Type: Definition Essays
Sample donated: Margaret Rogers
Last updated: December 28, 2019
Q1&2- Explanationand purpose of Market ResearchIntroduction ofMarket ResearchIn this report, I will be exploring how market research isused to market the latest IPhone 8 as well as an explanation on marketresearch.
The assignment will help provide the definition of market researchand the importance of how it is used in the business world. It will alsoinclude how the marketing mix of the IPhone 8 justifies itself in differentparts and fits together as a whole. Products such as IPhone 8 use differentmarket research methods in order to create a successful marketing strategy. Inthis assignment, I will evaluate the different sources and methods of marketresearch and its contribution to selected marketing products. Marketresearch is a process of obtaining, analysing and evaluating informationrelating either markets or marketing. The purpose of market research is to helpdifferent types of businesses and organisations identify the customers orconsumers’ needs and requirements. The findings of market research aregenerally summarized in reports or case studies.
The reason for this is thatorganisation and business owners can make more informed decisions about the businessesmarketing strategy and respond to customer feedback. The importance of market research is that it offers aninsight of strategic aspects of what other competitors are selling, products orservices being made, the use of marketing strategies and most importantlyknowing your audience. This type of information helps businesses have a stepover in marketing world as well as add good value to the company. Overall, the benefits of using market researchhelps the business run more efficiently and effectively.
Primary DataMarket research uses a variety of different research methodsin order to gather or obtain information, two of the research methods thatmarket research use are primary data and secondary data: Primarydata is the type of information you gather yourself, the process of primarydata is that you are very much involved in obtaining the information yourself andthat it is precisely the type of data the researcher is looking for.Researchers often collect primary data by using research methods such asquestionnaires, social experiments, surveys and face to face interviews. Thiscan be identified as what benefits primary researchers, however primary datacomes with their own advantages and disadvantages. One advantage of primary data is that it is raw data beingreceived, frequently when researchers gather primary data it can be oftenrepeated with direct research questions. It allows researchers to ask morequestions and learn new information about the product. It is data which is moreup to date as you have collected the data by yourself given a more accurateanswerAnother advantage of primary research is that you have morecontrol of the research you are producing; primary data lets the market tofocus on certain issues but it also allows the researcher to have an advancedlevel of control over how the information is collected.
Moreover, a third advantage in primary research is thatresearchers have the prospects on studying different focus groups, in contrastto secondary research they tend to waste time in spending or studying informationwhich is not needed whereas primary researchers have the advantage ofcollecting specific issues which improves the outcome of results efficient andeffectively. In contrast, primary data also comes with a range ofdrawbacks in order of collecting and gathering data. One of these disadvantagesis that the data can be very expensive which will take a lot of researchers’mind funding the money. Also, the cost in expense as well as preparing andcarrying out research can be high.An additional disadvantage is that it can be time consumingand in order to have a reliable and accurate result, the data needs to correctlydone and requires a sensible development and finishing performance of aresearch strategy. A final disadvantage of primary data is that it is difficultto obtain and gather information based on the wrong biased information. Thistype of gathering data leads to incorrect feedbacks, this means when theresearcher includes feedbacks and opinions from the targeted participants, thechances of the participants of given their own biased personal point of view isvery high and data may not be correct.
The significance of feedbacks is they arebased on people’s biased opinion; they are usually given just for the sake ofit. Secondary DataOn the other hand, researchers also use secondary data toobtain and gather information from participants. First of all, secondary datais data that has already been collected by a different researcher in the past,it more quick and easy to find secondary data compared to primary data whichtakes a longer process in finding the data. Secondary data collects informationfrom online websites, magazines, newspapers and government report.
You cananalyse the data in new ways, but the information is available to a largenumber of people. Similarly, to primary data, secondary data also consistsadvantages and disadvantages in collecting research. One of the advantages of secondary data is unlike primarydata it is much cheaper and less time consuming. Usually time and cost is required to collectsecondary data, however it require less than efforts required to collectprimary data. Data is available freely or at far lesser cost through secondarysources. Therefore, this information is much less expensive than if theresearchers had to carry out the research themselves. In other words, secondary data is much easier to accessbecause you have resources such as the internet, books and reports to gatheryour information which leads to saving time in processing your data.
