It's a thorough framework that companies utilise to plan and carry out marketing initiatives strategically. A crucial component of any marketing plan is represented by a P, which can range from the product itself to its price, distribution, and promotion, as well as factors like personnel, procedures, and tangible evidence to improve the consumer experience in general.

Product: This refers to the goods or services offered by a business, including features, design, quality, and branding.

Price: Pricing strategies involve determining the appropriate price for the product or service, considering factors such as cost, competition, perceived value, and pricing objectives

Place: Also known as distribution, this involves decisions about where and how customers can purchase the product or service, including distribution channels, logistics, and retail partnerships.

Promotion: This encompasses all the activities used to communicate and promote the product or service to the target audience, including advertising, public relations, sales promotion, and personal selling

People: Refers to the personnel involved in delivering the product or service, including customer service representatives, sales staff, and other employees who interact with customers

Process: This involves the procedures, systems, and workflows used to deliver the product or service, including order processing, delivery, and customer support processes

Physical Evidence: Refers to the tangible elements that customers interact with when purchasing or using the product or service, such as packaging, store layout, and service environment.

Product

Refers to the goods or services offered to meet customer needs.

Price

The amount customers pay for the product or service.

Place

The distribution channels used to make the product available to customers.

Promotion

The methods used to communicate with customers and persuade them to buy the product.

People

The employees who interact with customers and influence their perceptions.

Process

The procedures and systems used to deliver the product or service.

Physical Evidence

Tangible elements that customers can see, touch, or experience that help to support the product or service.

1. Product: What is being offered to meet customer needs.

2. Price: The amount customers pay for the product or service.

3. Place: How and where the product is distributed and made available to customers.

4. Promotion: The methods used to communicate and persuade customers to buy the product.

5. People: The personnel involved in delivering the product or service and their impact on the customer experience.

6. Process: The systems and procedures used to deliver the product or service.

7. Physical Evidence: Tangible elements that support the service delivery and influence customer perception.

The 7Ps framework provides a more comprehensive approach to developing marketing strategies, considering both tangible and intangible elements that contribute to customer satisfaction and business success.

• Product: This refers to the good or service itself, including its features, benefits, and quality.

• Price: This is the cost a customer pays to acquire the product.

• Place: This refers to how the product gets to the customer, including distribution channels and sales locations.

• Promotion: This encompasses all the activities a company undertakes to communicate the product to its target audience. This includes advertising, public relations, social media marketing, and more.

Consist of the 7 p..

Price

Place

Product

Promotion

Process

Physical evidence

Price must always exceed the selling cost(profit margin)

Maximize shareholder funds.

Price target . What people can afford.

1.product

2.price

3. place

4.promotion

5.people

6. Process

7.physical evidence

Short Summery of Marketing mix

Customers are more price sensitive as a result of having easy access to information about discounts, prices, and reviews. Due to the abundance of possibilities provided by online marketplaces and e-commerce platforms, businesses are encouraged to modify their rates in order to stay competitive. More variable and individualised pricing tactics have also been brought about by the growth of online auctions and dynamic pricing algorithms. All things considered, the internet has created a more dynamic and competitive pricing environment, which frequently results in cheaper rates for customers.

• From Physical to Digital: The internet created new "places" to sell products and services. E-commerce platforms like Amazon and company websites became alternatives to brick-and-mortar stores.

• Global Reach: Businesses can now reach a global audience without needing physical stores in every location.

• Omnichannel Marketing: The internet fostered a blend of online and offline channels. Customers can research online, buy in-store, or vice versa.

Process:

• Automation: Online marketing automation tools streamline

• Automation: Online marketing automation tools streamline tasks like email marketing and social media management.

• Personalization: Businesses can collect customer data and tailor marketing messages and offers to individual preferences.

• Interactive Engagement: The internet allows for two-way communication.

Customers can interact with brands through social media, online reviews, and customer service chats.

While the internet has brought numerous benefits to marketing, it has also introduced challenges and negative impacts.

For the "place" element, increased competition in the online marketplace can make it harder for businesses to stand out among the crowd. Moreover, the rise of online reviews and comparison websites means that negative feedback can spread quickly, damaging a company's reputation.

In terms of "process," the abundance of data available online has led to concerns about privacy and data security. Marketers must navigate complex regulations and ethical considerations when collecting and utilizing consumer data. Additionally, the rise of ad blockers and consumer skepticism towards online advertising has made it harder for marketers to reach their target audience effectively.

Furthermore, the internet has also heightened the risk of cyberattacks and online fraud, posing a threat to both businesses and consumers alike. Overall, while the internet has revolutionized marketing, it has also presented challenges that marketers must navigate carefully.

One common example of the loss leader strategy is seen in the grocery industry, particularly with products like milk or eggs. Grocery stores often sell these staple items at a price that is lower than their cost or just at cost. By offering these items as loss leaders, the stores attract customers who may then purchase other higher-margin items during their visit, such as bread, meat, or household goods. This strategy helps the store drive traffic and increase overall sales volume, ultimately leading to higher profitability despite the initial loss on the loss leader items.

loss leader can have both advantages and disadvantages. Let's break it down:

Advantages:

1. Attracting Customers: Loss leaders are products sold at a loss or very low price to entice customers into a store. It's like a sweet deal that grabs people's attention and brings them in.

2. Increased Sales: Once customers are in the store for the loss leader, they are more likely to purchase other items at regular prices. It's a strategy to boost overall sales and potentially increase customer loyalty.

Disadvantages:

1. Profit Loss: Selling products at a loss means the company is not making a profit on those specific items. It's a calculated risk, hoping that the increased sales of other products will offset the loss.

2. Customer Expectations: Offering a loss leader can set a precedent for customers expecting low prices on all items. It can be challenging to maintain profitability if customers only want to purchase discounted products.

So, loss leaders have their pros and cons. They can attract customers and boost sales but may lead to temporary profit loss and challenging customer expectations. It's all about finding the right balance for a business. 🛍️💰

Advantages:

1. Maximize Profit: Skimming allows companies to capitalize on the willingness of early adopters to pay a premium price for new and innovative products, thereby maximizing initial profits.

2. Segmentation: It helps in segmenting the market by targeting early adopters or customers who are less price-sensitive and willing to pay more for the product’s unique features or benefits.

3. Perceived Value: A high initial price can create a perception of quality and exclusivity among consumers, enhancing the brand image and positioning the product as premium in the market.

4. Cover Initial Costs: Skimming can help cover the high initial costs associated with research, development, and marketing of new products, especially in industries with rapid technological advancements.

Disadvantages:

1. Limited Market Penetration: Skimming pricing may limit market penetration, as high prices could deter price-sensitive consumers from purchasing the product, reducing overall sales volume.

2. Competition: Competitors may quickly enter the market with similar or alternative products at lower prices, eroding the initial advantage of skimming and forcing the company to lower prices sooner than planned.

3. Negative Perception: High prices may lead to negative perceptions among consumers, especially if they perceive the product to be overpriced relative to its value, which can damage the brand’s reputation and result in long-term consequences.

