Introduction to marketing Introduction to marketing -38103175Primary research Is factual research

Introduction to marketing
Introduction to marketing

-38103175Primary research
Is factual research, Firsthand accounts of the study written by
a person involved in the study. The methods follow a scientific
method, primary research is research that is original.

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Qualitative research
Is used to gain an understanding of underlying reasons, opinions
And motivations. It provides insights into the problem or helps
Develop hypothesizes.
Quantitative research
Research used to generate numerical data or data that can be trans-
Formed into statistics, qualitative research allows for date to formulate
Facts or uncover patterns in research
Secondary internal research
Consists of existing data already within the company and can be
Gathered within the organization from customer’s databases and
Reports from past primary research
Secondary external research
Data that already exists outside the company, research that has
Already been carried out outside the company from government
Sources, corporate filings, media and different companies
00Primary research
Is factual research, Firsthand accounts of the study written by
a person involved in the study. The methods follow a scientific
method, primary research is research that is original.

Qualitative research
Is used to gain an understanding of underlying reasons, opinions
And motivations. It provides insights into the problem or helps
Develop hypothesizes.
Quantitative research
Research used to generate numerical data or data that can be trans-
Formed into statistics, qualitative research allows for date to formulate
Facts or uncover patterns in research
Secondary internal research
Consists of existing data already within the company and can be
Gathered within the organization from customer’s databases and
Reports from past primary research
Secondary external research
Data that already exists outside the company, research that has
Already been carried out outside the company from government
Sources, corporate filings, media and different companies
Qualitative data:
When Thorpe Park was developing their new ride “The Swarm” they used qualitative research, they did this
because they wanted to see what the public thought of their new ride and if there would be any improvements
they could add to the ride.

Quantitative Research:
Thorpe Park asked people also known as focus groups to help decide the new name of their ride which is now
called “The Swarm” The people that they asked were given options to choose from for the new name of the ride.
they were given “The Swarm”, “Area 51” and “2012”.

This is using pre-set questions amongst a large group of people to provide statistically valid data which can be
interpreted differently. Thorpe Park has used quantitative research when finding out ticket prices and finding
out what rides are more popular to base their new ride The Swarm on.

Quantitative Research Related to the Swarm:
Thorpe Park used this data to decide on a release date for their new ride to get a big hit for more people to come
to the park.

They used data collected by them to see how many people come to Thorpe Park during 2011 to analyze the
customer opinion on the best time of year for the release of “The Swarm” to make the best opportunity for
Thorpe Park to make more revenue.

Secondary research:
Secondary research is gathering information that already exists about the market from other sources.

for example, government reports. this is also known as desk research. They have used this type of data
when trying to find out the prices of other theme parks so they can try to get or give a better price for
Thorpe Park.

Secondary research related to the swarm:
Thorpe Park uses secondary research as it is quicker and cheaper then primary. They have used this when
looking at reviews about the park and “The Swarm” to help improve it.

Task 1 – Part C
Describe how your one selected organisation uses Marketing Research:

To Reduce their risk in decision making
Measuring progress, performance over time
When companies do research their ultimate goal is to decipher whether or not a product or
service will be in demand and if it will be profitable to expand or make the product or provide
the service. Research carried out includes monitoring performance, finding the size of the
market, to test ideas and products, to help create new products, ideas or campaigns.
When Thorpe Park made their rides based on research they reduced the risk of not making
a profit from building it by finding out that there is in fact a demand for a new ride at the
entertainment park and people would pay for it. Research ultimately determines whether
or not a company idea will work or be profitable.

When Thorpe park build the new rides it was an investment into the company meaning
that a large sum of capital would be placed down to build the new ride and the research
they carried out will determine when this investment will be paid off and start generating
profit for the park, it is important for companies to carry out this research because
It determines when they will see a return from this investment.

Task 2
SWOT analysis is the assessment of a product or organization in terms of strengths, weaknesses,
threats and opportunities.

PESTLE analysis is the external factors that affect the business. PESTLE stands for Political, Economic
Social, Technological, Legal and Environment.

SMART objectives is setting objectives are important., it focuses the company on specific aims over
a period of time and can motivate staff to meet the objectives set. SMART stands for; Specific,
Measurable, Achievable, Realistic and Time.

Thorpe Park has used PESTLE analysis in:
P- Political is government policies for example an imposition of tax.

E- Economic is constraints agents Thorpe Park for example a recession. This can affect them as people
will have less despicable income and won’t be able to afford luxuries such as Thorpe Park. With
Thorpe being a luxury if customers had to fall short of money customers would cut off these
Luxuries
S- Social is when they ask people for their opinion for example when they were finding a name for the
new ride. Thorpe park relies heavily on word of mouth, and they want to provide the best service
and experience so that they tell their friends and ultimately return
T- Technological, as “The Swarm” is a new ride new technology has been used in the development
of their new ride. New technological advances mean that the rides will be more automated and
require less staff to operate the ride, technology includes Cameras providing live feed to the
operator, Sensors that provide information to the rider, and technology that provides estimated
queue times
L- Legal Thorpe Park has to abide by health ; safety regulations when making a new ride. Thorpe park
Has to ensure it completes all risk assessments, taking the weather into account, and ensuring staff are
Trained to deal with emergencies until professionals arrive
E-Environmental- as Thorpe Park is always making new rides so the land they used to build new rides
has to replaced somewhere, ensuring no wastage In materials and ensuring the impact on the
environment is minimal
SWOT Objectives applied to Thorpe Park:
S- Strengths, “The Swarm” has now been classified as “Britain’s First Winged Roller coaster”
and therefore, makes it unique.

W- Weaknesses, as no one knows what “The Swarm” is there is not a craze for it. as there was for “Saw”.
O- Opportunities, as this is the only winged roller coaster in the UK it may bring new customers to the
theme park.

T- Threats, there are many other theme parks in the UK that could produce a winged roller coaster.

SMART Objectives applied to Thorpe Park:
S- Specific, these are goals that are simple when defined clearly what they are going to do.

M- Measurable, this can show evidence when the objective has been completed.

A- Achievable, these can be challenging but can be achieved.
R- Realistic, a goal that is within reach of the company
T- Time bound, this is set to be achieved over a period of time.

An example of a SMART objectives is to be able to increases profit by 5% in the first year and attract
10% more visitors to the park.

Describe the strategy and tactics that would be implemented Because there was a new ride build at Thorpe park, we need to make customers aware of the new unique ride, increasing marketing, offering exclusives and increasing awareness. Doing this will draw people to the park specifically to experience the new ride, this will mean they’ll spend money in the park. It is important to market the new ride and experience as unique because that’s what’s making Thorpe park stand out from other theme parks.

Evaluate how you will judge success
Judging success is key to developing new rides and developing the rides or expanding the park, they have to evaluate what the cost of building the new ride and the overall expenditure, they have to evaluate how long it will take to see a return from the investment. After the target date its evaluating what the expenditure against the growth is, that will determine whether the investment was successful or not. Another way of doing this is comparing the amount of visitors compared to previous years. Doing this is internal research and can be used to determine whether or not it was worth it, this will reduce risks in developing in the future.

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