Market research can be defined as planning, collecting and analysing data which are relevant for making marketing decision (Carl, McDaniel and Gates, 1998). Making a proper market plan involves extensive market research. The process of marketing research involves six main steps. The first step is to identify the problem or the objective of the research. The goal of the research should be properly stated. Second step is to develop a research plan. This step involves deciding the sources from where the data should be collected, the methods which will be used for doing the research, the instrument to be used in the research etc. The third step is to collect the information. Many errors can occur in the third step like incorrect sampling, incomplete questioners etc. Fourth step is analysing the collected information. In this step various qualitative and quantitative methods are used. Fifth step is to communicating the results to the management and the last step is of making the decision. Based on the findings the management takes the relevant marketing decisions (Kotler et al, 2009.).
The strategy which is prevailing in the Royal National Life boat Association has been analysed. The external analysis has been done using PEST analysis method. Various factors such as the economic, social, technological and political are critically analysed to know the influence on the organisation ...Show more