4. Loss of Early Adopters: Some early adopters may feel exploited or resentful if they perceive that the company is taking advantage of their willingness to pay higher prices, leading to dissatisfaction and loss of customer loyalty.

1. Cost-Plus Pricing:

• Definition: Cost-plus pricing involves adding a markup to the cost of producing a product to determine its selling price. The markup is typically a percentage of the cost.

• Strategy: Calculate the total cost of producing the product, including both variable and fixed costs. Then, add a predetermined markup percentage to cover overhead expenses and generate profit.

• Advantages: Provides a straightforward method for setting prices, ensures that all costs are covered, and guarantees a certain level of profit.

• Disadvantages: May not account for market demand or competition, could result in overpricing or underpricing if markup percentage is inaccurate, and may not maximize profits in competitive markets.

2. Loss Leader Pricing:

• Definition: Loss leader pricing involves selling a product at a price below its cost in order to attract customers and stimulate sales of other, more profitable products.

• Strategy: Select a popular or high-demand product to sell as a loss leader. Price it below cost to make it an attractive deal for customers. Then, encourage customers to purchase additional products that have higher profit margins.

• Advantages: Attracts customers to your business, increases foot traffic or website visits, encourages impulse purchases, and can help build brand loyalty.

• Disadvantages: May lead to short-term losses on the loss leader product, requires careful management of inventory and pricing to ensure profitability overall, and may not be sustainable if relied upon too heavily.

Both pricing strategies have their own pros and cons, and their effectiveness depends on factors such as market conditions, competition, and business objectives. It’s important to carefully analyze your specific situation and consider which strategy aligns best with your goals and resources.

Destroyer Pricing:Destroyer pricing, also known as predatory pricing, is a strategy in which a company sets prices for its products or services significantly lower than its competitors in order to gain market share rapidly.

Advantages

1. Market Penetration: Lowering prices aggressively can help a company penetrate new markets quickly by attracting price-sensitive customers.

2. Competitive Advantage: It can be an effective tactic to undermine competitors' market share and weaken their position.

3. Brand Awareness: Generating buzz around discounted prices can increase brand visibility and attract new customers.

4. Inventory Clearance: Useful for clearing out excess inventory or outdated products.

Disadvantages

1. Profit Margins: Lowering prices significantly can eat into profit margins, impacting the overall financial health of the company.

2. Perceived Value: Continuously low prices might erode the perceived value of the product or service, making it harder to increase prices later.

3. Brand Image: Constant discounts may tarnish the brand image, leading to associations with low quality or desperation.

4. Customer Expectations: Customers may come to expect discounted prices, making it challenging to revert to regular pricing.

Differentiated Pricing:

Differentiated pricing, also known as price discrimination, is a strategy in which a company sets different prices for the same product or service .

Advantages

1. Maximized Revenue: Allows companies to capture more revenue by charging different prices to different customer segments based on their willingness to pay.

2. Customer Segmentation: Tailoring prices to different customer segments helps attract a wider range of customers with varying budgets.

3. Profit Optimization: Helps optimize profit margins by charging higher prices to customers who are willing to pay more.

4. Customization: Enables companies to offer personalized pricing based on factors like location, purchase history, or demographics.

Disadvantages

1. Complexity: Implementing differentiated pricing strategies can be complex and require sophisticated pricing models and systems.

2. Customer Resentment: Customers may feel unfairly treated if they perceive that others are getting a better deal, leading to resentment and negative feedback.

3. Price Discrimination Concerns: There may be legal and ethical concerns regarding price discrimination, especially if it leads to perceived unfairness or discrimination.

4. Brand Perception: If not executed carefully, differentiated pricing can lead to negative perceptions of the brand, particularly if customers feel exploited or manipulated based on their willingness to pay.

Traditional Marketing:

Traditional marketing refers to conventional methods of promoting products or services through offline channels. This includes advertising on television, radio, newspapers, magazines, billboards, direct mail, and events. Traditional marketing has been the primary method of reaching consumers for many decades.

Real-life Example:

A company launching a new product might use traditional marketing by running television commercials during prime time, placing ads in newspapers and magazines, and sending out direct mail flyers to targeted households. For instance, a car manufacturer might advertise its latest model through television commercials during popular sports events and magazines targeting car enthusiasts.

Digital Marketing:

Digital marketing involves promoting products or services through online channels and platforms. This includes methods such as search engine optimization (SEO), social media marketing, email marketing, content marketing, pay-per-click (PPC) advertising, and influencer marketing. Digital marketing allows businesses to reach a wider audience, target specific demographics, and track campaign performance more accurately.

Real-life Example:

A company may use digital marketing by running targeted Facebook ads to reach users who have expressed interest in similar products or services. For example, an e-commerce store selling skincare products might use Instagram influencers to promote their products to a younger demographic, leveraging the influencer's large following and credibility in the skincare niche.

In summary, traditional marketing relies on offline channels like TV, radio, and print media, while digital marketing utilizes online channels such as social media, search engines, and email to reach and engage with consumers. Both approaches have their advantages and are often used together to create a comprehensive marketing strategy.

Example

A company running a television commercial during prime time to promote a new product

Digital marketing -utilizes online channels like social media, email, search engines, and websites to reach and engage with audiences.

Example:

A company using targeted Facebook ads to promote a sale to a specific demographic.

-focuses on online channels: social media, email, search engines...

Strengths: precise targeting, cost effective, global reach

Weaknesses: technical expertise, ad blocking, rapid changes.

EXAMPLES

Nike utilized social media, live streaming, and online content to promote its attempt to break the two-hour marathon barrier. The campaign generated significant buzz and engagement across digital platforms, driving brand awareness and affinity

Traditional marketing:

Offline- print ads, billboards, tv commercial, radio spots

Strengths

Precise targeting, modifications based on data insights.

Cost-effective: Often more affordable than traditional methods. Weaknesses:Saturation: Highly competitive landscape with many businesses vying for attention.

EXAMPLES

Coca-Cola's "Share a Coke" Campaign: Coca-Cola's personalized packaging with people's names encouraged consumers to share photos on social media, but it originated as a traditional marketing campaign. The company printed popular names on its bottles and cans, sparking nostalgia and encouraging offline word-of-mouth marketing.

Digital marketing is sales using tools of the era such as emails, facebook,instagram,SEO/ search engine optimisation. all on the internet

Digital. Marketing Facebook .Instagram. Emails and more.

1. Product:

- Blockbuster failed to recognize the changing consumer preferences towards online streaming and digital content.

- They focused too much on physical stores and traditional rental models, neglecting the shift towards digital media consumption.

2. Price:

- Blockbuster's pricing strategy did not adapt to the changing market dynamics and the emergence of subscription-based models like Netflix.

- They did not offer competitive pricing to attract customers who were looking for more cost-effective and convenient options.

3. Place:

- Blockbuster's reliance on physical store locations limited their reach and accessibility compared to the online presence of competitors like Netflix.

- They were slow to establish a strong online presence and distribution network, missing out on the opportunity to reach a wider audience.

4. Promotion:

- Blockbuster failed to effectively promote their online rental platform when it was finally launched in 2004.

