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Market research
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A sample market research elaborating research methods used and its outcomes.
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BTEC Level 3 Extended Diploma In Business Maftah MohamedIntroduction:
This report which is part of the 2 nd assignment in Unit 10, is going to plan market research for a
selected product/service using appropriate methods of data collection; whilst explaining the reasons
for choosing the particular method of data collection for a selected product/service.
Plan market research for a selected product/service using
appropriate methods of data collection {P3}
This section of the report is going to plan a market research for “Fresh Groceries” which is an
upcoming business with a main goal of delivering groceries to Tanzanian citizens at their required
areas/location; because research has proven that local markets/Supermarkets have started to be
quite hectic due to an increase of population within multiple regions of Tanzania. However, for a
simple brief according to Investopedia {2020} a market research is “the process of determining the
viability of a new service or product through research conducted directly with potential customers.”
Therefore, in order for the upcoming business to be successful there is a need of a carrying out a
market research; so the market can be well understood and for the business to acquire themselves
with what’s needed for the business to nourish. However, for a market research to achieve all its
aims and accomplish the research at a great standard there is a need of planning the research
beforehand. For instance, for the “Fresh Groceries” business a market research plan which was
prepared can be viewed below.
Plan:
According to Lexico {ND}, a plan is “a detailed proposal for doing or achieving something.”
The upcoming market research for “Fresh Groceries” is going to be aiming to discover whether there
would a decent market for the business to be published and whether consumers are in need of the
services that they would be delivering. Resulting in objectives of the market research being:
Using the market research to identify the amount of potential consumers interested upon
the business by 2nd of Feb 2021, who fall under the target market which is individuals who
are within the middle/high class category; as it’s quite clear individuals within low class
category as for current won’t be able to access the services as it requires digital gadget,
whereby most of them barely own them.
Using the market research to identify whether the market the business is planning on
entering is profitable, and what are the possible challenges that could be faced through
carrying out such as business within multiple cities in Tanzania within the duration of the
research being carried out within set research duration which is two weeks.
Using the market research to identify competitors and their strategies within the market in
order to come up with better business plan/strategies so in the long run the business could
possibly nourish and outstand its competitors.
Therefore, leading to the acquirement of individuals or resources that are going to be carrying out
the market research; these individuals/resources are going to be quite crucial during carrying out the
market research, as they contribute in gathering information in depth through ways such as:
interviews, questionnaires, online research, annual economic reports. Resulting to the conclusion of
the fact that the methods of research which are going to be used being both Primary and Secondary
research methods. By primary/secondary research methods it means:
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, BTEC Level 3 Extended Diploma In Business Maftah Mohamed
Primary research methods- According to {Formpl, 2020} primary research is “a type of research
design in which the researcher is directly involved in the data collection process.” Through the usage
of this method the procedures that are going to be used are:
Surveys {Questionnaires}, Interviews and focus groups
Secondary research methods- According to {Formpl, 2020} secondary research is “a systematic
investigation in which the researcher depends solely on existing data in the course of the research
process.” Through the usage of this method the procedures that are going to be used are:
Online research {Multiple websites}, annual economic reports, news
However, the main research methods procedures that are going to mostly be used are going to
questionnaires, focus groups, internet research and annual economic reports. The main reason
being, questionnaires are going to enable the business to understand potential customers
needs/preferences, whereby through collecting data upon that certain factor we’ll be meeting our
main goal in one way or another. Secondly, the reason annual economic reports will be used is so
that to analyse which industry generates most profit and through that they’ll be able to
understand/realize which industry barely makes any profit; meaning there are going to obviously be
a chance to expand the market and eventually that would be the market they enter. Whereby, by
identifying the market they’ll technically be meeting the market research’s main goal in one way or
another. Thirdly, focus groups would also be used to generate information coming from different
experienced specialists; whilst internet research will help acquiring different facts and opinion from
different experienced resources.
Furthermore, after the procedures would have been carried out meaning information would’ve been
gathered; the next step will be to analyse the data gathered and conclude whether the research was
effective or not. The way that a conclusion of effectiveness would come, is through comparing aim
and objectives set at the beginning of the research and what was gathered at the end of the
research. Therefore, by comparing the upcoming business would able to view what was met and
what wasn’t; then that’s when a conclusion of effectiveness will be made. Additionally, after this
stage then the information gathered will then be used to make any sensible business decisions; then
afterwards the information gathered would be stored safely and that would be the last stage of the
market research planned to be carried out upon “Fresh Groceries” which is an upcoming business.
To-do list:
Activities Date
th st
Gathering the research team for the upcoming 19 January 2021- 21 January 2021
business together
Starting the research through focus groups to 22nd January 2021- 23rd January 2021
gather important factors.
Creating surveys for potential customers, whilst 24th January 2021- 25th January 2021
looking for beneficial research sources online.
Distributing the surveys while conducting 26th January 2021- 31st January 2021
online research.
Analyse data collected 1st January 2021
Presenting data 2nd January 2021
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