Marketing ResearchIntroduction Marketing Research is broader than the market research and includes the later. The aspects like new products, modes of distribution are also a part of this research. In this paper instead of product, new format of company; Real Estate Investment Trust is taken to decide the demand in the sector as the chosen sector is Real Estate. Marketing Research is a function that enables to link consumer, customer and public with marketer through information. This is used to recognize and define marketing opportunities and problems that are generated and solved during the process of business.
The evaluation of marketing action and monitoring of marketing performance arise from identifying marketing problems and the solutions. This is termed as a company’s marketing process according to Palmer in 2000. The marketing mix, competitors, markets and all the policies to deal with the customers are the constituents of marketing research. The information from marketing research is gathered in a synthetic process. Some times it focuses on a question or a problem also like the falling or rising sales of a company or in an area.
The methods used in collecting the data are very important. The telephone surveys, arranging focus groups are some of them. In this paper the results from reliable surveys done by famous firms are taken into consideration. Usage of random sample, stratified sample, cluster sample will give more clarity to the data collected. Next comes the part of analysis. The analysis of the data collected is very important. The techniques used, decide the degree of accuracy and this sometimes depend on the budget and timeframe also along with the samples used.
Collecting the data, analyzing it and checking for mistakes at the end of it are important tasks before making a final report. Secondary data need to be considered as well as the primary data. The primary data is collected from surveys and the secondary is collected by desk research. SurveySurveys are important to know the size and segment trends in a sector. Considering real estate market as the sector of the research, the surveys include representative telephone surveys, web/email surveys, intercept interviews, internet based research, in depth interviews and collection of important information regarding the sector and analysing it.
The surveys conducted by Property Week, Financial Times, DTZ, Mc Carthy & Stone and UN are taken into consideration in this paper. The tracking of real time key questions is important in the market survey. One of the important real time questions is size of the market and the space for new entrants. The initial design of marketing research depends on the size of the sector considered and producing enough data about it. Size: The size of the UK real estate market is up to the extent of GBP 50 Billion in 2006 and it is increasing.
The real estate financing from different organizations like IREF helps it to grow further by increasing and meeting the growing demand. This may result in further segmentation. This results in forecast of experiencing a major boost in 2007 being standardised in 2008, as by that time the investments will be materialized and the operations of different organizations may start. One out of number of aspects that help the real estate market to flourish in UK is the proposals of Arab British Chamber of Commerce’s endorsement to promote real estate sector in UK.
Out of the total 50 billion GBP of real estate market in UK, the Middle East business men are investing about 1.42 billion and the investments from remaining countries may flow too. This is capable of resulting in more demand for land and houses in UK thus giving a major boost for real estate and infrastructure sector. The investors from Asia are a majority of equity buyers and this indicates that the corporate companies regarding real estate sector in UK are about to increase or grow in size, resulting in more corporatisation of UK real estate thus triggering the construction of houses and commercial places in large numbers to meet the growing need.