- They did not invest enough in marketing and advertising to compete with the aggressive promotional strategies of digital disruptors like Netflix.

5. People:

- Blockbuster's management did not embrace digital transformation and failed to nurture a culture of innovation within the company.

- They did not prioritize hiring and retaining talent with expertise in digital technologies and online streaming, which hindered their ability to adapt to the changing market.

6. Process:

- Blockbuster's decision-making processes were slow and bureaucratic, preventing them from quickly responding to market changes and consumer demands.

- They lacked agility in implementing new strategies and updating their business processes to stay competitive in the digital age.

7. Physical Evidence:

- Blockbuster's outdated store infrastructure and lack of focus on enhancing the customer experience in-store put them at a disadvantage compared to online streaming services.

- They did not invest in modernizing their physical locations or creating compelling customer experiences that could differentiate them from competitors.

In summary, Blockbuster's failure can be attributed to their inability to adapt to the digital disruption in the entertainment industry, their reluctance to innovate and embrace new technologies, and their failure to effectively address the changing needs and preferences of consumers. By neglecting key aspects of the marketing mix and failing to anticipate market trends, Blockbuster lost its competitive edge and ultimately went bankrupt in 2010.

2. Movie Selection: Blockbuster offered a vast selection of movies, including new releases and classic films, which allowed customers to explore a wide range of genres and titles. This variety contributed to the cultural impact of movies and helped introduce audiences to a diverse array of content.

3. Movie Nights: Blockbuster popularized the concept of movie nights and family outings to rent movies together. Visiting a Blockbuster store, browsing through aisles of movies, and selecting films to watch became a nostalgic and enjoyable experience for many people.

4. Community Engagement: Blockbuster stores served as community hubs where people could gather, socialize, and discuss movies. The physical presence of Blockbuster stores created a sense of community and shared experience among movie enthusiasts.

5. Employment Opportunities: Blockbuster created job opportunities for many individuals, providing employment in various roles such as store associates, managers, and customer service representatives. These jobs helped support local economies and provided valuable work experience for many employees.

6. Licensing Agreements: Blockbuster's partnerships with movie studios and production companies helped promote and distribute films to a wide audience. These licensing agreements facilitated the distribution of movies and supported the growth of the entertainment industry.

Overall, while Blockbuster's failure to adapt to changing market trends led to its decline, the company had a positive impact on the entertainment industry by making movies accessible, promoting movie culture, fostering community engagement, creating job opportunities, and supporting the distribution of films. Despite its challenges, Blockbuster's legacy continues to be remembered fondly by many people who grew up enjoying the experience of visiting their local Blockbuster store.

Not adapting to technology and changing consumer behaviours - People

Prioritising short term gains rather than focusing on long term customer satisfaction- Price

1. Brand Recognition: Blockbuster successfully built a strong brand that became synonymous with movie rentals. Through its iconic logo, color scheme, and store design, Blockbuster established brand recognition that resonated with consumers.

2. Promotions and Loyalty Programs: Blockbuster implemented various promotions, discounts, and loyalty programs to attract and retain customers. Programs like the Blockbuster Rewards program incentivized repeat business and encouraged customer loyalty.

3. Strategic Partnerships: Blockbuster formed partnerships with movie studios and production companies to secure exclusive movie releases and promotional tie-ins. These partnerships helped drive foot traffic to stores and differentiate Blockbuster from competitors.

4. Advertising Campaigns: Blockbuster invested in advertising campaigns across various channels, including television, radio, print, and outdoor advertising. These campaigns effectively promoted new releases, special offers, and store locations to target audiences.

Negative Use of Marketing:

1. Lack of Innovation: Blockbuster's marketing strategies became stagnant over time, as the company failed to innovate and adapt to changing consumer behaviors and technological advancements. This lack of innovation hindered Blockbuster's ability to stay competitive in the evolving entertainment landscape.

2. Digital Disruption Ignored: Blockbuster underestimated the impact of digital disruption on the entertainment industry and did not proactively respond to the rise of online streaming services. This shortsighted approach to marketing and business strategy ultimately led to Blockbuster's downfall.

3. Slow Adoption of Online Platform: While Blockbuster eventually launched an online rental platform in 2004, the company was slow to embrace digital transformation. By delaying the development and promotion of its online platform, Blockbuster missed out on the opportunity to capture a significant share of the growing online rental market.

4. Customer Experience: Blockbuster's focus on late fees and penalties for overdue rentals created a negative customer experience and deterred some customers from renting from Blockbuster. This aspect of their marketing strategy contributed to a decline in customer satisfaction and loyalty over time.

In conclusion, while Blockbuster initially leveraged marketing effectively to build a strong brand and attract customers, its failure to innovate, adapt to digital disruption, and enhance the customer experience ultimately led to its downfall. Blockbuster's reluctance to embrace new technologies and evolving consumer preferences highlights the importance of staying agile and responsive in a rapidly changing market environment.

2. Cost: Customers were irritated by Blockbuster's pricing strategy, which assessed late fines for overdue rentals. This was particularly the case when rivals provided more flexible options, like subscription-based plans free of late fees.

3. Location: Customers found online streaming platforms more convenient, which decreased the appeal of Blockbuster's physical store locations, resulting in a drop in foot traffic and rental income.

4: Promotion: In an attempt to compete with new digital competitors, Blockbuster did not successfully modify its promotional techniques. It made an effort to provide online rentals and a subscription service, but in the quickly changing world of digital streaming, it was too late to gain a sizable market share.

5. People: Blockbuster showed a lack of customer-centricity by failing to foresee and adapt to shifting consumer preferences. Its leadership might also have been anti-innovation, which made it more difficult for the business to successfully change course in reaction to market developments.

6. Procedure: In contrast to the easy, on-demand experience provided by digital streaming services, Blockbuster's rental procedure—which needed consumers to physically visit stores to explore and rent movies—became laborious.

7. Concrete Evidence: Blockbuster's out-of-date storefronts and underfunding of its digital infrastructure provided verifiable proof of its incapacity to adapt to evolving consumer trends and technology breakthroughs.

Price - Value:

Pricing in the marketing mix involves determining the value customers place on the product or service and setting a price accordingly. Similarly, in the SAVE concept, value is a crucial component, emphasizing the importance of providing value to customers through the products or services offered.

Differences:

1. Perspective: The SAVE concept focuses on a customer-centric approach, emphasizing understanding and addressing customer needs, while the 4 Ps of the marketing mix focus on tactical elements of marketing strategy.

2. Customer Focus: The SAVE concept places a strong emphasis on understanding customer needs and delivering value, while the 4 Ps of the marketing mix focus on product, price, place, and promotion strategies.

3. Comprehensiveness: The SAVE concept is more comprehensive in its approach, covering aspects such as solution, access, value, and education, while the 4 Ps of the marketing mix focus on specific tactical elements of marketing strategy.

In summary, while both frameworks are used to develop marketing strategies, the SAVE concept takes a more customer-centric approach, emphasizing understanding and addressing customer needs, while the 4 Ps of the marketing mix focus on product, price, place, and promotion strategies.

