Q1&2- make more informed decisions about the businesses

Q1&2- Explanation
and purpose of Market Research

Introduction of
Market Research

In this report, I will be exploring how market research is
used to market the latest IPhone 8 as well as an explanation on market
research. The assignment will help provide the definition of market research
and the importance of how it is used in the business world. It will also
include how the marketing mix of the IPhone 8 justifies itself in different
parts and fits together as a whole. Products such as IPhone 8 use different
market research methods in order to create a successful marketing strategy. In
this assignment, I will evaluate the different sources and methods of market
research and its contribution to selected marketing products.                                                                                              Market
research is a process of obtaining, analysing and evaluating information
relating either markets or marketing. The purpose of market research is to help
different types of businesses and organisations identify the customers or
consumers’ needs and requirements. The findings of market research are
generally summarized in reports or case studies. The reason for this is that
organisation and business owners can make more informed decisions about the businesses
marketing strategy and respond to customer feedback.                                                                                                                

The importance of market research is that it offers an
insight of strategic aspects of what other competitors are selling, products or
services being made, the use of marketing strategies and most importantly
knowing your audience. This type of information helps businesses have a step
over in marketing world as well as add good value to the company.  Overall, the benefits of using market research
helps the business run more efficiently and effectively.           

Primary Data

Market research uses a variety of different research methods
in order to gather or obtain information, two of the research methods that
market research use are primary data and secondary data:                                                                                                                                        
                              Primary
data is the type of information you gather yourself, the process of primary
data is that you are very much involved in obtaining the information yourself and
that it is precisely the type of data the researcher is looking for.
Researchers often collect primary data by using research methods such as
questionnaires, social experiments, surveys and face to face interviews. This
can be identified as what benefits primary researchers, however primary data
comes with their own advantages and disadvantages.

One advantage of primary data is that it is raw data being
received, frequently when researchers gather primary data it can be often
repeated with direct research questions. It allows researchers to ask more
questions and learn new information about the product. It is data which is more
up to date as you have collected the data by yourself given a more accurate
answer

Another advantage of primary research is that you have more
control of the research you are producing; primary data lets the market to
focus on certain issues but it also allows the researcher to have an advanced
level of control over how the information is collected.

Moreover, a third advantage in primary research is that
researchers have the prospects on studying different focus groups, in contrast
to secondary research they tend to waste time in spending or studying information
which is not needed whereas primary researchers have the advantage of
collecting specific issues which improves the outcome of results efficient and
effectively.

In contrast, primary data also comes with a range of
drawbacks in order of collecting and gathering data. One of these disadvantages
is 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 and
carrying out research can be high.

An additional disadvantage is that it can be time consuming
and in order to have a reliable and accurate result, the data needs to correctly
done and requires a sensible development and finishing performance of a
research strategy.

A final disadvantage of primary data is that it is difficult
to obtain and gather information based on the wrong biased information. This
type of gathering data leads to incorrect feedbacks, this means when the
researcher includes feedbacks and opinions from the targeted participants, the
chances of the participants of given their own biased personal point of view is
very high and data may not be correct. The significance of feedbacks is they are
based on people’s biased opinion; they are usually given just for the sake of
it.

Secondary Data

On the other hand, researchers also use secondary data to
obtain and gather information from participants. First of all, secondary data
is 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 which
takes a longer process in finding the data. Secondary data collects information
from online websites, magazines, newspapers and government report. You can
analyse the data in new ways, but the information is available to a large
number of people. Similarly, to primary data, secondary data also consists
advantages and disadvantages in collecting research.  

One of the advantages of secondary data is unlike primary
data it is much cheaper and less time consuming.  Usually time and cost is required to collect
secondary data, however it require less than efforts required to collect
primary data. Data is available freely or at far lesser cost through secondary
sources. Therefore, this information is much less expensive than if the
researchers had to carry out the research themselves.

In other words, secondary data is much easier to access
because you have resources such as the internet, books and reports to gather
your information which leads to saving time in processing your data. In the
past secondary researchers relied to obtain their information solely on books
or newspapers, however with the availability to internet access, the researchers
are openly accessed to range of sources. This offers suitability and largely consistent
habit of methods for all sources of secondary research.

One more advantage of secondary data is how it stands out
from primary data, the importance of secondary data collection is often used to
help focus on a large balance of primary research.       When
focusing on secondary research, the researcher may realize that the exact
information they were looking to uncover is already available through secondary
sources. This would effectively eliminate the need and expense to carry out their
own primary research.                                  However,
there are also disadvantages in secondary data as the data is collected from
other researchers meaning they may have not found the correct data or a
researcher does not find themselves in a position to find the accurate data.
The researchers in secondary data are gathering are not gathering their own
information as compared to primary researchers, they are relying on someone
else’s findings and reports.

