provide
information from which company can see which is actually potential product for it. These
provide standard reports for every business sector.
 Other sources-Apart from above sources of secondary data for market research stock &
commodity exchange and records of other companies in same footwear industry like Nike
, Puma can be used by ABC company. For future business operations, it can make an
estimated reports for same range product like sports shoes to make best quality item for
customers and get maximum customer satisfaction in long term. Thus there are many
source from which mentioned company can launch customised sports shoes in market.
2.3 Different parts of the marketing mix should fit together as a homogeneous whole
Being in highly competitive sector ABC industry has to fit basic aspects of product to
meet customers need and desires (Daymon and Holloway, 2010). Homogeneous is similar or
alike things which are from different root. For example, sport shoes of Puma and product of
ABC company are homogeneous as some features are same in both. To compete in market,
organisation must consider following parts of marketing-mix.
 Product-This is the main element of marketing of every business organisation like ABC
company. There are many best firms which offer customised sport shoes for sport player
and athlete. So to capture a considerable market share, organisation is seeking to add
some new and unique features to its shoes and get positive response form target market.
 Price-This is also an important aspect which should be reasonable and similar to current
scenario in footwear industry. For example, ABC company should offer slightly high or
low price for shoe to survive in long term. If Nike is providing a sunning shoe at 200 euro
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then, mentioned organisation should also make its shoe available on this prices or lower
to sell.
 Place-ABC company must open its stores which are reachable for public or target
audience (Mertens, 2014). Transporting and storage of goods are also an important part
of marketing and better suitability for product. So to compete in competitive market,
organisation should get right product at right place for customers to make an healthy sales
in future.
 Promotion-This part of marketing mix includes different types of advertising product to
make customer buy sports shoe of ABC company. There are some methods like social
media which covers maximum public and cost effective.
 People-They are individuals who are connected to business organisation like employees,
customers and suppliers. If attitude of workforce is positive and dedicated then it can
lead to profitable situation for company in long term. So, ABC firm should make sure
that
 Physical evidence-For successful marketing of product, organisation should provide
healthy atmosphere and ambience for customer so that they will be motivated to buy
goods in future.
 Process-This is a way in which it is described how a product is reached to customers and
consumed by them (Zikmund, Babin and Griffin, 2013). To compete in footwear market
of United Kingdom, ABC company should make a easy process like Nike which is a
leading brand in United Kingdom. Thus there are many parts of marketing mix which
should be fit for better business in long term in future.
2.4 Product development with marketing research information
Data collected from qualitative and quantitative research methods is used at every single
stage of product development. There are eight major steps in this process as following.
1. Generating-New market trend is determined by external and internal analysis. These are
based on information gathered from market research so that maximum possible needs of
customers can be fulfilled. PESTEL includes some major factors like political, legal,
social, environmental, economical and technology.
2. Idea screening-This is second step in product development for ABC company to launch
its new sports shoes in market (Hair, Sarstedt and Mena, 2012). There should be two
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cafeterias as whether to continue idea or drop it. So pros and cons are discussed in this
stage which helps in launching in an effectiveness.
3. Concept testing-This step includes evaluation of degree of desire or need of consumers
for particular sports shoes which ABC company is going to launch. For example, if
customers demand for specific feature in shoe then firm can provide it and make
maximum profit out of this concept.
4. Business analytics-In this step of product development process, whole progress of
launching is monitored. Input and output are evaluated as well as time spent on each h
stage is calculated. On basis of that, current process either will be applied or dropped for
future.
5. Marketability test-ABC company conducts several small tests which are helpful to
make further improvement in product for launch. These contribute in identifying any
drawbacks in product as well as scope for betterment in features or quality to get positive
feedback for customers.
6. Technicality or product development-This is the most crucial stage of process in
which different departments of company will test feasibility of product which is sports
shoes by ABC firm (Murphy, 2010). For example, production team will look after
manufacturing process, finance department would see cost and final price of shoe.
7. Commercialisation-In this step, firm will concentrate on methods of advertisement
which are helpful to make healthy purchase of product in ling term. So company should
adopt effective techniques like digital marketing.
8. Post launch review and perfect pricing-This is the final stage of product development
process in which after launching, company will review feedback about its sports shoes
items and adjust price according to market. Thus many steps are included in introducing
goods which is based on detailed market research information.
2.5 Proposals for product development to an audience
As entering a cut throat competition of footwear where strongest brands are offering a
wide range to customers, ABC company needs to provide a proposal in font of audience. There
are some description about product as followings.