Product based models were a strong suit of the early industrial era. If you offered a strong, reliable product, then you could expect your success to hinge on that product alone.

Your business success was tied intrinsically to the quality of products you produced, and it made sense to focus on producing the best product possible.

This is not the case in the modern market. Today, consumers care far more concerned with solving their problems.

This is why a solution-based approach to your business is far more effective at increasing your worth than a product focused one.

.Solution: Offering products or services that solve customers' problems or fulfill their needs.

Access: Ensuring that customers can easily find and purchase the products or services.

Value: Providing benefits that outweigh the cost for customers, demonstrating the value proposition.

Education: Informing and educating customers about the features, benefits, and uses of the products or services.

Kotler, P., & Keller, K. L. (2020). Marketing Management (15th ed.). Pearson Education.

1. Product: Nike specialises in producing high-end, stylish athletic shoes, clothes, and accessories. Their branding, which appeals to a variety of sports and lifestyles, has an emphasis on performance, flair, and innovation.

2. Cost: Nike charges a premium price to match the perceived worth of its goods. Collaborations and limited edition releases frequently fetch greater costs because of their exclusivity and demand.

3. Location: Nike sells through its own retail locations, an online site, and independent retailers as part of a multi-channel distribution strategy. Additionally, they employ selective distribution to boost the desirability and brand image of exclusive products.

4. Promotion: Nike's marketing strategy mostly depends on celebrity and athlete endorsements, sponsorships, and advertising. To interact with their target audience and foster brand loyalty, they make use of social media, digital marketing, and experiential campaigns.

All things considered, Nike's marketing approach skillfully combines these components to forge a distinctive brand identity, boost sales, and keep a competitive advantage in the sportswear market.

1. Product: Nike started with innovative athletic shoes designed for performance. Over time, they diversified into apparel and accessories, continuously innovating to meet evolving consumer demands.

2. Price: Initially, Nike positioned itself as a premium brand, focusing on quality and performance. While maintaining premium pricing for flagship products, they also offer lower-priced options to reach broader markets.

3. Place: Nike began with a direct-to-consumer approach, selling shoes out of the trunk of cars. As they grew, they expanded distribution through partnerships with retailers and their own branded stores, and later online channels.

4. Promotion: Nike's early marketing emphasized endorsements from high-profile athletes like Michael Jordan, building a brand image of performance and aspiration. Their iconic "Just Do It" slogan became synonymous with the brand's ethos.

5. People: Nike's early success was propelled by the charisma of its co-founder Phil Knight and the innovative designs of its products. They fostered a culture of innovation and collaboration, attracting top talent to drive the company forward.

6. Process: Nike revolutionized the manufacturing process with innovative designs and materials, setting industry standards for performance footwear. They also optimized supply chain processes to ensure timely delivery of products to consumers.

7. Physical evidence: Nike's early retail outlets showcased their innovative products, providing tangible evidence of their commitment to quality and performance. The iconic Nike swoosh became a symbol of athletic excellence and style.

Product

Nike focuses on innovative products, like performance footwear and apparel, often endorsed by athletes. This creates a perception of quality and performance.

Price

Despite premium pricing, Nike maintains demand through perceived value, brand loyalty, and occasional discounts or limited editions.

Place (Distribution)

Nike utilizes various channels, from its own stores to online platforms and partnerships with retailers, ensuring wide availability and accessibility globally.

Promotion

Nike excels in promotion, leveraging celebrity endorsements, sponsorships, and emotional advertising to build brand identity, fostering a strong emotional connection with consumers.

People

Nike invests in customer service and employee training to enhance the overall consumer experience, both in-store and online.

Process

Nike continually refines its production processes to maintain quality while meeting demand efficiently, ensuring timely delivery of products.

Physical Evidence

Nike's brand presence, from its iconic swoosh logo to its flagship stores, serves as tangible evidence of its brand image and values, reinforcing its premium positioning in the market.

2. Price: Nike uses a premium pricing strategy, positioning itself as a high-end brand known for quality and innovation. While it offers products at various price points, its flagship products often come with higher price tags compared to competitors.

3. Place: Nike sells its products through various channels, including its own retail stores, e-commerce platform, and authorized retailers worldwide. It also has partnerships with sports teams, athletes, and fitness centers, expanding its distribution reach.

4. Promotion: Nike is known for its powerful marketing campaigns that emphasize athleticism, inspiration, and empowerment. It utilizes a mix of traditional advertising, digital marketing, sponsorships, and celebrity endorsements to build brand awareness and connect with consumers.

5. People: Nike places a strong emphasis on its employees, who are seen as passionate athletes and brand ambassadors. It also collaborates with professional athletes and influencers to promote its products and connect with its target audience.

6. Process: Nike focuses on continuous innovation in product design, manufacturing, and distribution processes to maintain its competitive edge. It also emphasizes sustainability initiatives, such as reducing waste and carbon emissions throughout its supply chain.

7. Physical Evidence: Nike’s physical evidence includes its retail stores, which are designed to reflect the brand’s image and provide immersive shopping experiences. Additionally, the quality and performance of its products serve as tangible evidence of Nike’s commitment to excellence.

2. Price: Nike positioned itself as a premium brand, allowing them to command higher prices for their products. Their marketing campaigns and endorsements helped create a perception of value and quality.

3. Promotion: Nike's marketing campaigns are legendary, using powerful storytelling, celebrity endorsements, and sponsorships to create emotional connections with consumers. They effectively communicated their brand message and built a loyal customer base.

4. Place: Nike ensured their products were available in a variety of distribution channels, including their own retail stores, online platforms, and partnerships with other retailers. They made it convenient for customers to access their products.

5. People: Nike's marketing highlighted the stories and achievements of athletes, creating a connection between consumers and the brand. They also focused on providing excellent customer service to enhance the overall brand experience.

6. Process: Nike streamlined their processes to ensure efficient production and distribution of their products. Their marketing efforts also played a role in shaping the customer journey and creating a seamless experience.

7. Physical Evidence: Nike's marketing showcased their products through visually appealing campaigns, emphasizing the quality and design. They also created immersive retail experiences in their stores, reinforcing their brand image.

Overall, Nike's marketing strategy influenced every aspect of the marketing mix, allowing them to create a strong brand, connect with consumers, and drive sales.

physical evidence special store ,

1. Primary Research: Involves collecting data firsthand, such as surveys, interviews, focus groups, and observations.

2. Secondary Research: Involves analyzing existing data, such as reports, articles, and statistics, to gain insights.

3. Qualitative Research: Focuses on understanding attitudes, behaviors, and motivations through methods like interviews and focus groups.

4. Quantitative Research: Involves measuring and analyzing numerical data to quantify opinions or behaviors through surveys, polls, and experiments.

5. Exploratory Research: Aims to explore a topic when little is known or understood about it, often using qualitative methods.

6. Descriptive Research: Seeks to describe characteristics of a population or phenomenon, typically using quantitative methods.

7. Causal Research: Investigates cause-and-effect relationships between variables, often through experiments to determine the impact of certain factors.

