Hi, need to submit a 250 words essay on the topic Research Project, Focus, Type.
An entrepreneur could not commence a new venture or expand an existing business without accurate and updated information. Nonetheless, the pertinent information about the chosen country, economy, political conditions, laws and regulations, environment, technology, demographics, psychographics, behavioral, cultural and social factors, competitors and market potential is obtained through secondary and primary research. For instance, this marketing research and data collection should be considered as a useful project, because it becomes essential for survival, growth and sustainability of a business entity. The marketers than analyse this information and use for innovation, branding and differentiation.
The information garnered will be analyzed and evaluated to develop certain alternatives and policies that could benefit the restaurant as a whole. For instance, the research project will help identifying new business opportunities followed by gaps in market. This would later benefit in expansion and betterment. In addition, the research will study societal changes, purchasing power and consumption trends after which we could improve our existing marketing and advertising campaigns, internal display and food products.
The research will include primary (through surveys, focus groups and interviews) and secondary (available online published articles, journals, reviews, reports etc.) information. In addition, it would be comprehensive and descriptive in nature because the researcher will cover all major marketing related issues and points.
The economic recession has resulted in massive unemployment and decline in consumer purchasing power (real incomes). therefore, customers demand high quality food products at reasonably lower prices. In other words, price factor will now play the most important role in success and prosperity of the restaurant in tough economic conditions.
The literature would be gathered initially through secondary research because it is easily available and cheaper than primary (first hand) information. Websites, online databases, digital communities (Face Book, twitter, my space etc) and web logs may provide sufficient literature that could be used as a starting point. Any weaknesses and irrelevance will then be removed through collection of primary data.
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