In thepast secondary researchers relied to obtain their information solely on booksor newspapers, however with the availability to internet access, the researchersare openly accessed to range of sources. This offers suitability and largely consistenthabit of methods for all sources of secondary research. One more advantage of secondary data is how it stands outfrom primary data, the importance of secondary data collection is often used tohelp focus on a large balance of primary research. Whenfocusing on secondary research, the researcher may realize that the exactinformation they were looking to uncover is already available through secondarysources. This would effectively eliminate the need and expense to carry out theirown primary research. However,there are also disadvantages in secondary data as the data is collected fromother researchers meaning they may have not found the correct data or aresearcher does not find themselves in a position to find the accurate data.The researchers in secondary data are gathering are not gathering their owninformation as compared to primary researchers, they are relying on someoneelse’s findings and reports. Another disadvantage of secondary data is researcher’scollecting or obtaining information that has been outdated.
For example,secondary researchers obtain their information using the internet, books orreports yet reports and mostly books are outdated and not in sync in what isgoing on in the modern business world. Times have changed drastically in thelast decades or more making information based on research a high risk for acertain business project or work. Overall, comparingprimary data to secondary data, primary is more advanced of being more reliablein order of gathering information whereas secondary research can be confusedwith biased information.
The main disadvantage in primary data is that it isfar costliest and takes a lot of your time in collecting the data compared tosecondary data which saves a lot of time. In general, the use of secondaryresearch offers many significant advantages to the secondary researcher as itis important for the researcher to identify and manage the disadvantages thatare accompanied by the use of secondary research. Q3 – Presentationand analysis of your secondary research data (e.g. customer reviews about the IPhone8, etc.)In this task I will collect, display and analyse somesecondary research data on the iPhone 8, e.g.
customer reviews. I started withthis site where I found some customer reviews From the image above, the customer reviews instigate that theiPhone 8 has proved to be the smallest out of the current iPhone is that hasbeen released. Customer are said to be happy with the quality and speed of the iPhone,it’s “A11 Bionic chip inside ensures games and augmented reality apps runsmoothly, and the phone’s 12-megapixel camera is much improved over last year.”Another essential customer is happy about is the new glass body display, it isa “8’s redesigned body also allows for wireless charging. Wireless charging isa certain feature customers have been raving or waiting about, despite thiscustomer had wished to had done more of an update to its design. Another con customerhas given their critique on is the fact that the iPhone 8 still The iPhone 8still doesn’t withstand water to the extent of some rivals, and it lacks thedual camera found in the 8 Plus. Still, for fans who want a blend of classicApple style and top-tier performance, the iPhone 8 is an excellent option. The following image shows negative customer reviewsregarding the iPhone 8.
The article suggest that iPhone 8 is “not worth buying”meaning it is waste of money to spend £699 on a phone. The reason this customerbelieves that the latest instalment of iPhone 8 is waste of money is because ithas limited upgrades from the previous iPhone 7. They do not agree on spendinga massive amount of money on a phone which is similar to the phone they alreadyown for money. They believe that they do not see a massive amount of differenceand are trying to save you money.Q4-QuestionnaireIPhone 81.
Are you: · Male· Female 2. What age are you?· 10-17· 18-25· 25-35· 36-45· 46+ 3. Why would you pay for the premium iPhone 8?· Design of the glass door· Product feature· Reputation 4. What doyou think of the price of iPhone compared to with others in the industry?· Affordable· Average price· Unaffordable 5.
What part of the product attracts you?· Appearance· Product Quality· Brand Status· Specific Features· Service· Apple Music/Apps 6. Where did you hear about IPhone 8?· Social Media· Newspaper· People· Magazines 7. What do you like about the IPhone 8? · 4.7-inch diagonal widescreen· 5.5-inch diagonal widescreen · Touch Screen· Glass Body· Upgraded Camera· Wireless Charging· Touch ID 8. Where do you often see the iPhone 8 beingdistributed?· Online Advertisements· Stores· Billboards· Flash Mobs 9. How many megapixels do you think the camera ofiPhone 8 should have?· 10 megapixels· 14 megapixels· 16 megapixels· 20 megapixels 10.
