Market Research Yr 12 LTT

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Market research is the means by which organizations can identify

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what customers actually want. Market research helps organizations understand customer needs.

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The main ways LTT Organisations conduct Market Research

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Internet & Email

Focus groups

Postal Surveys

Observation

personal Surveys

Telephone questionnaires

IF POST

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Impact of marketing myopia.

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If not addressed quickly, marketing myopia can lead to significant damage to leisure, travel, and tourism organizations.

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Role of focus groups.

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Focus groups are used to gather qualitative data in market research.

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Damage from incorrect assumptions.

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Can lead to financial loss and damage to brand reputation.

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Products and services most attractive to different age ranges.

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Understanding age-specific preferences helps tailor offerings to various demographics.

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Clarity about what the organization is researching.

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Being clear on research objectives is crucial for effective market research.

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Follow-up emails.

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Organizations can easily follow up by sending another email.

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Customer satisfaction in hotels.

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Hotels often email customer satisfaction questionnaires to recent guests.

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Focus groups are a development from observational research.

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Customers are grouped to discuss topics in a semi-structured format directed by the researcher.