c Outline two ways of presenting market research data on existing
products that T&T could use.
[4]
Answers
Answer:
The questions or requests of information must be phrased in a way that you avoid lies, misinterpretation, a good idea is to test the questions first with a small group, even smaller than the sample.
e) Do you think market research is necessary before T&T develop a new product? Justify your answer. [6]
On the one hand, I would say that allways is necessary only if the cost of producing the information is lower than the value of that information that will help T&T to develop a new and succesful product.
On the other hand, I could say that if T&T want to make an improvement of an existing product could be useful to be guided by the results of primary research. Since T&T wants to develop a new product they have to identify with its market research the unsatisfied wants of the potential customers. In case they have already an idea for a new product they could use the market research to check if that new product could be succesful in terms of satisfying customers neeeds which will be translated into more sales.
2- H&H have recently designed a new app for the iphone. People in many different countries will be likely to want to download this app. The MD wants the marketing department to carry out secondary research rather than primary research before launching this new app.
a) What is meant by secondary research?[2]
Is whenever you process information/data/figures that have been previously the result of a primary market research, or results of any statistical source for any other purpose different from yours.
b) Identify 2 examples of secondary market research data which could be used by H&H.[2]
Their own database with information about customers downloading their other applications for IPhone. Other companies database with their information about their customers downloading applications for IPhone. In the second case these companies don´t have to be competitors.
c) Identify and explain 2 advantages to H&H of using secondary market research.[4]
-First one is that the time it takes to work with that information is less compared with waiting first for the collection and collation of data from a primary research.
-The second one is that is cheaper to find this info or to buy it than to prepare the whole primary research inside the company or hiring the services of another company.
d) Identify and explain 2 reason why accurate market research information is important to H&H.[6]
-The first one is that accurate information will lead to good and profitable decisions in the future.
-The second one is that accuracy in the info/data is basically what makes this info worthy and the reason of investing all the money spent in the research.
It should never be assumed straight that the info is objective and correct. That´s why specially if you are doing the secondary research the moment of choosing the source of the information and reading how they reach the results is an esential part of the process of desk research.
e) Do you think the MD is right to want to only carry out secondary research? Justify your answer.[6]
Specially in the case of digital application for electronic devices which use internet the digital information available by Apple or any of the app developers is reliable and it is not necessary to carry any primary research. However, if they are going to develop a new application that is “revolutionary” in any sense may be it could be a good idea to invest in a primary market research.
Explanation:outline two ways of presenting market research data on existing products that t&t could use