BTEC Business Level 3 Unit 22: Market Research P2/P3/P4
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Course
Unit 22 - Market Research
Institution
PEARSON (PEARSON)
Learning Aim B: P2.Undertake secondary research for a selected marketing objective./ P3. Undertake pilot primary market research and collect sample data./P4. Undertake the final market research activity using a detailed sampling plan to obtain a range of secondary and primary data.
In this assignment I am going to undertake secondary research for a selected marketing
objective, undertake pilot primary market research and collect sample data and undertake
the final market research activity using a detailed sampling plan to obtain a range of
secondary and primary data
MARKET RESEARCH PLAN
INTRODUCTION
A friend has heard that I am working as a research assistant and has asked if I could assist
them in with some market research. My friend is interested in setting up a mobile coffee
stall business. However, my friend knows that there is already a lot of competition in the
local area including from the big-name high-street coffee chains. Therefore, my friend wants
to make sure that they stand out from the competition to help ensure a success. I will help
them by planning and undertaking market research and analysing the results. The purpose
of the research is to obtain sufficient data to help my friend launch their enterprise
successfully.
OBJECTIVES OF THIS RESEARCH
The main objective of conducting this research is to analyse how effectively customers will
accept a new concept of mobile coffee stall business. Another objective of this research is to
understand consumer perception and consumer attitudes, their preferences, their buying
decisions, their loyalty, the extent to which they recommend a brand and, even more, their
advocacy efforts. Another objective for this market research will be identifying the type of
customers the business want to target to. In addition to this, after completing this research,
the business will be able to enhance its profitability ratio too. Furthermore, the marketing
objectives for this would be increase consumer confidence and trust, develop brand
awareness and develop an increase in sales.
PROBLEM THAT THE BUSINESS MAY FACE
The location where this business will be located it is Uxbridge Town which is a busy area
with lots of stores and movement every day. One main problem that the business may face
will be competition. The expansion of the “good coffee” market means there are more
potential customers but also more competition. There are coffee business franchises like
Starbucks with good marketing budgets and manpower that have outlets everywhere. There
are also independent coffee shops that are known to serve great-tasting coffee and provide
a good service. The fact that coffee shop customers are usually loyal to the coffee shop they
patronize it may be difficult to poach does not make things look any easier. Another
problem is that consumers are generally loyal to the coffee shop where they frequent and
can be difficult to attract.
BUDGET
The problem and research objectives: £400
Primary Research (including questionnaire): £1,000
Secondary Research: £1,000
Total: £2,400
, PRIMARY RESEARCH
This is the data that the company has collected directly or that has been collected by a
person or business hired to conduct the research. This type of information generally falls
into two categories: exploratory and specific research. Exploratory research is a less
structured option and functions via more open-ended questions, and it results in questions
or issues being presented that the company may need to address. Specific research finds
answers to previously identified issues that are often brought to attention through
exploratory research.
During the initial market research plan, two primary research methods will be carried out.
One primary method will be competitive analysis, this means that I have to visit the
competition regularly. Look at what products or services are being promoted, how their
staff works and how is the environment at the store; as well, how their products and
services are priced and displayed. This information will be useful in forming an effective
sales strategy. Furthermore, if the competition has a website, I will be looking at and
reading their blogs regularly. Also, if the competition uses social media, I should also
routinely check their postings. This is an efficient way to view this information, as it gathers
company postings from social sites such as Facebook and Twitter. The second primary
method that will be carried out is a questionnaire. They are a simple way to gather short
responses to questions from people. This will allow me to find out information such as facts,
attitudes and opinions from people towards coffee.
SECONDARY RESEARCH
This is data that an outside entity has already gathered. This can include population
information from government census data, trade association research reports, or presented
research from another business operating within the same market sector.
Using secondary research I will collect and find information, data and insights that is already
collected. One secondary research method that will be used it would be to collect data from
government and non-government archives which provides the ratios or statistics approved
and recognised by the government. It will be helpful to identify the future statistics for the
business environment and gain information about industries, trends, attitudes towards
coffee & tea and information about the people where the business will be located. Another
secondary research method could be commercial sources, these are valuable, but usually
involve cost factors such as subscription and association fees. Information about market
trends, customer preferences and competitors it could be gained from local newspapers,
magazines, journal or television media.
QUESTIONNAIRE AND FEEDBACK
1. How often do you visit tea/coffee shops?
1-2 times per week
3-4 times per week
4+ times per week
2. What times of the day would you drink coffee (you can select multiple times)?
Morning
Afternoon
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