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BTEC Business Unit 10, Market Research in Business P3 M1 M2 D1 (Plan market research for a selected product/service using appropriate methods of data collection.) (Explain, with examples, how different market research methods are appropriate to assist dif$9.04
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BTEC Business Unit 10, Market Research in Business P3 M1 M2 D1 (Plan market research for a selected product/service using appropriate methods of data collection.) (Explain, with examples, how different market research methods are appropriate to assist dif
BTEC Business Extended Diploma
Unit 10, Market Research in Business P3 M1 M2 D1
This is the complete version of the coursework assignment, which has already been marked and approved by a teacher.
P1 P2 P3 P4 P5 M1 M2 M3 D1 D2
(Plan market research for a selected product/service using appropriate ...
Unit – 10 (Market Research in
Business)
BTEC National Diploma In Business Level 3
The Date
Your Name
Your Teacher
1
,Unit 10: Market Research in Business P3 M1 M2 D1
Unit 10 – Market Research in Business
On completion of this unit I should:
1) Understand the main types of market research used to make marketing research.
2) Be able to plan research.
3) Be able to carry out research.
4) Be able to interpret research findings.
Task 3:
a) Plan market research for a selected product/service using appropriate methods of data
collection.
b) Explain with examples, how different market research methods are appropriate to
assist different marketing situations.
c) Explain the reasons for choosing the particular method of data collection for a
selected product/service.
d) Evaluate the market research method used by a selected organisation.
2
, Unit 10: Market Research in Business P3 M1 M2 D1
Marketing Research Plan
Two major developments in the first decade of the 21st century were the widespread use of
the internet and the growth of high street coffee shops such as Starbucks and Costa Coffee. A
business opportunity that combines these two ideas is to set up a town centre coffee shop that
offers wireless internet connection, computer terminals and good quality coffee. An
entrepreneur has therefore asked me to carry out some market research to find out whether
such a venture would work in my town. However, he would first like to know some more
details about the different types of market research that can be carried out.
Charring out a thorough market research before entering a market place and establishing
business is an appropriate preparation for any business owner, who whish his business to
grow, make profit and reach the break-even point in a short time. Depending on the nature of
a business, market research may involve carrying out various activities and these may be
different from business to business. Business owner must take into consideration many
aspects of his future business and make a decision on the methods of market research the
most suitable for him. The decision-making process of MR methods must consider issues
such as cost, time, effectiveness, appropriateness, legality, etc.…Thus I understand concern
of my client and I will help him in producing
The Objectives:
The very first step of any research process is formulating research objectives. At this stage
the problem, which has to be solved is defined and brainstormed, which then helps to identify
the overall purpose of the research. Knowing the purpose and the objectives of your projects,
then enables you come up with an appropriate methods to achieve these objectives and create
detailed research brief, which will guide you in your further investigation. In-addition at the
final stage of market research your objectives set tat the beginning of your work can be used
as a baseline to monitor your progress and to define to what extent the information you
derived from your research has met its objectives.
Research can be aimed at many different things and have a multiple purposes, such as:
investigating buying patterns, sales trends, customer preferences, observing competitor’s
activities or just choosing the most appropriate format of advertising for a business.
Having reviewed situation of my customer, who wants to open a coffee shop in Durlem,
I’ve tried to interpret his wants and formulate a specific short objectives to aim for when
conducting this market research. Formulating the following objectives I’ve tried to emphasise
on the on the main request of my customer, which is to find out whether his business venture
will work at Durlem. Thus, these are objectives of this market research process:
1) To investigate competition in the local market.
2) To determine possible potential of the business and identify the demand in
services/products in the market.
3) To provide sufficient information and baseline for development of thorough business
proposal and the business plan documents.
3
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