Another disadvantage of secondary data is researcher’s
collecting or obtaining information that has been outdated. For example,
secondary researchers obtain their information using the internet, books or
reports yet reports and mostly books are outdated and not in sync in what is
going on in the modern business world. Times have changed drastically in the
last decades or more making information based on research a high risk for a
certain business project or work.

 Overall, comparing
primary data to secondary data, primary is more advanced of being more reliable
in order of gathering information whereas secondary research can be confused
with biased information. The main disadvantage in primary data is that it is
far costliest and takes a lot of your time in collecting the data compared to
secondary data which saves a lot of time. In general, the use of secondary
research offers many significant advantages to the secondary researcher as it
is important for the researcher to identify and manage the disadvantages that
are accompanied by the use of secondary research.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Q3 – Presentation
and analysis of your secondary research data (e.g. customer reviews about the IPhone
8, etc.)

In this task I will collect, display and analyse some
secondary research data on the iPhone 8, e.g. customer reviews. I started with
this site where I found some customer reviews

 

 

 

 

 

 

From the image above, the customer reviews instigate that the
iPhone 8 has proved to be the smallest out of the current iPhone is that has
been 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 run
smoothly, 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 is
a “8’s redesigned body also allows for wireless charging. Wireless charging is
a certain feature customers have been raving or waiting about, despite this
customer had wished to had done more of an update to its design. Another con customer
has given their critique on is the fact that the iPhone 8 still The iPhone 8
still doesn’t withstand water to the extent of some rivals, and it lacks the
dual camera found in the 8 Plus. Still, for fans who want a blend of classic
Apple style and top-tier performance, the iPhone 8 is an excellent option.

The following image shows negative customer reviews
regarding 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 customer
believes that the latest instalment of iPhone 8 is waste of money is because it
has limited upgrades from the previous iPhone 7. They do not agree on spending
a massive amount of money on a phone which is similar to the phone they already
own for money. They believe that they do not see a massive amount of difference
and are trying to save you money.

Q4-Questionnaire
IPhone 8

1.      
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 do
you 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 being
distributed?

·        
Online Advertisements

·        
Stores

·        
Billboards

·        
Flash Mobs

 

9.      
How many megapixels do you think the camera of
iPhone 8 should have?

·        
10 megapixels

·        
14 megapixels

·        
16 megapixels

·        
20 megapixels

 

10.  
Do you think the iPhone 8 is a strong competitor
compared to the Samsung 8?

·        
Yes

·        
No

 

11.  
Are there any discounted prices expected for the
iPhone 8?

·        
Current Customers

·        
Not applicable in Online Stores

 

12.  
Why would you purchase the iPhone 8?

·        
Yes

·        
No

 

 

Q 5 – Display/present
and analyse the results of your primary research findings from the
questionnaire interviews (e.g. using bar charts, pie charts, etc.) and incorporate
them in your report.

The following results show
that 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 important
finding as Apple could use certain female products such as women’s magazines or
female shows so they can advertise the latest iPhones so they are well aware of
it and are more aware to the surroundings. These will even the playing field
since more men are purchasing the product. 

 

 

 

In this study, it
shows that there is more 18-25/25-35 interested in purchasing the iPhone 8
compared to the ages ranging from 10-17 and 36+. This means customers who are
mainly young adults are the main attractions in purchasing the iPhone 8b as
they are more likely caught up in technology compared a 40-year-old man or
7-year-old child.

 

 

 

The product feature has been a
massive aspect of customer interested purchasing the premium version of the
iPhone 8.

 

 

 

 

This study shows that
people are struggling with the high price of the iPhone 8 with only 9%
believing it is an affordable price.

 

 

 

 

Customers are equally
interested in the appearance and the display of the iPhone 8. They value how
the iPhone 8 is appearance to them is worth buying. Moreover, 37 % of the
customers are attracted to the specific features such as camera and retina.

 

 

This study shows that social
media such as Facebook, Twitter, and Instagram have been a major impact of
promoting the iPhone 8. With over millions boarding the train it, the latest
iPhone coming out is printed on the cover page, which makes sense 33% people hear
about the iPhone through Newspapers.

This study shows that there
are more people interested in a wider screen but over 46 % are interested in
the upgraded camera. Following my findings in through the customer reviews,
customers were positive over the quality of the camera meaning iPhone 8 had met
its target.

 

 

 

 

IPhones are from the
company Apple, Apple stores is located in countries all across the world, which
makes sense that 48% notice the latest iPhone from stores.

 

 

 

 

 

This study shows that
56 % customers are interested 16 megapixels for the iPhone 8.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                                                              

 

 

 

 

 

 

 

This study shows that
people the camera upgrade has been a major fact in buying the iPhone 8 whereas
the majority agree they would not purchase the product as it too expensive.

