Unit 22 - Market Research Learning aim B and C Graded
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Course
Unit 22 - Market Research
Institution
PEARSON (PEARSON)
In this report, I will conduct relevant information with primary and secondary research which will help my friend find the best opportunity to open her mobile coffee stall business within a competitive environment.
Unit 22 Learning Aim B and C
P2. Undertake secondary research for a selected marketing objective
In this sector of the report, I will conduct relevant information with primary and secondary research which
will help my friend find the best opportunity to open her mobile coffee stall business within a competitive
environment.
Problems
Market research is the action of gathering information about consumers behaviour pattern, for a business it
is important to undertake market research as it can help them identify gaps within the market as well as
potential customers which the business can make profit from. My client is looking to open a mobile coffee
stall business, however the competition within the market is quite high especially in the area that my client
is looking to start up, which is one of the main reasons why the business needs to conducts market
research as they can gain a better understanding of their market so that they can compete effectively and
eventually standout by increasing their market share. Within this plan I will be using secondary and primary
research methods to help me gather the appropriate data. I will also undertake a questionnaire to help find
out additional information on the consumer behaviour in that market. All the research that has been
conducted will be included in the plan to help me find the best option for my client.
Setting Research Objectives
Conducting research allows a company to gain a better understanding of its consumers' behaviour, trends,
and prospective market competitors. My customer operates a modest start-up company. Rather than taking
the time to conduct market research, establishing the information I will need to extract from my research is
critical, as setting the objectives will make selecting on the type of research I want to perform easier. These
are the business objectives for my client:
1. Cost effective market research
2. Find out customer coffee preferences including what they tend to like in their coffee so they can
meet the needs of most of their customers to therefore increase sales
3. Take a deeper look into the competition that is within the market
Setting a budget
, Because my client is a start-up, it's ideal that we use a variety of research methods that allow us to obtain
as much information as possible while keeping the costs associated with them as low as feasible. Because
secondary research is less expensive and more cost efficient, it will be used for most of the techniques.
The average allocated budget for marketing is between £3000 - £50000. As this is a small business, I have
allocated a budget of £3000 - £4000.
Identifying the data to be collected
The data that would be collected would contain information from statistical databases to identify competition
and market popularity. This will be used to gain a better knowledge of how my client can not only sell their
coffee but also succeed as a business in a competitive market. I'll also be conducting a survey in which
individuals may express their preferences for how they want their coffee and what they like to drink with it
such as snakes or hot food.
Sampling is a process of analysing predetermined number of observations that are taken from a larger
population. I'll use sampling strategies for the questionnaire, as it will allow me to get different responses
from a wide range of demographic groups, such as teenagers and young adults. This will allow me to have
a better understanding of what and how the mobile coffee stall company should be based on from the
respondents. One sampling method which can be good for the questionnaire can be stratified sampling. An
advantage of stratified sampling is that it is cost effective to conduct as it doesn’t require a lot of resources
to undertake it. Additionally, the data collected is randomised and more focused, which can provide more
relevant information than other sampling techniques like random, systematic, convenience and cluster
sampling.
A sample strategy is a thorough plan that a start-up firm could develop to assist them specify the
measurements that the company has to take to assure its overall success. This plan will assist businesses
in determining when things will happen, what supplies will be required, and who will be responsible for
doing these activities for the company.
Secondary Research
My client wants to launch a mobile coffee business in a competitive market, and they need advice on how
to make their business stand out. There are a variety of secondary research methods that can be used to
collect a large amount of data to gain a better grasp of how it might benefit my client.
Secondary research is another effective marketing method since it allows a company to acquire data that
has already been collected for them. It is a cost-effective approach to use secondary research. Secondary
market research is affordable, which is beneficial since you can put the money saved toward something
else in your company. Another advantage is that it is quick and saves the company time by not having to
perform the research themselves. Businesses will be able to obtain and use this data much faster because
it has already been gathered.
Statistical database
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