MARKETING PRINCIPLES2 1. Woolworth supermarket 2. Supermarket and grocery industry- The Woolworths supermarket retails in household products, groceries, electronics, health and beauty products, stationeries, and pet and baby supplies. 3. Marketing research is a procedure that links producers, consumers, and the end-users to the marketer through the use of information on identifying and defining the marketing opportunities and problems, generation, refining, and evaluation of marketing actions, monitoring of market performances and the improvements of marketing understanding (Churchill, Brown and Suter, 2014). The purpose of marketing research helps in; (a) verification of market needs. These help the industry in understanding when and where consumers buy their products and how they use them. The demand for the industry is dictated by the size and diversity of the consumer base. (b) Identification of competitors. The research helps the industry to know and understand other similar industry players. The act enables the industry to position itself by copying the working practices and ignoring the non-working practices. (c) Customer satisfaction forms the main purpose of market research. Happy customer in business practices is an indication of a job well done (McDaniel and Gates, 2013). Customer feedback and insights help the business in maintaining or adjusting their business practice for the satisfaction of the people served and building a loyalty brand. 4. The market research on Woolworth supermarket will be an exploratory research design. The exploratory research design involves the product appealing to enhance advertising and how to improve existing services; that's the main purpose of the Woolworth supermarket market research. A causal research design ascertains the profitability of a business depends on an increase in staff, the suitability of advertisements, and the contemplations of the new budgets. A
MARKETING PRINCIPLES3 descriptive research design helps in the description of certain behavior of group composition, for example, age, gender. 5. Secondary marketing research is a type of marketing research method involving information or data collection from a secondary source. The research entails a business collection and usage of information previously collected and used by other business entities. Examples of secondary research sources include internal sources, government publications, commercial data, periodicals, and books (Burns, Bush and Sinho, 2014). 6 (a)Azuma, N., & Fernie, J. (2001). Retail marketing strategies and logistical operations at a Japanese grocery supermarket chain–case study of Summit Inc. (b) The advantage of this source provides insights into the retail marketing strategy used by a supermarket chain in Japan. The source provides customer insights, marketing information. The disadvantage with the source is the difference in the business environment as the source operates in Japan while the market research for the Woolworth supermarket is done in Australia. (c) The secondary source on the marketing strategies and logistical operations at the Japanese grocery supermarket chain serves its purpose as it provides strategies on business competitors; the market needs verification and ways of customer satisfaction. (d) The secondary sources outline the competitive environment for operating the grocery chain, and the marketing strategy put in place for its consumer target. 7. Boyer, K.K. and Hult, G.T.M., (2005). Extending the supply chain: integrating operations and marketing in the online grocery industry
MARKETING PRINCIPLES4 8. Montgomery, A.L., (1997). Creating micro-marketing pricing strategies using supermarket scanner data. 9.Supermarkets and Grocery Store's industry outlook (2019-2024) 10.(a) The difficult critical part for Woolworth supermarket research is customer satisfaction feedback and insights. The area proves difficult as the industry keeps the feedbacks for use by the management for improvement of service delivery and business strategy. The secondary sources do not provide specific customer insights for filling. (b) The proper way of handling the customer feedback and insight areas is by using the primary market research, which includes, approaching the company’s customers and prospective customers and getting the feedback. 11. Primary market research is a type of marketing research where the research is either done by yourself or a person hired by you. The procedure involves directly approaching the customers and prospective customers in your target market. (a)The primary research is conducted through interviews, surveys, questionnaires, focused group discussions, and visits to competitor’s locations and businesses (Hair et al., 2010). The target audiences are the customers, management and the competitor’s customers. A survey would be the appropriate primary research tool. (b) Advantages of survey -Easier to administer -cost-effective method - Ability to develop in less time and conducted remotely.
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MARKETING PRINCIPLES5 Disadvantage of survey -Customized surveys containing certain errors - Respondents not providing honest and accurate answers Advantages of the focus group -The ability of interaction of the researcher to the participants -Results easily understood - The ability of the researcher to obtain information through non-verbal responses e.g., facial expressions. Disadvantages of a focus group -Difficult to steer and control -Respondents feeling pressure to give precise answers Advantages of in-depth interview -Proper understanding of participants -Direct interactions -Quick responses -flexibility and cost-effective Disadvantages of in-depth interview -Time-consuming - A requirement of a trained interviewer
MARKETING PRINCIPLES6 12 Advantages of primary research sources -Ability to address specific research problems -Has a greater control on how data is collected -Efficiency in spending on information Disadvantages of primary sources -very expensive -Time-consuming -Infeasibility Summary There are two types of marketing research sources namely, the primary research source and the secondary research source (Wild and Diggines, 2010). The development of marketing information involves internal data, competitive marketing intelligence, and marketing research. There are three marketing research designs, namely, exploratory, descriptive, and causal research designs (Lal and Rao, 2012). A research plan in market research outlines various sources of the data existing, the specific research approaches, and the sampling plans. Evaluation of secondary sources involves relevance, accuracy, currency, and impartiality (Grashof, 2010). Primary research involves observational, survey, and experimental research. After the research conduct, the interpretation and reporting of the findings are necessary for implementation by the management. And finally, market research guided by the public policies and ethics requirements in market research.
MARKETING PRINCIPLES7 References Burns, A.C., Bush, R.F. and Sinha, N.,(2014).Marketing research(Vol. 7). Harlow: Pearson. Churchill, G.A., Brown, T.J. and Suter, T.A., (2016).Basic marketing research. Orlando, FL: Dryden Press. Grashof, J.F., (2010). Supermarket chain product mix decision criteria: A simulation experiment.Journal of Marketing Research,7(2), pp.235-242. Hair, J.F., Celsi, M., Ortinau, D.J. and Bush, R.P., (2010).Essentials of marketing research. New York, NY: McGraw-Hill/Higher Education. Lal, R. and Rao, R.,(2012). Supermarket competition: The case of every day low pricing.Marketing science,16(1), pp.60-80. McDaniel, C. and Gates, R., (2013).Marketing research. Singapore. Phillips, L.W., (2011). Assessing measurement error in key informant reports: A methodological note on organizational analysis in marketing.Journal of marketing research,18(4), pp.395-415. Wiid, J. and Diggines, C., (2010).Marketing research. Juta and Company ltd.