Assignment 2 Marketing Intelligence FPT Greenwich

Assignment 1 môn Marketing Intelligence. Nhận viết thuê assignment chuyên ngành marketing bằng tiếng anh hoặc tiếng việt giá hợp lý. Liên hệ 0978936352 Contents Task 1: Marketing research techniques 1 1.1 Evaluate different types of market research techniques 1 Suitable research technique on Ress Pub 8 1.2 Use sources of secondary data to achieve marketing research objectives 9 Task 2: Market Size and Future Demand 10 2.1 Assess market size trends for the client’s product. 10 2.2: Plan and Carry out a competitor analysis for your client’s product. 0 2.3: Evaluate your client’s opportunities and threats. 0 Bibliography 2

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Marketing Intelligence

Assignment 2

[Pick the date]

Ha Hung Minh

Contents

Task 1: Marketing research techniques 1

1.1 Evaluate different types of market research techniques 1

Suitable research technique on Ress Pub 9

1.2 Use sources of secondary data to achieve marketing research objectives 10

Task 2: Market Size and Future Demand 11

2.1 Assess market size trends for the client’s product 11

2.2: Plan and Carry out a competitor analysis for your client’s product 0

2.3: Evaluate your client’s opportunities and threats 0

Bibliography 2

Task 1: Marketing research techniques

1.1 Evaluate different types of market research techniques

Identify Primary research is the research you

generate by asking questions, conducting trials and collating results

This research can take the form of quantitative or qualitative research

(Different type of research, 2014) Primary market research lets you investigate an issue of specific interest to your business, get feedback about your website, assess

Secondary research is based on the findings from other people's research

It involves the gathering of the results of other's research from books, reports or the Internet Selections or summaries are made of the research allowing for evidence to

be gathered supporting your conclusions (Different type of research, 2014)

Internal data: financial report,

demand for a proposed service, gauge response to various packaging options, find out how much consumers will pay for a new product, and more

Primary research delivers more specific results than secondary research, which is an especially important consideration when you're launching a new product or service

In addition, primary research is usually based on statistical methodologies that involve sampling

as little as 1 percent of a target market This tiny sample can give an accurate representation of a particular market

feedback from customer,

Advantages Targeted Issues are addressed: The

organization asking for the research has the complete control on the process and the research is streamlines as far as its objectives and scope is concerned Researching company can be asked to concentrate their efforts to find data regarding specific market rather than concentration on mass market

Time and Cost effective: Usually time

and cost required to collect secondary data is less than efforts required to collect primary data Data is available freely or at far lesser cost through secondary sources

Extensiveness of data: Data collected by governments and other institutes is usually very extensive and covers a large spectrum of issues An organization can filter that

Data interpretation is better: The

collected data can be examined and

interpreted by the marketers

depending on their needs rather

than relying on the interpretation

made by collectors of secondary

data

Regency of Data: Usually secondary

data is not so recent and it may not

be specific to the place or situation

marketer is targeting The researcher

can use the irrelevant seeming

information for knowing trends or

may be able to find some relation

with the current scenario Thus

primary data becomes a more

accurate tool since we can use data

which is useful for us (Different type

of research, 2014)

Proprietary Issues: Collector of

primary data is the owner of that

information and he need not share it

with other companies and

competitors This gives an edge over

competitors replying on secondary

data (Primary research and

Secondary research, 2013)

data and consider only parts which they are targeting

Basis of Primary Research: Data

collected from secondary sources gives an idea to organization about effectiveness of primary research From secondary data one can form hypothesis and can evaluate the cost and efforts required to conduct own surveys One can also note down issues, which are not covered from secondary research and, need to be addressed through primary research (Primary research and Secondary research, 2013)

Disadvantages High Cost Collecting data using

primary research is a costly proposition as marketer has to be involved throughout and has to design everything

Time Consuming Because of exhaustive nature of the exercise, the time required to do research accurately is very long as compared

to secondary data, which can be collected in much lesser time duration

Inaccurate Feed-backs In case the

research involves taking feedbacks from the targeted audience, there are high chances that feedback given

is not correct Feedbacks by their basic nature are usually biased or given just for the sake of it

More number of resources is required Leaving aside cost and

time, other resources like human resources and materials too are needed in larger quantity to do surveys and data collection (Primary research and Secondary research,

Data Definitions: Secondary Researcher needs to understand various parameters and assumptions that primary research had taken while collected information A term may have different meaning for different people, example a term 'youth' used is ambiguous and one needs to find what is the assumed age taken by primary researcher