There are several types of market research, such as surveys, interviews, focus groups, and observations.

1. Descriptive Research: This type focuses on describing the characteristics of a population or phenomenon. It’s often used to gather preliminary information.

2. Exploratory Research: It aims to explore a topic, idea, or problem more deeply to gain insights and understanding. It’s particularly useful in situations where little is known or understood about the subject.

3. Causal Research: This type seeks to establish a cause-and-effect relationship between variables. It’s used to determine how changes in one variable affect another.

4. Qualitative Research: It involves gathering non-numerical data, such as opinions, attitudes, and motivations, through methods like interviews, focus groups, or observation.

5. Quantitative Research: This type focuses on gathering numerical data that can be analyzed statistically. Surveys, questionnaires, and experiments are common quantitative research methods.

6. Primary Research: It involves collecting data directly from the source, through methods like surveys, interviews, or experiments.

7. Secondary Research: It involves analyzing existing data sources, such as market reports, government publications, or academic studies.

8. Online Research: With the rise of the internet, this type involves gathering data through online surveys, social media monitoring, website analytics, etc.

9. Field Research: It involves conducting research in the field, such as observing consumer behavior in retail stores or conducting interviews at trade shows.

10. Market Segmentation Research: This type involves dividing a market into distinct groups based on characteristics such as demographics, behavior, or needs.

These are just some of the many types of market research methods available, each with its own strengths and weaknesses depending on the research objectives and context.

1. Primary Research: Involves collecting data firsthand, such as surveys, interviews, focus groups, and observations.

2. Secondary Research: Involves analyzing existing data, such as reports, articles, and statistics, to gain insights.

3. Qualitative Research: Focuses on understanding attitudes, behaviors, and motivations through methods like interviews and focus groups.

4. Quantitative Research: Involves measuring and analyzing numerical data to quantify opinions or behaviors through surveys, polls, and experiments.

5. Exploratory Research: Aims to explore a topic when little is known or understood about it, often using qualitative methods.

6. Descriptive Research: Seeks to describe characteristics of a population or phenomenon, typically using quantitative methods.

7. Causal Research: Investigates cause-and-effect relationships between variables, often through experiments to determine the impact of certain factors.

1. Primary Research: In this type of study, information is gathered straight from the source. It may use techniques like as focus groups, observations, interviews, and surveys. Primary research is customised to individual study aims and offers direct perspectives.

2. Secondary Research: In this type of research, data that has already been gathered by others is analysed. It draws on a variety of sources, including government databases, published papers, journals, and industry studies. Although secondary research is less expensive and offers more comprehensive insights, it might not always be suited to the particular requirements of the study.

1. Primary Research: Fresh Insights from the Source

This is like getting intel straight from the field. You collect new data directly from your target customers:

• Surveys: Online questionnaires or polls reach a broad audience, giving you quantitative data like demographics and preferences.

• Interviews: Deeper dives with individuals provide qualitative data, revealing motivations and underlying thoughts.

• Focus Groups: Bringing together a small group fosters discussions, uncovering shared opinions and group dynamics.

• Usability Testing: Observing how people interact with your product exposes usability issues you can fix.

2. Secondary Research: Standing on the Shoulders of Giants

This leverages existing data collected by others, offering a cost-effective way to gain insights:

• Government Reports: Packed with demographic and industry trend data, these are a treasure trove of information.

• Industry Publications: Reports and forecasts from industry associations and research firms offer valuable market perspectives.

• News Articles: Stay up-to-date on current events and trends that could impact your target market.

• Company Websites: Learn about competitors' products, services, and target audiences from their own sites.

Beyond the Basics: Qualitative vs. Quantitative

Market research can also be categorized by the type of data it gathers:

• Qualitative Research: Focuses on non-numerical data like opinions, feelings, and experiences. It helps understand the "why" behind customer behavior.

• Quantitative Research: Deals with numerical data like statistics and percentages. It helps measure the size and characteristics of your target market.

By combining primary and secondary research, along with qualitative and quantitative approaches, you paint a complete picture of your market. This empowers you to make informed decisions for a thriving business.

1. Descriptive Research: This type focuses on describing the characteristics of a population or phenomenon. It’s often used to gather preliminary information.

2. Exploratory Research: It aims to explore a topic, idea, or problem more deeply to gain insights and understanding. It’s particularly useful in situations where little is known or understood about the subject.

3. Causal Research: This type seeks to establish a cause-and-effect relationship between variables. It’s used to determine how changes in one variable affect another.

4. Qualitative Research: It involves gathering non-numerical data, such as opinions, attitudes, and motivations, through methods like interviews, focus groups, or observation.

5. Quantitative Research: This type focuses on gathering numerical data that can be analyzed statistically. Surveys, questionnaires, and experiments are common quantitative research methods.

6. Primary Research: It involves collecting data directly from the source, through methods like surveys, interviews, or experiments.

7. Secondary Research: It involves analyzing existing data sources, such as market reports, government publications, or academic studies.

8. Online Research: With the rise of the internet, this type involves gathering data through online surveys, social media monitoring, website analytics, etc.

9. Field Research: It involves conducting research in the field, such as observing consumer behavior in retail stores or conducting interviews at trade shows.

10. Market Segmentation Research: This type involves dividing a market into distinct groups based on characteristics such as demographics, behavior, or needs.

These are just some of the many types of market research methods available, each with its own strengths and weaknesses depending on the research objectives and context.

1. Primary

2. Secondary

3. Qualitative

4. Quantitative

5. Branding

6. Customer

7. Competitor

8. Product

Primary research

Secondary research

Qualitative research

Quantitative research

Branding research

Customer research

Competitor research

Product research

In the business context, market research can encompass various types tailored to specific needs, including:

1. Market Segmentation Research: Identifying and categorizing consumer groups with similar characteristics, behaviors, or needs.

2. Product Research: Assessing customer preferences, demand, and satisfaction with existing products or services, as well as testing new product concepts.

3. Brand Research: Understanding perceptions, attitudes, and associations consumers have with a brand to guide brand development and positioning strategies.

4. Pricing Research: Evaluating consumers' willingness to pay for products or services and determining optimal pricing strategies.

5. Distribution Channel Research: Investigating the effectiveness and efficiency of different distribution channels and identifying opportunities for improvement.

6. Advertising and Promotion Research: Assessing the impact and effectiveness of advertising campaigns, promotions, and marketing messages on consumer behavior.

7. Customer Satisfaction and Loyalty Research: Measuring customer satisfaction levels, identifying areas for improvement, and understanding factors influencing customer loyalty.

• Primary research. ...

• Secondary research. ...

• Qualitative research. ...

• Quantitative research. ...

• Branding research. ...

• Customer research. ...

• Competitor research. ...

• Product research.

Primary research the process of gathering data directly from original sources.(Oxford Dic).involves interview survey, observations.

Secondary research also known as Desk research a method that involves compiling existing data source from variety of channels.

1. Primary Research: Fresh Insights from the Source

This is like getting intel straight from the field. You collect new data directly from your target customers:

• Surveys: Online questionnaires or polls reach a broad audience, giving you quantitative data like demographics and preferences.

