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Market research allows a firm to understand the gap in the market, and the customers needs. This will also allow Tesco to react according to the internal and external data, reducing business loss and better chance of profits. one example by which Tesco's has used market research is their club card. a club card gives 5 p patrol off for £50 spend on Tesco. Any firm including Tesco's depends on market research beacuse it give them valuable information such as competitors profits, products etc. If there is any new stragety introduced by Tesco competitors, Tescos any reacts quickly trying new... Continue reading

The purpose of market reasearch is to find out how far a business reach their customers,Changes in economic conditions, Changes in the product ranges of competitors,Changes in consumer tastes, Changes in technology etc. it also allows firms to highligt their weakpoints and plan on how to imporve. Marketing research can help firms to discover consumers opinions on a huge range of issues, e.g. views on products’ prices, packaging, recent advertising campaigns, indentify competition, indentify oppourtunities/gaps in the market and reduce the loss of the business. Marketing research can not only provide information regarding the current state of the market but... Continue reading

External research is any information or data gained to a business from outside their business for example newspaper, news they can find that there is increase in VAT or fuel tax, EU start, trade publication, government statisticsetc. External research allows a firm to be aware of factors happening outside the business and take measures and act against it. Continue reading

Internal research is basically any information gained within the business, such as business can be aware of the profits they are making, what numbers of customters are consuming a product of a firm. Internal data are move reliable then the external research data. Continue reading

Qualitative data analyses thought and feeling of customers for the business products which allows firms to highlight the problems and demonstrate improvement in the quality of the product. Qualitative data describes whereas quantitative data defines and Qualitative Data is in the form of words, pictures or objects whereas Quantitative data is in the form of numerical . Continue reading

It is the use of sampling techniques (such as consumer surveys) whose result may be expressed numerically, and are amenable to mathematical (statistical) manipulation enabling the researcher to estimate future events or quantities Continue reading

Secondary marketing research, or desk research, already exist in one form or another. It is relatively cheap, and can be conducted quite quickly .However, it tends to have been collected for reasons other than for the problem or objective at hand therefore it might not reliable and out of date. examples of secondary research are : newspapers, magazine, internet etc. Continue reading

Primary research involves getting original data directly about the product and market. Primary research data is data that did not exist before. It is designed to answer specific questions of interest to the business - for example: Face-to-face interviews Telephone interviews Online surveys Questionnaires Focus groups Continue reading

Market segmentation: The term 'market segmentation' means to divide a market by a strategy directed at gaining a major portion of sales to a subgroup in a category, rather than a more limited share of purchases by all category users. Market segmentation is also the separation of the customers into different groups, e.g. age group, geographical, demographic, psychographic, lifestyle etc.First Direct provides services relevant to these five groups. for example First Direct only oprates in the UK, which means they only have UK customers, this is an example of geographical segmentation. First direct also have student accounts credit and debit... Continue reading

E-Marketing: is defined as the management process through the use of electronic communications technology. It uses the internet for marketing a brand. E- Marketing is one of the easiest ways to set business and be very well known by public as website can reach anyone in the world who has internet access. e-marketing is a business which doen't require any geographical features and can be accessed 24/7. First Direct is an E-marketing business. Every task from the range of advertising to making account is done on their website. First Direct is the First online banking business. Using E-marketing means that... Continue reading

Branding: It is the process which involves creating a unique name and image for a product (good or service) in the consumers' mind, through advertising campaigns with a consistent theme. Branding aims to establish a significant improve its perceived value, Increase the depth and breadth of general customer awareness (mindshare) about it and differentiated presence in the market that attracts and retains loyal customers. Branding by First Direct is also done on their websites. They are known for their black and white colour which means that they are plain, simple and straight forward. First direct also have a logo which... Continue reading

Relationship marketing: concept, lifetime customer: Relationship Marketing involves using methods and tactics to develop long term relationship with customers in order to retain them. The business keeps a relationship with its customers so they can have a long lasting relationship through out the customers life, relationship marketing really helps the business because the business can get more customers and persuade their customers. An organisation must exceed customer satisfaction in order to retain them and develop a healthy relationship with their customers. Relationship marketing is important to First Direct to keep their customers in the business for life long relationship which... Continue reading

Planning control and evaluation: it will give a means of rating performance in key areas, critical for success (At First Direct - Numbers of customers, Profit Figures, Numbers of Complaints, Positve feedback). The non-financial will cover aspects such as: customer satisfaction, market share, innovation, complaint levels, benchmarking, etc. Usually there will be a mix of both sets of data. The purpose of evaluation and control is involves, targets are set to measure performance, performance is monitored against targets. First Direct have the internal and external data by which they know how well are they performing, forcast new measures and makes... Continue reading

First Direct is a division of the HSBC Bank and UK based bank. It provides a range of banking services, offering customers products such as current accounts, credit cards, savings accounts, insurance and loans. First direct’s service became highly popular with its customers. The bank won many awards for its service model by offering additional services such as internet banking and mobile (on the move) banking, customers could access their accounts and manage their money whenever and wherever they liked. First direct has its own brand identity and its own product range. It attracts customers who want the convenience of... Continue reading

It includes the various ways of communicating to the customers of what the company has to offer. It is about communicating the benefits of using a particular product or service rather than just talking about its features. Promotion is a very important factor for any business including First Direct. One of the way by which First Direct success is through their excellent promotion. Promotion in First Direct consist of mostly advertising on the internet. they also advertise themsleves on London Tube, shoppoing malls by posting their posters. they also have freindly customers blogs on their webiste where any people can... Continue reading

Procedure, mechanism and flow of activities by which services are consumed are essential element the marketing strategy. First Direct spends a lot of time thinking about our products to make sure their customers have got what they are looking for. They want to make improvement on what customers think is not good.one of the way by which the bank knows about the customers need is from their website which is a very friendly and straight forward website where anybody’s views can be heard by anyone and the business. To know exactly what customers want they take surveys, look at the... Continue reading

It refers to the experience of using a product or service. When a service goes out to the customer, it is essential that you help him see what he is buying or not. For example- brochures, pamphlets etc serve this purpose. an example of physical evidence would be the uniform of an business such as MCdonals. They have an unique uniform which helps visitors to indentify the employees easily. One of the 7Ps known as Physical Evidence is not really relevant to First direct. They don’t need to worry about their physical capacity because they don’t have much of physical... Continue reading

Pricing must be competitive and must entail profit. The pricing strategy can comprise discounts, offers and the like. The success of First Direct is based solely on offering the lowest price to their customers. In the world of First Direct, they focus their pricing on: discount customary prestige First Direct offers their services at different price points. First Direct also provide guarantee in their services to encourage their customer to buy their services such as in Car Insurance they gaurantee to beat peoples existing Car Insurance renewal from their current insurer by at least 10%. Another way how they attract... Continue reading