Inaccuracy of Data: As we are not

gathering our own information, hand, we are totally dependent on someone else's efforts Primary researcher may have been biased or may have used questionable methods to collect data; this can be pretty risky for secondary researchers to base their report on such data

first-Time Lag Issues: Information collected from books, historical surveys are usually not sync with the times and might have changed drastically Thus making such information a foundation of research may be highly risky for the business

or project

May not be Specific: Extensiveness

2013) of such information is its benefit as

well as drawback Organization will not get answers to their specific issues through this data directly and one needs to 'mine' further into it to get relevant information

Proprietary Issues: Some of the

secondary sources might have copyrighted their information and using them without permission can lead to various legal complications (Primary research and Secondary research, 2013)

Qualitative research: interviews,

focus groups, ethnographies, participant observations

Quantitative research: controlled,

laboratory experiments, field work, questionnaires, surveys (Different type of research, 2014)

Compare Primary research: involves the collection of data that does not already exist,

meaning research activity to collect original data Primary research is often undertaken after the researcher has gained some insight into the issue by collecting secondary data

Secondary research: involves the summary, collection and/or synthesis of

existing research Secondary research includes meta-analyses and literature reviews (Different type of research, 2014)

Qualitative research Quantitative research Identify Qualitative Research is primarily

exploratory research It is used to gain an understanding of underlying reasons, opinions, and motivations It provides insights into the problem or helps to develop ideas or hypotheses for potential quantitative research

Qualitative Research is also used to uncover trends in thought and opinions, and dive deeper into the problem Qualitative data collection methods vary using unstructured or semi-structured techniques Some common methods include focus groups (group discussions), individual

participation/observations The sample size is typically small, and respondents are selected to fulfill a given quota (Qualitative Research, 2012)

Quantitative Research is used to quantify the problem by way of generating numerical data or data that can be transformed into useable statistics It is used to quantify attitudes, opinions, behaviors, and other defined variables – and generalize results from a larger sample population Quantitative Research uses measurable data to formulate facts and uncover patterns

in research Quantitative data collection methods are much more structured than Qualitative data collection methods Quantitative data collection methods include various forms of surveys – online surveys, paper surveys, mobile surveys and kiosk surveys, face-to-face interviews, telephone interviews, longitudinal studies, website interceptors, online polls, and systematic observations

Advantages Issues and subjects covered can be

evaluated in depth and in detail

Interviews are not limited to particular questions and can be redirected or guided by

Practical Large amounts of information can be collected from a large number of people in a short period of time and in

a relatively cost effective way

researchers in real time

The direction and framework of research can be revised quickly as soon as fresh information and findings emerge

The data in qualitative research depends on human experience and this is more compelling and powerful than data gathered through quantitative research

Complexities and subtleties about the subjects of the research or the topic covered is usually missed by many positivistic inquiries

Data is usually gathered from few individuals or cases therefore findings and outcomes cannot be spread to larger populations

However, findings can be transferred to another setting

With this type of research, the researcher has a clear vision on what to expect They collect data in

a genuine effort of plugging data to bigger picture (Qualitative Research, 2012)

Can be carried out by the researcher

or by any number of people with limited affect to its validity and reliability

The results of the questionnaires can usually be quickly and easily quantified by either a researcher or through the use of a software package Can be analyzed more 'scientifically' and objectively than other forms of research

When data has been quantified, it can

be used to compare and contrast other research and may be used to measure change

Positivists believe that quantitative data can be used to create new theories and / or test existing hypotheses (Quantitative research, 2013)

Disadvantages The quality of research is heavily

dependent on the skills of the researcher and can be easily

Is argued to be inadequate to understand some forms of information - i.e changes of

influenced by personal

idiosyncrasies and biases of

researchers

Rigidity is more difficult to assess,

demonstrate and maintain

The quantity of data makes

interpretation and analysis

time-consuming

Qualitative research is sometimes

not accepted and understood

especially within scientific

communities

The presence of researcher in the

process of data gathering is

unavoidable and can therefore

affect or influence the responses of

subjects

Issues on confidentiality and

anonymity can pose problems

during presentation of findings

Findings can be time consuming

and difficult to present in visual

ways (Qualitative Research, 2012)

emotions, behavior, feelings etc Phenomenologists state that quantitative research is simply an artificial creation by the researcher, as

it is asking only a limited amount of information without explanation Lacks validity

There is no way to tell how truthful a respondent is being

There is no way of telling how much thought a respondent has put in The respondent may be forgetful or not thinking within the full context of the situation

