Learning Aim B - Using information to develop the rationale for a marketing

B1 Purpose of researching information to identify the needs and wants of customers • To identify target markets. • To identify size, structure and trends in the market. • To identify competition.

B2 Market research methods and use • Primary research, to include survey, interview, observation, trials, focus groups. • Secondary research: o internal – business data on customers and financial records to include loyalty cards and sales records o external – commercially published reports, government statistics, trade journals, media sources. • Importance of validity, reliability, appropriateness, currency, cost. • Quantitative and qualitative data, when and where used. • Sufficiency and focus of the research. • Selection and extraction.

B3 Developing the rationale • Interpretation, analysis and use of data and other information to make valid marketing decisions. • Identification of any further sources of information that may be required. • Evaluation of the reliability and validity of the information obtained. • Product life cycle.

to identify : target markets, size, structure and trends in the market, competition.