Market Research and Consumer Buying Behavior in Grand Days Out

It discusses the key decisions and information needs. Next, it highlights the importance of the marketing department and other employees of the organization. As the report continues, it provides a market research plan for Grand Days Out plc which can be used to attract an older population. In the end, it discusses the importance of understanding consumer buying behaviour and the consumer decision-making process.
There are many matters that a business needs to concentrate on. However, some of the matters need more attention than others. Critical Success Factors are those important areas of activity that need to be performed well with full attention in order for a business to achieve its goals. (MindTools) The goal of our company, as you all know, is to increase our market share and compete with the strong competition out there. However, we are not at a stage where we can put a lot at risk. There are many Critical Success Factors that you all might think are critical for the company, however, according to me, the three critical success factors are first, attracting the grey euro, increasing company morale and retaining a current customer. The following diagrams summarize the three Critical Success Factors, the key decisions and their information needs briefly.
The first Critical Success Factor is attracting the future&nbsp.grey population of Europe. Since our target&nbsp.customers have always been the younger market, in order to attract the older population, our marketing department will have to change the way our potential customers see our services. Therefore, our key decision is to change our marketing mix so that newer markets (grey euro) can be attracted. In order to change our marketing mix, we will have to carry out market research and study our target market thoroughly so that we can design our advertisement campaign and our services accordingly. Our information requirements are therefore sources of information on these people, their requirements and how we fulfill them. We can use primary and secondary research to collect this data. Secondary research can be used to find out the older population’s statistic. Primary research can be used to find out their requirement. This could include carrying out focus groups, one-to-one interviews and surveys with randomly selected respondents between the ages of 50-60. This research will help us figure out the niche in the market and what our target customers want from our services.
Our second Critical Success Factor is increasing the morale of the company employees. This is absolutely necessary in order to increase productivity and hence, efficiency. For this, our key decisions will be to invest in the training and development of skills of our present employees and also provide the staff with benefits. However, it is not as simple as this. We need to carry out research to find out what areas our staff needs training programs and what motivates them. Some employees can be motivated by monetary while others can be motivated by non-monetary benefits. By carrying out this research, we can find out exactly what will increase our staff’s morale.