People may read differently into each question and therefore reply based on their own interpretation of the question - i.e what is 'good' to someone may be 'poor' to someone else, therefore there is a level of subjectivity that is not acknowledged There is a level of researcher imposition, meaning that when developing the questionnaire, the researcher is making their own decisions and assumptions as to what

is and is not important therefore they may be missing something that is

of importance (Quantitative research,

2013)

Suitable research technique on Ress Pub

Both of secondary research and primary research are suitable with Ress Pub to finish the report

First of all, Ress Pub is a small business so managers of Ress Pub don’t want to waste time and cost To beginning, they will use secondary research because secondary sources are available freely Moreover, data collected from secondary sources gives an idea to organization about effectiveness of primary research When managers of Ress Pub collect enough information from secondary research, they can find out things are missing secondary sources so they can find it from primary data It will help managers can save cost and time consuming when conduct the primary research

Secondly, secondary data is not so recent and it is not be specific to situation of Ress Pub Thus primary research will collect data that useful for Ress Pub Primary research is more close to the objectives of the research, the author need to concentrate their efforts to find data regarding specific market rather than concentration on mass market Collector of primary data is the owner of that information and managers of Ress Pub don’t need to share it with other companies and competitors This gives an edge over competitors replying on secondary data

Thirdly, in author opinion, Ress pub can use qualitative research because issues and subjects covered can be evaluated in depth and in detail Qualitative research used to gain an understanding of underlying reasons, opinions, and motivations It also help to collect more information because interviews are not limited to particular questions and can be redirected or guided by researchers in real time Managers of Ress Pub just meet some focus group customers to gain an understanding of underlying reasons, opinions, and motivations However, if financial conditions allow, Ress Pub can also use quantitative research because quantitative data collection methods are much more structured than qualitative data collection methods

1.2 Use sources of secondary data to achieve marketing research objectives

This task will provide some research before about the Pub and bar market Though it we can evaluate if they are suitable for this research or not Moreover, by basing on factors which people used to access market, we can choose factors more fit with the market research When know factors and items affect to the customer behavior or customer’s purchasing, Pub and Bar can improve the strengths and cut down or reduce the weakness That can help Pub and Bar can access the market which is the segmentation of the business and fight down their competitors So it is very important to know the factors as well as items affect to the access market

With evaluating market of Pub and bar, there are some of expert’s researches before An example this is Wen-Ko Jang, department of International Business in Hong Kong has research about the factors affect to the evaluating market of Pub and Bar in Hong Kong In this research

he reminded to some factors like pricing, place, promotion, transportation or appearance, etc

of the Pub and bar which affect a lot to attract customer as well as customer’s purchasing (Jang, 1984) Another research of Department of Economics School of Economics and Commercial Law University of Gˆteborg about the Demand Pub and bar also used factors like pricing, customer service, location, promotion and appearance, etc to evaluate the quality of Pub and bar (Business, Economics and Law Faculty, 2001) With this research they used the interview group

to evaluate the important of each factors Or in other the research have title “standard of a Pub and Bar” of Hong Kang- master of Marketing, lecture of Seoul University mentioned to some factors, such as, delicious of food and drink, the customer service, the location (view of Pub and Bar), and the hospitality, etc He used the scale point from 1 to 5 to evaluate the important of the factors (Dr, 2009) However, in Vietnam there are very few research about Pub and Bar, mostly from the essays of the University students This is a big disadvantage when looking for secondary information about Pub and Bar in Vietnam

In all most researches they appreciate the factor food, location, appearance, pricing and customer service And each factors, the numbers of items is so large Of course with any

researches also have the errors So how can we avoid the error and unnecessary items? Base on the research of interviewing can reduce the unnecessary items and using Screening question in survey can give us a result relatively accurate

Task 2: Market Size and Future Demand

2.1 Assess market size trends for the client’s product

Company/ SBU data Drinks and Fast-food Drinks and Fast-food

Market name Vietnam Entertainment

services

Vietnam Entertainment services

Unit sales (packages) Up to this moments 6.000

(from July 2015 to October 2015)

100.000

Sales 300 million VND 2 billion VND

Profitability - 2 billion VND -0.8 billion VND

Market Data Market size (people) 4,3 million 5,7 million

No of dealers/distribution 1 1

Qualitative data

Environment factors Political Factors

Vietnam is considered as one of the countries with a stable level of high politics According to the Economic Institute on Peace (IEP), 2011, Vietnam ranks 30/153 on the level of political stability, which, including the assessment of the risk of war, security full politics

Overall, the government of Vietnam has always sought to provide policies to support businesses Besides, also attempts