Summary BTEC Level 3 National Business Study Unit 10 - Market Research in Business P5 M3 and D2 (Distinction)
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Course
Unit 10 - Market Research in Business
Institution
PEARSON (PEARSON)
Book
BTEC Level 3 National Business Student Book 2
P5-Interpret findings from the research presenting them clearly in an appropriate format
M3-Analyse the research findings and make recommendations on how marketing strategies could be adapted or implemented
D2-Evaluate the findings from the research undertaken
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PEARSON (PEARSON)
Business 2010 QCF
Unit 10 - Market Research in Business
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M3
In this task I will be analysing the research that I found and drawing a conclusion along with making
recommendations as to how marketing strategies should be adapted to accommodate research
findings. I did not hire a professional to gather information on my behalf as I am not an established
brand. H&M for example would hire specialists to carry out secondary research on their behalf to
contribute with the development of their marketing strategies. With the data that I received, I was
able to analyse the results which enabled me to figure out and adjust to the Ansoff matrix/marketing
strategies to what best meets customers preferences to increase satisfaction.
Another benefit that the secondary research that I carried out had on the result of my research was
that it provided me with vital information on my competitors, their activities and product. This is
essential being that it showed what I needed to improve on to further improve its product idea. This
is a benefit as it will help me stay ahead of my competitors and perform better. Competitors also
gave me an insight as to what price I should set for my products. Knowing about other comparable
products on the market is an integrity, this way I can adjust prices to encourage customers to
purchase from my business instead of a competitor.
It is essential to ensure that the information you are collecting is reliable, valid and up to date.
POWER also used primary research to collect information. The benefit of this is that it provides
answers to questions directly related to the research objectives. To gain qualitative data which was
the questionnaire method. This helped finding new suggestions for the product it offers to fulfil
customers' expectations. This type of research can be valuable as POWER wants to be able to meet
customer needs. This will lead to the research being more open and representative which could
represent a wider range of ideas for POWER’S development of marketing plans.
POWER which is a clothing brand that opts to develop its business idea online and soon in store if
the objectives set for the business Is achieved. The task for the research was to collect information
from potential customers to see customer preferences, age, gender, competitors etc. Therefore, I
decided to create a questionnaire as my primary research method to find information from my
target audience. I produced twenty-six questionnaires overall which gave me an insight on the target
audience of my business and views about people an example of this was when I asked the question
“When was the last time you bought clothes?”. The purpose of this question was to find out how
often people purchase clothes. From the result of my questionnaire, I found out that the most
common answer to that question was 4 to 6 months the second most common result was 1 to 3
months ago.
There are also some implications that the questionnaire has for instance, people not giving their
honest opinions, rushing the survey or giving false answers. This will cause false data which may not
be useful to use.
A recommendation that I would make for POWER to adapt to its marketing strategies is special deals
This method of doing exclusive deals could result in people encouraging their friends to purchase
from POWER which could increase sales. This would help POWER to exceed their target of the
number of sales which is always beneficial. An implication for this is the only possible problem that
could occur with this would be POWER might not reach their needed revenue.
Another recommendation that I would make is to offer clothes that are in between the price range
preference to customers. From the market research that I conducted majority of the people would
spend between £35 to £60 on my business.
, I would also have clicks and bricks as my customer prefer in store. The difference between the
people that prefer online store vs shopping in a physical store is one. It would be a benefit if I could
offer a click and brick so that I meet customer needs. By having this it is also a benefit as some of my
target audience would be of an older age and prefer to shop in store instead of online as some
people may find shopping on the phone complicated.
Through the secondary research I used Government statistics. My findings for this are.
- In 2020 according to fashion industry statistics UK, it hit a record of £32 billion a record a year.
- In comparison to the customers 15 years ago, today consumers spend over 60% on clothing.
- The average UK household would spend around £1,000 on clothing
- The UK fashion industry has experienced a huge growth over the last two decades. With a GDPR of 5.4%
- Employees over 500,00 people across the country
The reason as to why I chose government statistics is because I can gather self-sufficient information as to whether there is a market for
my business which will help me decide whether I should launch my business. I was also able to find out how the fashion industry is
doing as statistics are usually updated and will have trends and economy on the business. From the statistics that I found on the
web, the fashion industry has been doing well and I continuing to grow. The benefit of this is that it shows that there is a market
for my business.
Ansoff Matrix
This Is suggesting that a business is attempting to growth whether it markets a new or existing
product or service.
Market Penetration- Market penetration is how much a product is being used by customers in
comparison to the estimated market for the product. The benefits of market penetration are that it
increases customers loyalty. This means that they can keep customers coming back to the
businesses over and over again. Usually, a loyalty scheme is sued to achieve this. Customers would
be given a card in which they would get a certain amount off depending on how much they spend.
They also get points whenever they purchase something which could result them into receiving free
gifts. Market penetration also increases the market share of your products through competitive
pricing strategies or promotions. The benefit of this is that businesses can obtain information on
their customer needs and competitors to ensure that they are keeping customers satisfied.
Before I enter the market, I will use market penetration to increase sales, which will could lead to
brand awareness.
Product Development-This is the stages involved in when bringing a product from a conception. Th
product must be aesthetically pleasing enough for it to appeal to existing markets. Foe the
development of a product to be successful, there should be research, development and innovation,
there should also be an insight into customer needs and how they change. It is essential to
understand how customer needs change so that they can be targeted. I will develop product
development by developing new features and differentiating myself from my competitors. They way
in which use unique selling points.
-I am aware that there are many businesses doing the same idea as I am hence why I have
differentiated my business and have listed below what is diverse about 'POWER’.
- The clothes I will be selling is of high quality made with Linen, an excellent quality lightweight
material which is breathable, Polyester which is wonderfully comfortable on the skin and does
not cause any sort of irritation and Cotton as it is soft, great for hot weathers and breathable.
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