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BTEC Business Unit 10, Market Research in Business P5 M3 D2 (Interpret findings from the research presenting them clearly in an appropriate format.) (Analyse the research findings and make recommendations on how marketing strategies could be adapted or im$12.31
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BTEC Business Unit 10, Market Research in Business P5 M3 D2 (Interpret findings from the research presenting them clearly in an appropriate format.) (Analyse the research findings and make recommendations on how marketing strategies could be adapted or im
BTEC Business Extended Diploma
Unit 10, Market Research in Business P5 M3 D2
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
(Interpret findings from the research presenting them clearly in an approp...
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 P5 M3 D2
Unit 10 – Market Research in Business
To:
From:
Date:
Subject:
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 5:
a) Interpret findings from the research presenting them clearly in an appropriate format.
b) Analyse the research findings and make recommendations on how marketing
strategies could be adapted or implemented.
c) Evaluate the findings from the research undertaking.
1.0 Terms of Reference
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.
2.0
The Objectives of the Market Research:
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
2
, Unit 10: Market Research in Business P5 M3 D2
3.0 Coffee Shop Market Research results Evaluation
As a part of the market research investigation for my client’s business venture, I have
carried out secondary research on the topics of competition and the area of Durlem
researching the details about its demographics and current tends within the audience my
client targets at.
I found that 13 other coffee shops operate at Durlem. Most of these are only small
independent privately owned single stores and only Starbucks and Costa Coffee can be
considered as large businesses with multiple stores. These two business must be considered
as the main threats and the strongest competitors. Starbucks owns 12,218 stores around the
UK and the Costa Coffee controls 37.6% of the UK’s market share based on turnover. The
fact that the business of my client is not completely of the same nature like those two, makes
it a bit easier to compete against them. My client should rely more on the computer terminals
and advertise those as his USP.
Durlem itself is a large suburban town in Essex, northeast London and it is the
administrative headquarters of the London Borough of Durlem. The town is located 14 miles
(22 km) north-east of Charing Cross and is one of the major metropolitan centres identified in
the London Plan. Today Durlem forms one of the largest commercial, retail, entertainment
and leisure districts outside central London and has a developed its own vibrant and diverse
night time economy i.e. clubs, bars, pubs.
The data on commercial space in the town has shown that of total 353,258 square metres of
commercial space 147,627 square metres belongs to retail space. Today the retail commercial
space remains growing, which means there is a big room for establishment of a new and
development of existing businesses in the area. This fact can be both: the positive and the
negative sight for the business of client. From one point of view, this can facilitate the growth
and efficient development of the coffee shop. A different side of the coin tis that increase of
commercial space within the area, also provides opportunities for establishment of a new
business organisations, which can incur a threat to the business of my client.
Annual turnover figures of the Rumford as a geographical area suggest to me that this is the
type of place where financial transactions, purchases, sales, etc. take place regularly and these
are highly promoted within the population. For my client this means that people are reluctant
with their finances and the wages they get allow to be able to spend on luxury products. The
night time economy of Durlem is almost as significant as the day economy with around
12,000 visit to Durlem during the day and 11,000 visit to pubs, clubs, cinemas and bars at
night. Therefore, I would suggest to my client that is a good idea to have working shifts and
keep the shop opened till late night. This will help to generate additional profit and gain
another competitive advantage, since most of the coffee stores operate at daytime only.
The data on the population of the area, which I’ve found at the Office of National Statistics
UK, shows that Since 2007, the population of Durlem has been growing at a faster rate than
the England average, and this is expected to continue in the future, with the population rising
by 8.3% by 2020. Growing population allows my client to have a wide range of candidates
for different job post within his coffee shop business. Besides, that great number of potential
employees enables the business owner to make the employee retention process more specific
and employ only the w=very qualified and skilled workers.
3
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