 A perfect fit for men foot with latest technology in which foot width and weight are
perfect in ratio
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 Ankle support with comfortable pronation (supination)
 A perfect arch support to foot
 Terrian appropriate design with variety in road running and trail runners
 High quality construction with flexibility, durability, chunky and thick sole for running
 Affordable pricing
On basis of above features, firm has debate with audience on what are positive and
negative side I this item (Freng, Haugl and Hammervoll, 2011). A number of people from
audience have responded in both ways. One of the best positive thing about shoe considered by
public was width and weight ration in footwear which makes it perfect product for customers in
long term. On other side, a minus point is that as it has a thick sole, some of runners will not
prefer this for regular running activities. For example, sports person or athlete would be facing
difficulty with thick and heavy sole.
According to audience, other positive side of this item is that it has ankle support which
is an essential features for sports lover while running. This makes it widely desired in future for
target market and gain competitive advantages in future. As there are two range in shoes which
are for different purpose like road and trail running. So through these variety, company can
attract more customers to buy product. But some people of audience think that due to high
quality construction, it might not be so reasonable like other brands in footwear industry of
United Kingdom. It can be drawback for sales in future after before launching in market even
firm has claimed of affordable pricing of shoe (Kotler, 2012). As it is not a luxurious item, there
will not be few customers who will demand for it. Thus there are many pros and cons of new
sports shoe which is future product of new business start up of ABC company in footwear
market.
CONCLUSION
From the above report it can be concluded that marketing is an essential part of nay
business. A deep research of market is a must task for a particular product which helps in
forecasting demand and popularity of it. There are different sources from which important
information can be received like qualitative in which normal questions are answered in language
or symbols and quantitative in which numerical data is used to get answer. Marketing mix is an
important aspects for business as it includes all basic features like place, product and price etc.
Company can develop a product through an efficient marketing research of product ans services
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to identify current need ans preference of consumers in footwear industry. So, to start business
of ABC company, its owner has to provide a suitable proposal for product development to its
target audience in United Kingdom. Thus marketing is done by company to achieve its
objectives and goals of profit maximisation, revenue generating and a considerable market share
of footwear industry in United Kingdom.
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REFERENCES
Books and Journals
Armstrong, G., Adam, S. and Kotler, P., 2014. Principles of marketing. Pearson Australia.
Chattopadhyay, T., Shivani, S. and Krishnan, M., 2010. Marketing mix elements influencing
brand equity and brand choice. Vikalpa. 35(3). pp.67-84.
Daymon, C. and Holloway, I., 2010. Qualitative research methods in public relations and
marketing communications. Routledge.
Freng Svendsen, M., Haugland, S.A. and Hammervoll, T., 2011. Marketing strategy and
customer involvement in product development. European Journal of Marketing. 45(4).
pp.513-530.
Gheorghiu, A., Gheorghiu, A. and Spanulescu, I., 2010. Target market risk evaluation. arXiv
preprint arXiv:1007.1908.
Gök, O. and Hacioglu, G., 2010. The organizational roles of marketing and marketing managers.
Marketing Intelligence & Planning. 28(3). pp.291-309.
Hair, J.F., Sarstedt, M. and Mena, J.A., 2012. An assessment of the use of partial least squares
structural equation modeling in marketing research. Journal of the academy of
marketing science. 40(3). pp.414-433.
Jobber, D. and Ellis-Chadwick, F., 2012. Principles and practice of marketing (No. 7th).
McGraw-Hill Higher Education.
Kotler, P., 2012. Kotler on marketing. Simon and Schuster.
Lindgreen, A., Swaen, V. and Johnston, W., 2009. The supporting function of marketing in
corporate social responsibility. Corporate Reputation Review. 12(2). pp.120-139.
Luan, Y.J. and Sudhir, K., 2010. Forecasting marketing-mix responsiveness for new products.
Journal of Marketing Research. 47(3). pp.444-457.
Mertens, D.M., 2014. Research and evaluation in education and psychology: Integrating
diversity with quantitative, qualitative, and mixed methods. Sage publications.
Murphy, P.E., 2010. Marketing, Ethics of. Wiley Encyclopedia of Management.
Nwankwo, S. and Gbadamosi, T. eds., 2010. Entrepreneurship marketing: principles and
practice of SME marketing. Routledge.
Sarkees, M., Hulland, J. and Prescott, J., 2010. Ambidextrous organizations and firm
performance: the role of marketing function implementation. Journal of Strategic
Marketing. 18(2). pp.165-184.
Taylor, S.J., Bogdan, R. and DeVault, M., 2015. Introduction to qualitative research methods: A
guidebook and resource. John Wiley & Sons.
Taylor, S.J., Bogdan, R. and DeVault, M., 2015. Introduction to qualitative research methods: A
guidebook and resource. John Wiley & Sons.
Wedel, M. and Kamakura, W.A., 2012. Market segmentation: Conceptual and methodological
foundations (Vol. 8). Springer Science & Business Media.
Zikmund, W.G., Babin, B.J. and Griffin, M., 2013. Business research methods. Cengage
Learning.
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