Qualitative research is by definition explanatory. It is used to understand the personal views of the audience and their beliefs, attitudes and opinions. Methods tend to be in the form of open questions on questionnaire's, interviews. Qualitative research can be very efficient and can lead to a deeper understanding of the audience, however it can be very time consuming and cannot be easily evaluated as it is non-numerical with different perspectives and ideas, it is therefore hard to categorise.
Quantitative research is conclusive in its purpose and focuses on a wider audience and their wants, needs and preferences. It will recommend a direct and final course of action. Methods of this may include closed questions in questionnaires and surveys. This is very simple to categorise and evaluate as the audience will simply answer the questions asked without a personal in depth view, although this could be to a disadvantage to the market researcher as they don't get a whole overall view point from their audience.
For the research I will carry out, I aim to use both qualitative and quantitative research as I do not want to compromise my research as each reveals different perspectives. A magazine journalist and editor will carry out their individual market research before setting out to create the final product. Large magazines may have vertically integrated full time market researchers as it is a huge task that costs a lot of time and money.
Primary Research
Definition: Information that comes directly from
the source, which is the customers and consumers of the magazine. The institute
can compile this information by themselves or hire someone else to gather it
for them as their market research is such a
huge task and covers an extremely wide market.
Primary research can be carried out via
questionnaires, surveys, observation, consumer panels, consumer testing, postal
surveys, telephone interviews, online surveys, face to face surveys, focus
groups and test marketing among other methods.
Advantages include:
Addresses
specific research issues, greater
control,
it
will not waste money like secondary research,
unbiased
information,
Data
is direct from the population and the market, proprietary
information and first-hand experience
with the consumers.
Disadvantages include:
Large volume of uncontrolled data, time consuming, expensive, possibility of false information and the possible lack of skills and expertise of the researcher.
Secondary Research
Definition:
Secondary research is previously carried
out research that has already been compiled and organized by another company.
This can be from government records, trade unions and possibly from
competitor’s public records. It can also come from public sources, commercial
sources and educational institutions.
Examples include reports, theories and
studies, newsletters, newspapers and magazines.
Public
Sources: These include government and
business departments in public libraries and on the internet. This is usually
free and easily accessible.
Commercial
Sources: These include research, trade
associations, financial institutions and publicly traded corporations. Can be
very valuable and more reliable than others however they usually do involve
cost factors such as subscription and association fee.
Educational
Institutions: Conducted in places of
education, usually colleges and universities. Information can be very valuable.
Advantages:
Ease
of access to information, low cost to acquire information, small volume of data, it
is not time consuming, inexpensive and the possibility of false information
Disadvantages:
Does
not address specific research issues, can waste of money, lack of control, data is not direct, not first hand experience and out of date information.
Research will meet the aim of meeting the consumers’
needs as they can go directly to the source in primary research gain a better
understanding of what the consumers want.
Marketing Mix: Product, Place, Price,
Promotion and Packaging
In order to meet the consumers’ needs, the magazine may also need to consider the
marketing mix. These are elements of marketing categorised so ensure the
business has done all it should in terms of marketing in regards to how to meet
the needs of the customer in all ways possible.
Professor Neil Borden of Harvard Business School identified elements of
a business that affect company performance and consumer influences. He stated
that these elements represent a “marketing mix”. Professor E. Jerome McCarthy
of Michigan State University soon after expanded upon the marketing mix,
explaining that the four key elements are product, price, place and promotion.
The key elements of the marketing mix are this includes price,
promotion, place, product and packaging. The marketing mix has since been
developed from the 1960’s and now offers 7 different elements, including;
physical layout, provision of customer service and processes. In some cases,
particularly when offering a good packaging may be included
The reason for the additional
elements is because in today’s society brands must ensure they are consumer
orientated due to the large competition. Consumers want what is best for them
and if McDonalds doesn’t offer this they will offer their money to a
competitor. In the 1960’s if
a good or service such as a magazine was needed there were only few places to acquire the need.
The magazine must be consumer orientated in order to keep their market share as
consumers now have more choice.
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