Do you think the iPhone 8 is a strong competitorcompared to the Samsung 8?· Yes· No 11. Are there any discounted prices expected for theiPhone 8?· Current Customers· Not applicable in Online Stores 12. Why would you purchase the iPhone 8?· Yes· No Q 5 – Display/presentand analyse the results of your primary research findings from thequestionnaire interviews (e.
g. using bar charts, pie charts, etc.) and incorporatethem in your report. The following results showthat there are more male customers interested in buying the iPhone than female,with over 60 % male and 40 % female. This can be used to be an importantfinding as Apple could use certain female products such as women’s magazines orfemale shows so they can advertise the latest iPhones so they are well aware ofit and are more aware to the surroundings. These will even the playing fieldsince more men are purchasing the product. In this study, itshows that there is more 18-25/25-35 interested in purchasing the iPhone 8compared to the ages ranging from 10-17 and 36+. This means customers who aremainly young adults are the main attractions in purchasing the iPhone 8b asthey are more likely caught up in technology compared a 40-year-old man or7-year-old child.
The product feature has been amassive aspect of customer interested purchasing the premium version of theiPhone 8. This study shows thatpeople are struggling with the high price of the iPhone 8 with only 9%believing it is an affordable price. Customers are equallyinterested in the appearance and the display of the iPhone 8. They value howthe iPhone 8 is appearance to them is worth buying. Moreover, 37 % of thecustomers are attracted to the specific features such as camera and retina. This study shows that socialmedia such as Facebook, Twitter, and Instagram have been a major impact ofpromoting the iPhone 8. With over millions boarding the train it, the latestiPhone coming out is printed on the cover page, which makes sense 33% people hearabout the iPhone through Newspapers.
This study shows that thereare more people interested in a wider screen but over 46 % are interested inthe upgraded camera. Following my findings in through the customer reviews,customers were positive over the quality of the camera meaning iPhone 8 had metits target. IPhones are from thecompany Apple, Apple stores is located in countries all across the world, whichmakes sense that 48% notice the latest iPhone from stores. This study shows that56 % customers are interested 16 megapixels for the iPhone 8. This study shows thatpeople the camera upgrade has been a major fact in buying the iPhone 8 whereasthe majority agree they would not purchase the product as it too expensive.
Q6- Marketing Mix forIPhone 8The definition of a marketing mix is a set of action, thepurpose of a marketing mix is so a company can identify the customer’s needsand desires and once a company uses this strategy it then promotes its brand orproduct in the market. The marketing mix made up of four P’s such as Product,Price, Promotion and Place. In this report, I will be analysing how the IPhone8 uses its marketing mix as a whole:ProductThe current latest IPhone 8 introduces a new glass designallowing it to have the most durable glass ever in a smartphone; the featuresconsist of being water proof resistant, wireless charging, 12-megapixel cameraand lastly an A11 Bionic processor.
The iPhone 8 guarantees that the camera display offers an “all newRetina HD display With True Tone”, as well as a range of colours and 3D Touch.The significance of the camera is that it features a new advanced 12-mega pixeland recruits a larger and faster sensor. In addition, it ensures a range of colourfilters that require “deeper pixels, visual image stabilization for photos andvideos.”In my recent research findings, I collected that over 46 %are interested in the quality of the camera as well as another 37 % interestedin the specific features. IPhone 8 camera has arrived with few improvements forthe camera and after looking through the reviews of the iPhone 8, customerswere positive over the quality of the camera meaning iPhone 8 had met itstarget in achieving their goal. An approach iPhone 8 can improve its product isthe display of the phone as customers 8 % customers are attracted to the bodyof the phone whereas the majority believe it is too thin to slip out of theirhand.