• Interviews: Deeper dives with individuals provide qualitative data, revealing motivations and underlying thoughts.

• Focus Groups: Bringing together a small group fosters discussions, uncovering shared opinions and group dynamics.

• Usability Testing: Observing how people interact with your product exposes usability issues you can fix.

2. Secondary Research: Standing on the Shoulders of Giants

This leverages existing data collected by others, offering a cost-effective way to gain insights:

• Government Reports: Packed with demographic and industry trend data, these are a treasure trove of information.

• Industry Publications: Reports and forecasts from industry associations and research firms offer valuable market perspectives.

• News Articles: Stay up-to-date on current events and trends that could impact your target market.

• Company Websites: Learn about competitors' products, services, and target audiences from their own sites.

Beyond the Basics: Qualitative vs. Quantitative

Market research can also be categorized by the type of data it gathers:

• Qualitative Research: Focuses on non-numerical data like opinions, feelings, and experiences. It helps understand the "why" behind customer behavior.

• Quantitative Research: Deals with numerical data like statistics and percentages. It helps measure the size and characteristics of your target market.

By combining primary and secondary research, along with qualitative and quantitative approaches, you paint a complete picture of your market. This empowers you to make informed decisions for a thriving business.

Internal sources for market research refer to data and information that is already available within the organization. These sources can provide valuable insights into the market, customers, and competitors. Some examples of internal sources include:

1. Sales Data: Analyzing sales records can provide information on customer preferences, buying patterns, and trends.

2. Customer Feedback: Reviewing customer feedback, such as surveys, reviews, and complaints, can help identify areas for improvement and understand customer satisfaction levels.

3. Website Analytics: Examining website traffic, user behavior, and conversion rates can provide insights into customer engagement and preferences.

4. Social Media Insights: Monitoring social media platforms can offer valuable information about customer opinions, preferences, and trends.

5. CRM (Customer Relationship Management) Data: CRM systems store customer information, purchase history, and interactions, which can be analyzed to understand customer behavior and preferences.

6. Employee Feedback: Gathering insights from employees who interact with customers can provide valuable firsthand information about customer needs and preferences.

By leveraging internal sources, organizations can gain a deeper understanding of their market and make data-driven decisions. Let me know if you'd like more information or have any other questions!

1. Sales Data: Information about past sales performance, including revenue, units sold, customer demographics, and geographic distribution.

2. Customer Databases: Databases containing details about existing customers, such as contact information, purchase history, preferences, and feedback.

3. Financial Reports: Reports detailing the company's financial performance, profitability, expenses, and investments.

4. Customer Service Records: Records of interactions with customers, including inquiries, complaints, and resolutions, which can provide insights into customer satisfaction and areas for improvement.

5. Internal Reports and Documents: Internal reports, memos, presentations, and other documents that contain relevant information about the company's operations, marketing strategies, and performance.

6. Employee Feedback: Feedback from employees who interact directly with customers or have insights into market trends, customer preferences, and competitor activities.

7. Product Data: Information about the company's products or services, including features, pricing, promotions, and customer feedback.

By utilizing these internal sources, companies can gather valuable insights to inform their market research efforts and make data-driven decisions.

Sales Data: Monthly sales reports, quarterly revenue summaries, and historical sales trends by product or region.

Customer Databases: Customer profiles containing demographics, purchase history, contact information, and feedback from surveys or customer service interactions.

Financial Records: Income statements, balance sheets, cash flow statements, and financial ratios indicating profitability, liquidity, and solvency.

Inventory Records: Inventory turnover reports, stock level summaries, and records of product movement.

Marketing Campaign Results: Campaign performance metrics such as click-through rates, conversion rates, social media engagement statistics, and email campaign analytics.

Accounting information such as Trading Profit and loss and balance ledger.

Newsletter of company

example feedback from customer support or sales professionals.

Easily available and no financial burden to gather such information.

1. Sales Data: Sales data from the past and present shed light on consumer preferences, market trends, and product performance.

2. Customer databases: Data on current clients, including demographics, purchasing patterns, and reviews, are useful for identifying target markets and optimising marketing tactics.

3. Financial Reports: Examining financial accounts provides information on a company's profitability, market performance, and financial standing in relation to its rivals.

4. Consumer Service Records: Information gleaned from complaints, feedback, and enquiries from customers is used to understand consumer wants and preferences and to pinpoint areas that need improvement.

5. Website Analytics: Data on user activity, conversion rates, and website traffic can give important insights into online market trends and consumer involvement.

6. Inventory and Supply Chain Data: Data on production costs, supply chain efficiency, and inventory levels are useful for demand forecasts and operational optimisation.

7. Internal Research Reports: The company's past assessments, internal polls, and market research studies offer insightful information about consumer behaviour and market dynamics.

8. Employee Feedback: Views on market trends, customer preferences, and the competitive environment can be gained from employees who work in different departments or contact with customers.

These internal sources provide plenty of information that can help direct marketing initiatives and strategic decision-making.

• I do sales coaching. ...

• Aggressive sellers get what they want by taking advantage of buyers. ...

• Assertive sellers get what they want by not taking advantage of buyers. ...

• Finally, passive sellers don't get what they want. ...

• “If you like what you've heard from me so far, then I suggest we do a test case.”

Website monitoring is used by researchers for a number of reasons, such as:

1. Content analysis is keeping an eye on alterations made to websites in order to research changes in messaging, information sharing, or organisational priorities.

2. Trend Analysis: Monitoring websites like forums, social media platforms, or news websites in order to identify trends or patterns in online debates, user participation, or public mood.

3. Competitor Analysis: Researching rival websites for information on their product lines, advertising tactics, and market positions.

4. Policy monitoring: keeping an eye out for updates or announcements on pertinent websites to keep track of modifications to governmental or organisational policy.

5. Data collection: Compiling information for scholarly studies, such as user behaviour, usability of websites, or online communities.

All things considered, website monitoring gives academics insightful information on trends, changes, and behaviour that they may use to inform their analysis and research findings.

In market research, sales personnel can provide valuable insights and data through their interactions with customers. They can gather feedback on product features, pricing, customer preferences, and competitor activities. Additionally, they can offer firsthand observations on market trends, customer behavior, and emerging opportunities or challenges.

Here are some examples of how sales personnel can contribute to market research:

1. Customer Feedback: Sales representatives can gather feedback from customers regarding product satisfaction, preferences, and suggestions for improvement during sales interactions.

2. Competitor Insights: Sales personnel can provide intelligence on competitor activities, pricing strategies, product offerings, and customer perceptions gained through interactions with clients.

3. Market Trends: By being in direct contact with customers, sales teams can identify emerging market trends, shifts in consumer behavior, and changes in demand for products or services.

Examples of accounting records are the general ledger, all subsidiary ledgers, invoices, bank statements, cash receipts, and checks.

The main reasons for production records are to ensure that quality assurance procedures are in place and operating satisfactorily and to record the use of ingredients and amounts of stock for use in financial accountin

11:39

1. **Uptime Monitoring:** Continuously monitor the availability of Samsung's website to ensure it is accessible to users. Use website monitoring tools or services to receive alerts in case of downtime or outages.

