BTEC Business Level 3 Unit 22: Market Research P5/M3/D3
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Unit 22 - Market Research
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PEARSON (PEARSON)
Learning Aim C: P5/ Interpret findings from the market research undertaken, presenting them in a range of different formats. / M3.Analyse the findings of the market research using a wide range of statistical techniques and comment on confidence levels. / D3.Assess the limitations of the data collec...
btec business level 3 unit 22 market research p5m3d3
unit 22 market research
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BTEC
PEARSON (PEARSON)
Business 2016 NQF
Unit 22 - Market Research
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In this part of the assignment I am going to interpret findings from the research, presenting
them clearly in an appropriate format. Also, I will analyse the research findings & make
recommendations on how marketing strategies could be adapted or implemented. Finally, I
will evaluate the findings from the research undertaken.
MARKET RESEARCH IN BUSINESS
P5 presentation of findings from your research
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. 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. The main
objective of conducting this research is to analyse how effectively customers will accept a
new concept of mobile coffee stall business and analyse the importance of coffee in life of
customers. In addition, understanding consumer perception and consumer attitudes, from
the customers to communications and advertising, their buying decisions, etc. Furthermore,
the marketing objectives for this would be increase consumer confidence and trust, develop
brand awareness and develop an increase in sales.
RESEARCH METHODS USED TO COLLECT DATA
PRIMARY 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.
Competitive analysis
A competitive analysis is a strategy where I can identify major competitors and research
their products, sales, and marketing strategies. I chose this method because by doing this, I
can create solid business strategies which could improve upon the competitors. For
example, I will 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 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 number of "likes," as well as customer comments,
can give an idea of a company's popularity in the marketplace.
Questionnaire
The second primary method that I will be using is a questionnaire. They are a research
instrument consisting of a series of questions for the purpose of gathering information
from respondents. Questionnaires can be thought of as a kind of written interview.
Questionnaires also provide a relatively cheap, quick and efficient way of obtaining large
amounts of information from a large sample of people. I chose this method because data
can be collected relatively quickly and is useful for large populations when interviews
would be impractical. Furthermore, questionnaires are an effective and useful way in
measuring the behaviour, attitudes, preferences, opinions and, intentions of relatively
large numbers of subjects more cheaply and quickly than other methods. This
questionnaire will help my market research by getting data from respondent that will allow
me to find out information such as attitudes and opinions from people towards coffee and
other drinks.
SECONDARY RESEARCH
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.
Government and non-government agencies
Data for secondary research can also be collected from some government and non-
government agencies. For example, UK Government Printing Office, UK Census, and Small
Business Development Centres have valuable and relevant data that businesses or
organizations can use. I have chosen this method because is helpful to identify the future
statistics for the business environment and gain information. For example, information
about industries, trends, attitudes towards coffee/tea and information about the people
where the business will be located.
Commercial sources
Local newspapers, journals, magazines, and radio and TV stations are some of the most
useful commercial information outlets. Not only do they maintain demographic profiles of
their audiences (their income, age, gender, amount of disposable income, and types of
products and services purchased, what they read, and so on), but many also have
, information about economic trends in their local areas that could be significant to the
business. I have chosen commercial information sources because they have first-hand
information on economic developments, political agenda, market research, demographic
segmentation and similar subjects. I can request easily to obtain data that is most relevant
to the study. Businesses not only have the opportunity to identify their prospective clients
but can also know about the avenues to promote their products or services through these
sources as they have a wider reach. Also, I will not only learn more about my prospective
customers. I will also learn more about possible advertising outlets for the product or
service.
RESPONDENTS
Respondents are those persons who have been invited to participate in a
particular study and have actually taken part in the study. This definition applies to both
qualitative and quantitative studies. To collect data for this research I have created a
questionnaire in Google Forms where respondents can login and reply the questions easily. I
have contacted them through social media apps which are Instagram and Snapchat; most of
them are online and uses these two sites to communicate and share pictures on the
internet. I sent a message to each of them asking if they could participate in a questionnaire
of 10 questions for a coffee market research and they accepted to do it. The respondents
that I have contacted were 17 between friends and family members. Also, I knew that most
of my respondents like to buy and visit different coffee shops in Uxbridge and London.
ANALYSIS OF DATA
When completing the questionnaire I received their responses and data which will allow me
to identify and know more about preferences, behaviours and attitudes of people towards
coffee/tea shops.
The first question has been chosen because this will allow me to know if the person has a
loyalty for the coffee shops and know an average of how many times, they go to a coffee
shop. In the pie chart we can see that the 82.4% of respondents go to coffee/tea shops 1-2
times per week, these means that they don’t usually go to coffee/tea shops per week. In the
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