A: Examine the types of market research used in business
This study on JD sports focuses on how the UK’s leading fashionable sportswear uses market research to expand and develop its business. The performance of JD sports depends on providing the trendiest brands and products that are desired by their customer base, their products have to be the right price and be in the right locations to meet customer needs and to increase revenues.
JD was founded in 1981 in Mossley, in Manchester as a single shop. A retail business like JD sports would be considering to expand internationally, they would also be diversifying their product ranges or they could be acquiring new companies. JD sports is a well-recognised brand with over 335 stores across the UK becoming the leading retailer of fashionable casual wear and sportswear. In a time-span of 20 years, JD expanded through organic growth- this is when a company increases outputs and inflates sales internally to achieve growth. To increase their customer base, JD opened up stores in new different locations, this also increased revenues. JD trades on the raising trend of young people wearing sportswear in everyday life.
Why does a company carry our MR and what types of MR are available?
In today’s extremely competitive economy marketing research is important for the success of business endeavors. If a business wants to keep up with the newest marketing trends and gain a competitive edge in the business market, understanding marketing research is vital especially when it comes to reaching out to your customer base (target audience) and increasing your sales.
With marketing research, a company is able to determine buying trends by recording the trends of customers- what products are popular and what products aren’t so popular- this would result in demand because more and more customers would want the product in trend, leading to an increase in sales, followed by that, an increase in profits.
Using market research, a company is also able to identify and aid new product development- by asking what the customers would want in a product (this could also be the gap in the market), JD sports could take the constructive feedback- using methods of primary research, e.g. a survey, and form it into a product favored by customers- this would lead to an increase in revenue.
Marketing research at JD sports
In this section, I will be investigating the primary and secondary research techniques and also look at the qualitative and quantitative research techniques which JD sports apply to their business. Marketing research is the way JD Sports finds out about the performance of its customers and competitors. With all this evidence and research, they use it to ensure that their advertising methods is influencing the people that they are aiming to reach, for example- sports people. Market researching techniques help JD sports develop its SWOT analysis and the limitations of their research...