Marketing Research Into Setting Up A Competitor Essays
This report has been commissioned to undertake research, for setting up a viable competitor to Tough Mudder in the Australian market. In order to do this firstly we will consider what is required for an undertaking of this type as well as the means and requirements to do so.
In beginning to design and develop a marketing information system (Kolter et al, 2013) for the task. It is important to ascertain, this refers to the collection of data that can be used to mitigate risk when making business decisions (Kolter, et al, 2013). There are two types of data primary and secondary (Armstrong, 2012).
• Primary data – information that is gathered for use with a specific goal in mind, this is usually costly and takes time to collate.
• Secondary data – related information that is readily available, it is either freely available or can be accessed for much smaller costs than primary data.
The second area to be aware of is the difference between quantitative and qualitative means of analysis (Slack, 2012).
• Quantitative – deals in numbers and data that can be verified using facts and figures, practical examples would include, participation and retention rates of returning Mudder’s.
• Qualitative – is more inclined to interrupt perception and feeling towards a particular subject, examples of this include surveys of Tough Mudder participants or recording observations of Tough Mudder races.
3.1 Initial data collection