Q6- Marketing Mix for
IPhone 8

The definition of a marketing mix is a set of action, the
purpose of a marketing mix is so a company can identify the customer’s needs
and desires and once a company uses this strategy it then promotes its brand or
product 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 IPhone
8 uses its marketing mix as a whole:

Product

The current latest IPhone 8 introduces a new glass design
allowing it to have the most durable glass ever in a smartphone; the features
consist of being water proof resistant, wireless charging, 12-megapixel camera
and lastly an A11 Bionic processor.                                                                              
The iPhone 8 guarantees that the camera display offers an “all new
Retina 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 pixel
and recruits a larger and faster sensor.  In addition, it ensures a range of colour
filters that require “deeper pixels, visual image stabilization for photos and
videos.”

In my recent research findings, I collected that over 46 %
are interested in the quality of the camera as well as another 37 % interested
in the specific features. IPhone 8 camera has arrived with few improvements for
the camera and after looking through the reviews of the iPhone 8, customers
were positive over the quality of the camera meaning iPhone 8 had met its
target in achieving their goal. An approach iPhone 8 can improve its product is
the display of the phone as customers 8 % customers are attracted to the body
of the phone whereas the majority believe it is too thin to slip out of their
hand.

Price

The price of iPhone 8 costs from around £699 for 64-gigabyte
storage and £849 for the 256-gigabyte storage. The Apple store does not allow
discounts for the original price of the iPhone 8, despite purchasing the product
online keeps pending with discounted prices. Moreover, if customers are
interested in purchasing iPhone 8 with a 5.5 inch wider screen they will have
to pay a total of £799 for 64 gigabyte, whereas if customers are interested in
buying the original iPhone 8 it will cost them £699. Through my findings I have
learnt that customers believe that the iPhone compared to other competitors are
too expensive, 55% believe that the iPhone 8 compared its competitors in its
industry is not affordable and only a minimum of 9% believe that it is
affordable. Associated with Samsung S8, the iPhone 8 is £150 more expensive and
£250 expensive for the iPhone 8 plus. Another study shows the camera upgrade
has been a major fact in buying the iPhone 8 whereas the 46% of the people
agree would not purchase the product as it too expensive.

One study shows that people are struggling with the high
price of the iPhone 8 with only 9% believing it is an affordable price. An
improvement to this can be if Apple concentrated on certain customers who find
the 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 middle
class or working class. 

 

Promotion

IPhone uses various forms of promotions such as social
media, newspapers, billboards, TV advertisements and most evidently Apple
stores. In my recent finding in my primary or secondary research data, it has
been revealed that Apple uses the exact promotions to promote their latest
iPhone. For example, 40 % of people around the world hear about the latest
iPhone release through social media, therefore Facebook, twitter, Instagram and
snapchat is a major impact of when customers are well aware of the latest product
and its release date. On the other hand, Apple manages to promote their latest
iPhone 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, which
makes sense that 33% people hear about the iPhone through Newspapers.                                             In
contrast, in promoting the iPhone 8 another following study proves that more
men purchase the iPhone 8 than women do. A summary of 60 % of male purchase the
latest iPhone 8 whereas 40 % females purchase it.  The importance of this finding is that Apple
could use certain female products such as women’s magazines or female shows so
they can advertise the latest iPhones. This will lead to more females surrounded
by the anticipation of the latest product and well aware of the product equally
as the men are.                                                                                                                                         In
summary Apple as a company uses its aims and objectives in pulling the customers
towards purchasing an Apple product through advertising in famous social media
websites, magazines or newspapers but at the same time Apple enables strong
tactics to push the product towards the customer through sales promotions.

Place

Lastly, the final marketing mix can be identified as Place,
which means where the iPhone was first distributed in. The iPhone 8 presents
itself through numerous places, Apple as a company work through channel marketing.
Channel marketing is a process where it consists of three segments that are
modern retail, sales/service dealers and distributors.                                                                       
Apple uses its main official stores to distribute their iPhone 8, the
first Apple store started in United States in 2001. Since then there have been
over 500 Apple stores located all around the word, Apple stores are mainly
founded in shopping malls such as Westfield shopping centre or Brent Cross. One
of the main reason Apple uses their stores as a place to sell the iPhone 8 is
because they have a strong presence within first party stores. It allows
customers to have a full insight of what the iPhone 8 consists of because the
stores offer customers to test the product out as well as having staff members
encouraging customers in purchasing the product using sales service skills.
Evidence of my findings show that 48 % of people found the latest iPhone
distributed in Apple stores. Nevertheless, a summary of 38 % find the iPhone 8
in massive Billboards, which is also located near shopping malls. The aim is to
attract people’s attention and have a much easier journey towards the shopping
mall as soon as the billboard they would immediately feel tempted to check out
the latest iPhone 8.  IPhones will have a
better chance of distributing their product in style such as a flash mob, with
only 5 % of customers saying it is the only way they have seen it is
distributed. The reason a flash mob is suitable for products such as iPhone is that
it produces brand awareness and is joyful and relatable. Overall, the
importance of a marketing mix is a method to help ensure that ‘putting the
right product in the right place.’ The marketing mix has proved to be an
advantageous method in order to help recognize what the product or service can
offer as well as how to propose a successful development product.