This business uses a variety of research methods to get hold of data to a level where it is as accurate as possible. Through secondary research they manage to gain knowledge of how rival businesses have been performing according to the records found. Through their primary research they have the ability to corroborate if the information gathered through their secondary research is accurate or not. The four main research methods used by all businesses are primary and secondary research and quantitative and qualitative research.
Subsequently, the methods mentioned above are used to identify the gaps and needs in the market that are potential new product development ideas. Secondary research is the first method used, as is the fastest and most accessible way of getting hold of information. Secondary research is a research made by someone external to your company, which means that there is no clear certainty that the information is accurate and is not bias.
Moreover, organisations then move to do primary research in order to gather first hand information which is more accurate and they can make sure is not bias. This is information is then used for many purposes. Apart from primary and secondary research they also classify their research in terms of quantitative and qualitative data. Quantitative data is information that is recorded in terms of numerical figures and qualitative data is information, which can be measured which can be customer’s opinions. Customer Feedback is a primary source of information used and is the most reliable as is information from first hand. This feedback contributes very well towards the business as it helps them identify weaknesses as see the honest opinion of the public about their brand. Feedback forms is classified as qualitative data.
In addition, Dominos’s marketing research has seek them to realise that in order for them to keep their competitive advantage they have adapt to each country they are based in. Dominos has segmented its products according to demographic and geographic factors. Dominos localises its menu according to the country in order to suit the public better. For example, in India Dominos understands a cow has religious attachments and so Dominos has replaced peperoni beef based toppings with spicy chicken sausage toppings. So it is clear to see that both Dominos hold consumer interest and preferences as high priorities shown by the cultural adaptations.
The Pizza industry is full with nearby and global organisations like Papa Jones, Pizza Hut, Zizzi Pizza which are all competing to get one another’s piece of the pie (Market Share). In addition, Dominos has been able to gain great part of the market shares due to the credibility they have gained with their online offers and on time deliveries as for example they have created and slogan in people’s mind that associated a fast 30 minutes delivery with Domino’s brand image. Dominos has managed to be the leader in their industry by focusing on two primary factors, which are to be distributed well across countries and areas and their deliveries.
Dominos has used its marketing strategy to locate its stores strategically in certain areas to captivate and offer their products in places where there is not much competition. Dominos’s deliberate location of its stores and its coordinated delivery system framework has helped them to serve its customers in the most ideal way by offering convenience. Decreasing the waiting period of each delivery is the significant preferred standpoint that Dominos has over its rivals.
Dominos stores are deliberately situated in specific locations to provide food of a different kind in areas where there is not much similar businesses in order to give convenience to those customers in those areas. Moreover by them keeping on the web deals channel through offering promotions is helping the organisation to: increase the consumer loyalty level by offering convenience and cost control by offering the best prices.
Discuss how the business would use the results of the market research to develop
i) objectives ii) strategies and iii) tactics for their marketing plan
Consequently, the business will use their results recorded from their market research to set their objectives, strategies and tactics for their marketing plan. These decisions will be made upon the information they gathered as with his information they are able to identify what their target market needs and desires from a business of this kind.
It’s the most straightforward path for business visionaries to stay aware of market slants and keep up a focused edge by analysing your business opportunity. Market research can be done at different phases of a business life cycle, from pre-dispatch onwards. Having a more prominent comprehension of your commercial centre from the exact begin will empower you to make a sound business system to set up and develop your image into one that is superior to the challenge.
Objectives
Strategies and tactics for their marketing plan
Because of the nearness of different junk food choices, it is troublesome for the Pizza organizations to expand the client base though in the meantime increment its piece of the pie. In creating countries it is intense for the organizations like Dominos to expand the market estimate because of a few variables like Low for every capita salary, destitution level, education level and way of life.
Using the same business, explain the limitations of the marketing research methods you described in part a). Making reference to how this research contributes to the marketing plan of the business.
Furthermore, the main limitation of the marketing research methods used is that they are all time consuming and can be cost ineffective. In business time is money and businesses cannot afford to waste time for these reasons these research methods are carried out only for certain periods of time. The following are some of the major restrictions that marketing research has:
Time consuming: Marketing research is a long and tedious process. This procedure includes numerous essential advances and all of these means are vital and not by any means a solitary advance can be disregarded or maintained a strategic distance from. As such, there are no easy routes in Market research and if things are going to be done properly they take time.
Cost ineffective: Marketing research is an expensive process. It needs a great deal of cash to lead different statistical surveying exercises. Immense assets are required to pay rates, direct overviews, plan reports, and so on. It’s anything but a practical decision for independent companies. It is appropriate just to organisations who can manage the cost of its expense.
Restrictions: Marketing research as such takes care of numerous business related issues. However it cannot take care of issues identified with consumer behaviour and expenditure which makes market research be limited to certain extent as it does not help the business fix/identify all its issues
Accuracy: Marketing research examines customer behaviour and advertising opportunities. These components are entirely unpredictable. Therefore, leading to the results not being accurate, it gives results, however it can’t give 100 per cent right outcomes.
Customer behaviour: Marketing research gathers information about customers. However this information can vary from one day to another and it continues changing as per the time and states of mind of the customers. Customer behaviour is impacted and reflected many different variables which makes this exceptionally hard to examine as the results can vary drastically in a short period of time.
Specialised staff: Marketing research has to be done by specialists that have been trained for these aspects of the research. These specialists must be qualified and experienced in order to carry out the best job possible to deliver the most accurate and precise results to the business. persevering, understanding and genuine are some of the attributes the people †hat carry out market research have.
As we can see market is a very positive procedure that can be done in any organisation but the same way it has its benefits it also has its side effects that could deliver in a loss for the business. So instead of doing more they could end up doing less. When doing this process the business needs to make a marketing plan before they start in order to arrange the time and money they have available. This way the organisation is able to adapt to their budget and availability of staff to go ahead with this process so the market research can be done properly
The other main thing to keep in mind about this process is that market research measures the past not the future. Which means that decisions made upon the information gathered from the market research are not going to go exactly as planned. There is a margin on error as decisions are made upon predictions made by analysts, which base predictions on their intuition and past patterns.