Describe the information the business collects
Describe the information the business collects to measure its success. Business measure their success to find out how good or bad their business is doing they can do this by highlight areas which need improvement or are doing well for example are they meeting customer needs, being competitive in their market, meeting their objectives and is everything legal.
British Airways measure their success because they need to know if their meeting customer needs because if their not less people would use their airline and its one of their objectives to be customer driven, being competitive and making a profit because if they weren’t they would lose out to the competition and its also one of their objectives to have a significant presence in as many markets in the world, meeting their objectives and keeping everything legal as they are a Plc British Airways would use market research to find out if their being successful or not.
Market research is an extremely valuable function in today’s fast-paced, highly technological, and rapidly growing business world. It’s the best tool available to help companies maintain a strong home presence while still trying to expand into other markets. It’s a link between the consumer, customer, and public to the marketer through information. Information is used to identify and define marketing opportunities and problems, generate, refine, and evaluate marketing actions, monitor marketing performance, and improve understanding of marketing as a process.
To see if their meeting customer needs they can use questionnaires, which is when an interviewer and respondent, speak face-to-face while the interviewer administers the questionnaire this is good for collecting in depth information such as what customers think about the business BA can use this to ask them how they feel about the airline, also BA can use observation to see if they look happy or sad when using the airline this is a simple method for example counting number of people who travel with BA each day or customers behaviour / body language.
BA can use secondary research to see if they’re being competitive and making a profit, secondary research is information, which has been used or already published data. Information pertaining to a specific problem is gathered through various sources, such as: government publications, Internet, databases, media publications, and other published sources. To see if they’re being competitive and making a profit they can find out past and current financial summaries, profit and loss accounts, balance sheets, sales and share prices.
The main way BA measures its success is by meeting its objectives but it can also check their share price as this shows how well the business is doing against other business if BA’s share price is high BA’s shareholders will be happy and BA will be meeting their objective to deliver a strong and constant financial performance but if they have a low share price as they have now their customers will not be happy and their not meeting an objective. BA’s share price over the last year below. A financial summary will tell them how much money the have, profit/ loss account will give them a idea if they are being successful by showing if they are making a profit or not, BA can also find out if their successful by the sales they make and they can also use a balance sheet.