Price The price of iPhone 8 costs from around £699 for 64-gigabytestorage and £849 for the 256-gigabyte storage. The Apple store does not allowdiscounts for the original price of the iPhone 8, despite purchasing the productonline keeps pending with discounted prices. Moreover, if customers areinterested in purchasing iPhone 8 with a 5.
5 inch wider screen they will haveto pay a total of £799 for 64 gigabyte, whereas if customers are interested inbuying the original iPhone 8 it will cost them £699. Through my findings I havelearnt that customers believe that the iPhone compared to other competitors aretoo expensive, 55% believe that the iPhone 8 compared its competitors in itsindustry is not affordable and only a minimum of 9% believe that it isaffordable. Associated with Samsung S8, the iPhone 8 is £150 more expensive and£250 expensive for the iPhone 8 plus. Another study shows the camera upgradehas been a major fact in buying the iPhone 8 whereas the 46% of the peopleagree would not purchase the product as it too expensive.One study shows that people are struggling with the highprice of the iPhone 8 with only 9% believing it is an affordable price.
Animprovement to this can be if Apple concentrated on certain customers who findthe phone too affordable by offering them a discounted price or a special offer,therefore they can attract a wide range of audience wherever they are in middleclass or working class. PromotionIPhone uses various forms of promotions such as socialmedia, newspapers, billboards, TV advertisements and most evidently Applestores. In my recent finding in my primary or secondary research data, it hasbeen revealed that Apple uses the exact promotions to promote their latestiPhone. For example, 40 % of people around the world hear about the latestiPhone release through social media, therefore Facebook, twitter, Instagram andsnapchat is a major impact of when customers are well aware of the latest productand its release date. On the other hand, Apple manages to promote their latestiPhone by using one of the UK’s leading newspaper companies Metro Newspaper UK,covering the front page and back page to gather the reader’s attention, whichmakes sense that 33% people hear about the iPhone through Newspapers. Incontrast, in promoting the iPhone 8 another following study proves that moremen purchase the iPhone 8 than women do.
A summary of 60 % of male purchase thelatest iPhone 8 whereas 40 % females purchase it. The importance of this finding is that Applecould use certain female products such as women’s magazines or female shows sothey can advertise the latest iPhones. This will lead to more females surroundedby the anticipation of the latest product and well aware of the product equallyas the men are. Insummary Apple as a company uses its aims and objectives in pulling the customerstowards purchasing an Apple product through advertising in famous social mediawebsites, magazines or newspapers but at the same time Apple enables strongtactics to push the product towards the customer through sales promotions.
PlaceLastly, the final marketing mix can be identified as Place,which means where the iPhone was first distributed in. The iPhone 8 presentsitself through numerous places, Apple as a company work through channel marketing.Channel marketing is a process where it consists of three segments that aremodern retail, sales/service dealers and distributors. Apple uses its main official stores to distribute their iPhone 8, thefirst Apple store started in United States in 2001. Since then there have beenover 500 Apple stores located all around the word, Apple stores are mainlyfounded in shopping malls such as Westfield shopping centre or Brent Cross. Oneof the main reason Apple uses their stores as a place to sell the iPhone 8 isbecause they have a strong presence within first party stores. It allowscustomers to have a full insight of what the iPhone 8 consists of because thestores offer customers to test the product out as well as having staff membersencouraging customers in purchasing the product using sales service skills.
Evidence of my findings show that 48 % of people found the latest iPhonedistributed in Apple stores. Nevertheless, a summary of 38 % find the iPhone 8in massive Billboards, which is also located near shopping malls. The aim is toattract people’s attention and have a much easier journey towards the shoppingmall as soon as the billboard they would immediately feel tempted to check outthe latest iPhone 8. IPhones will have abetter chance of distributing their product in style such as a flash mob, withonly 5 % of customers saying it is the only way they have seen it isdistributed. The reason a flash mob is suitable for products such as iPhone is thatit produces brand awareness and is joyful and relatable.
Overall, theimportance of a marketing mix is a method to help ensure that ‘putting theright product in the right place.’ The marketing mix has proved to be anadvantageous method in order to help recognize what the product or service canoffer as well as how to propose a successful development product.