2. **Performance Monitoring:** Track the loading speed and overall performance of Samsung's website to ensure optimal user experience. Monitor metrics such as page load times, server response times, and website responsiveness across different devices and browsers.

3. **Content Monitoring:** Regularly check for updates, changes, or additions to the content on Samsung's website. This includes product information, announcements, news, and promotions. Monitor for broken links, missing pages, or outdated content.

4. **Functionality Testing:** Test the functionality of key features and functionalities on Samsung's website, such as search functionality, navigation menus, forms, and checkout processes. Ensure that all website features are working correctly and without errors.

5. **Security Monitoring:** Monitor for any security vulnerabilities or threats on Samsung's website, such as malware injections, phishing attempts, or data breaches. Regularly scan the website for vulnerabilities and ensure that security measures are in place to protect user data.

6. **Competitor Monitoring:** Monitor Samsung's competitors' websites to track industry trends, product launches, pricing changes, and marketing strategies. Compare Samsung's website performance and features with those of its competitors to identify areas for improvement.

By implementing website monitoring practices for Samsung, organizations can ensure that their online presence remains reliable, secure, and competitive, ultimately enhancing the overall user experience and driving business success.

In today’s digital world, your personal data is a valuable commodity. However, all too often negligent business processes, human error and cybercrime mean this sensitive data isn’t as protected as it should be.

If your data is allowed to fall into the wrong hands, it can have very serious consequences, including financial losses, emotional distress, and loss of privacy.

Where your financial or personal information has been exposed due to negligence on the part of a business or other organisation you trusted to keep your data safe, it can be very upsetting and frustrating. Many people are confused about what their rights are and what to do next.

If your data has been exposed due to security failures by an organisation that held your personal data, you have a right to claim make a data breach claim.

At Hayes Connor Solicitors, we have decades of combined experience claiming compensation for people who have had their data exposed due to another party’s negligence. We can help you make a data breach claim for your financial losses, emotional distress, and loss of privacy.

We understand that making a data protection claim can be stressful, especially while you are dealing with the emotional impact of having your data exposed. That’s why we make sure you always know what’s happening with your case and remove the jargon from the process to keep things as simple and stress-free as possible.

1. Performance Monitoring: Apple would monitor the performance of its website to ensure it loads quickly and functions smoothly across different devices and browsers. This involves tracking metrics such as page load times, server response times, and overall site availability.

2. Traffic Analysis: Apple would analyze website traffic to understand visitor behavior, popular pages, and traffic sources. This helps in optimizing the website’s content and structure to enhance user experience and conversion rates.

3. Security Monitoring: Apple would employ security measures to monitor its website for any unauthorized access attempts, malware injections, or other security threats. This involves continuously scanning for vulnerabilities and promptly addressing any security issues.

4. Content Updates: Apple would monitor its website to ensure that all content, including product information, promotions, and support resources, is up to date and accurate. This may involve content management systems (CMS) to schedule and track content updates.

5. User Experience Monitoring: Apple would monitor user interactions with its website to identify areas for improvement in terms of usability, accessibility, and overall user experience. This could involve user testing, heatmaps, and other usability testing methods.

Overall, website monitoring at Apple would be a comprehensive process aimed at ensuring optimal performance, security, and user experience for visitors to its website.

• Full year reported revenues were $51.2 billion, up 10 percent compared to prior year and up 16 percent on a currency-neutral basis*

• Fourth quarter reported revenues were $12.8 billion, up 5 percent compared to prior year and up 8 percent on a currency-neutral basis

• NIKE Direct reported revenues for the fourth quarter were $5.5 billion, up 15 percent compared to prior year and up 18 percent on a currency-neutral basis

• Wholesale reported revenues for the fourth quarter were $6.7 billion, down 2 percent compared to prior year and up 2 percent on a currency-neutral basis

• Gross margin for the fourth quarter decreased 140 basis points to 43.6 percent

The Coca-Cola stakeholders are further divided into internal and external stakeholders. According to Brondoni (2019), the internal key groups in the Coca-Cola fraternity are the Board of Directors, Vice presidents, senior leaders, employees, and shareholders.

Each individual machine conducts real-time analysis of consumer data, responding in various helpful ways to improve customer experience. The AI algorithm means every establishment can use their machine to promote unique, bespoke beverages and trending flavors in relation to their consumers.

Demand Forecasting: Cola 3000 analyzed sales data, market trends, and external factors to accurately forecast demand. This allowed Coca-Cola to optimize production, manage inventory efficiently, and avoid overstocking or shortages. The result was reduced costs and improved customer satisfaction

Nike uses cookies and pixel tags to track customers’ usage of the Platform and to understand customers’ preferences (such as country and language choices). This enables Nike to provide services to our customers and improve their online experience. Nike also use cookies and pixel tags to obtain aggregate data about Platform traffic and interaction, to identify trends and obtain statistics so that they can improve our Platform.

They interact with third-party analytics services on our Platform. These third parties share reports with us about the use of our Platform, including to help us better understand our Platform users’ interests and demographics. These reports do not contain information that directly identifies you.

1. Training: Make sure sales staff receive thorough training in product knowledge, sales techniques, and customer service.

2. Goal Setting: Establish clear and attainable sales targets for each salesperson.

3. Territory Management: Assign territories strategically to ensure efficient coverage and avoid duplication.

4. Incentives: Create incentive programs to keep sales staff motivated and recognize top performers.

5. Feedback and Coaching: Provide regular feedback and coaching to help salespeople enhance their skills and performance.

6. Technology Integration: Use technology like CRM systems to simplify sales processes and monitor performance.

7. Collaboration: Encourage teamwork between sales staff and other departments, like marketing and logistics, to optimize sales strategies.

8. Customer Focus: Stress the importance of building and maintaining strong customer relationships to encourage repeat business.

9. Continuous Improvement: Continuously assess and refine sales strategies based on market feedback and performance indicators.

10. Communication: Maintain open lines of communication to ensure sales staff are kept informed about company news, promotions, and changes in products or policies.

Apple raised its production to record high of 85.5 millions units in 2021

In research, trade journals are valuable sources of industry-specific information. Researchers use them to stay updated on the latest developments, gather data for market analysis, understand industry trends, and gain insights into competitors' strategies. Trade journals can also provide case studies, expert opinions, and real-world examples that enrich research findings and support conclusions

For example, a researcher studying trends in renewable energy might consult trade journals like "Renewable Energy World" or "Solar Power World" for industry insights and case studies.

Trade journals, magazines, and newspapers are excellent sources for the latest business news and trends, and can sometimes be the only source for private company information.

Trade journals in particular focus on one industry and provide in-depth information on trends, new products and other topics of interest to people working in that industry.

The databases Business Source Complete, Factiva, and Proquest Business One listed below all offer a search limiter for trade journals. The Business Journals from American City Business Journals are all trade publications.

Trade

1. Market research firms: Companies like Nielsen, Gartner, and IDC provide comprehensive market research reports across various industries.

