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Market Research proposal report - Essay Example
Author : jennifer31
Pages 4 (1004 words)
Market research is important exercise that should be carried out in order to determine the opinions of consumers. It is vital for a company, an organization or a business to carry out market research to prevent it from incurring any loses that might send it out of business…
The industry gives transport services for freight and also passengers. Businesses within the industry aim at making it very interesting to woo customers to desire to use services provided by the industry. The study of the industry reveals that there are political, economic, socio-cultural and legal factors that affect it. The Pest analysis should be used to analyze the environment in which the industry operates in. This simple analysis involves understanding the industry's political, economic, social, and technological environment with references to the various companies within the industry. (Massingham, et al. 1988)
Political factors have a direct and indirect effect on the performance of the various companies within the airline industry. There are some decisions which have been made by the federal government of the United Kingdom which has really had a negative effect on the performance of the industry. For instance, in 2001, the federal government brought legal suits and made decisions to minimize the production and marketing of high performance to countries believed to be a threat to the security of U.K. This move impacted negatively to the general operations of companies within the industry. (Michael, 1985)
The industry has also been affected by economic factors. These include: Currency exchange rate, interest rate policy, consumer factors, and fiscal policy rates. ...