2. Government agencies: Government organizations such as the U.S. Census Bureau, Eurostat, and the World Bank offer valuable data and reports on market trends and economic indicators.

3. Trade associations: Industry-specific trade associations often publish market research reports that provide insights into specific markets or sectors.

4. Industry publications: Journals, magazines, and websites focused on specific industries often publish market research reports and industry analysis.

5. Market research platforms: Online platforms like Statista, IBISWorld, and MarketResearch.com provide access to a wide range of market research reports from various sources. It's important to evaluate the credibility and relevance of the source before relying on the information provided in the reports.

It's important to evaluate the credibility and relevance of the source before relying on the information provided in the reports.

Most research processes follow these steps:

1. Identify what you intend to solve or improve.

2. Formulate a hypothesis regarding how to do it.

3. Review existing data on the subject.

4. Experiment to test the validity of your hypothesis.

5. Observe the results of your experiments.

6. Draw conclusions from the experiment.

Statistics produce within a national statistical system.(ec.europa.eu)

It is used to identify trends, patterns and to make decisions about the whole population or a particular group of the population.

Trade journals, magazines, and newspapers are excellent sources for the latest business news and trends, and can sometimes be the only source for private company information.

Trade journals in particular focus on one industry and provide in-depth information on trends, new products and other topics of interest to people working in that industry.

The databases Business Source Complete, Factiva, and Proquest Business One listed below all offer a search limiter for trade journals. The Business Journals from American City Business Journals are all trade publications.

Over the past 14 years, Starbucks has used market research by obtaining consumer feedback through its My Starbucks Idea platform. This platform essentially allows customers, potential customers, and employees to visit the website to submit any creative ideas they come up with.

Examples of consumer panels

Trendsetter consumer panel

Brand-loving consumer panel

General consumer panel

Continuing consumer panel

Example of companies using consumer panel:

Apple has a panel called Consumer “Apple Customer Pulse,” which is an online community committed to catering to the needs of the technology consumer by analyzing data and its research is done through a variety of customer satisfaction surveys.

Primary market research, also known as field research, is new research that a business undertakes itself. It involves collecting new data. and information that has not been collected before. Primary research provides a business with customised research that is specific to its own circumstances.Definition: Pilot

The pilot project is an initial small-scale implementation that is used to prove the viability of a project idea. This could involve either the exploration of a novel new approach or idea or the application of a standard approach recommended by outside parties but which is new to the organisation. An example of this would be the standard implementation approach for a new off-the-shelf package.

The pilot project enables an organisation to manage the risk of a new idea and identify any deficiencies before substantial resources are committed.

Definition: Trial

The trial forms part of a committed project and is intended to manage the risk of implementation roll out. It tests the implementation approach and its purpose is to manage the risk of implementation.

Definition: Pilot

The pilot project is an initial small-scale implementation that is used to prove the viability of a project idea. This could involve either the exploration of a novel new approach or idea or the application of a standard approach recommended by outside parties but which is new to the organisation. An example of this would be the standard implementation approach for a new off-the-shelf package.

The pilot project enables an organisation to manage the risk of a new idea and identify any deficiencies before substantial resources are committed.

Researcher simply observe and describe what is happening rather than intervening or manipulating variables.

1 -£86 billion according to the accountants Deloitte

Premier Inns shared the strongest summer sale on record.

2- very useful because this says tourism is the fifth biggest industry in Britain.

3-Piloting is good to identify strengths and weakness before expand.

4--Secondary data is better because is quicker to get and cheaper.

Q2.Accountants and auditors prepare and examine financial records, identify potential areas of opportunity and risk, and provide solutions for businesses and individuals. They ensure that financial records are accurate, that financial and data risks are evaluated, and that taxes are paid properly.

audit and assurance, consulting, financial advisory, risk advisory, tax and related services,

Q3,Annual reports ,Sales data,Customer records,Clients database,payment records.

Q4.Primary research,interviews,Survey s,observation,Focus group s,Emails,Newspapers.

- Company figures produced in annual reports by hotel chains Travelodge and Premier Inns.

- Statistics and insights provided by Deloitte regarding the tourism industry in Britain.

2. This secondary data would be quite useful for a business owner considering expansion in the south of England. It provides valuable insights into the current state of the tourism industry, including the significant economic impact and the trend of people choosing domestic holidays due to COVID travel restrictions. The information on strong summer sales by hotel chains in annual reports also indicates a potential increase in demand for accommodation services, which could support the decision to expand the hotel business.

3. Other types of secondary data that might further support the business owner in making a case to expand could include:

- Market research reports on the tourism and hospitality industry in the south of England, providing detailed insights into market trends, customer preferences, competitor analysis, and potential growth opportunities.

- Economic forecasts and trend analyses specific to the south of England, offering insights into factors such as population growth, disposable income levels, and tourism expenditure patterns.

- Customer reviews and feedback from online platforms and social media channels, providing insights into customer satisfaction, preferences, and areas for improvement in existing hotel services.

4. The decision to expand would benefit from a combination of both primary and secondary data. While secondary data provides valuable background information and insights into industry trends and market conditions, primary data collection methods such as surveys, interviews, or focus groups could be used to gather specific information tailored to the business owner's needs, such as customer preferences, satisfaction levels, and perceptions of potential expansion planing

2.It could provide insights into market trends, competitor analysis and economic indicators, helping them make an informed decision based on existing information rather than conducting costly primary research from scratch.

3. Journals, industry specific magazines, studies conducted by market research firms

4.Secondary data ( cost and time effective,reduced risk)

2. The secondary data would be quite useful in helping a business owner decide on whether to expand their hotel business in the south of England. It provides insights into the performance of hotel chains, the economic impact of tourism, and the current trend of people holidaying in Britain. This information can help the business owner assess the potential demand for hotel accommodations in the south of England.

3. Other types of secondary data that might support the business owner in making a case to expand could include: a) Government tourism statistics and reports, b) Industry publications and journals, and c) Economic forecasts and market analysis reports. These types of data would provide broader industry insights, market trends, and potential competition in the area.

4. In making the decision to expand, the business owner would benefit from using both primary and secondary data. While secondary data provides existing information and context, primary data, such as customer surveys and local market research, would offer specific insights about customer preferences and needs in the south of England. Therefore, a combination of both primary and secondary data is the best approach to make an informed expansion decision.

2. The secondary data would be quite useful in helping a business owner decide on whether to expand their hotel business in the south of England. It provides insights into the performance of hotel chains, the economic impact of tourism, and the current trend of people holidaying in Britain. This information can help the business owner assess the potential demand for hotel accommodations in the south of England.

3. Other types of secondary data that might support the business owner in making a case to expand could include: a) Government tourism statistics and reports, b) Industry publications and journals, and c) Economic forecasts and market analysis reports. These types of data would provide broader industry insights, market trends, and potential competition in the area.

4. In making the decision to expand, the business owner would benefit from using both primary and secondary data. While secondary data provides existing information and context, primary data, such as customer surveys and local market research, would offer specific insights about customer preferences and needs in the south of England. Therefore, a combination of both primary and secondary data is the best approach to make an informed expansion decision.