*NEW*Unit 22: Market Research P1,P2,P3,P4,P5,M1,M2,M3,D1,D2,D3 - (Whole Assignment) - DISTINCTION*Graded
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Course
Unit 22 - Market Research
Institution
PEARSON (PEARSON)
*Certified Distinction Grade Work* Contains and covers all aspect of Unit 22 Learning Aim A,B, and C with the highest quality:
Learning aim A: Examine the types of market research used in business
A1 Purpose of market research
• Understand customer behaviour.
• Determine buying trends.
�...
Learning Aim A
Introduction to Tesla and their history
Tesla is a PLC and an international company that is well known for their high-tech, premium and high
end electric vehicles. Tesla's headquarters is in America located in Palo Alto, California, United States.
The CEO of Tesla is Elon Musk who also is the co-founder of SpaceX and owner of many other
companies. Elon Musk was born in 1971 and started his business, Tesla in 2003. The first launch of the
Tesla car was in 2008 in which they showcased the roadster, a fully electric car that can run on a battery.
The production of the roadster began in 2009, the roadster was a complete utter flop, and here is the
reason why? The main issue was the battery as it was getting very hot and the air-cooler didn't provide
much cooling to the battery. This can be very dangerous as there is a risk of the car exploding or
catching on fire. Another reason why the roadster was a disappointment is that consumers expected
more than what they got, the car had also run on an analogy motor instead of a digital motor. After a
failure in satisfying customers. From there in 2011 Tesla released a prototype of the luxurious models
which then in 2012 fully began production. Tesla designed the first-ever fully electric car, which shaped
up to be a huge success in the electric car market, the Model S was what the customers wanted with
high-end technology and a premium build quality, the body of the model’s was made from aluminium,
the acceleration went from 0-60 mph in 2.28 secs which is insane for electric vehicles as it even
surpasses a Lamborghini Hurricane at 2.9 secs. Model S is the best-selling electric car in the world. After
the huge success Tesla received, they introduced supercharging in 2012, this is where you can charge
your vehicle (fast). There are now approximately 2,016 supercharging stations worldwide in 2020, this
will help Tesla grow even bigger in the business market. In Mid 2017 Tesla began production of the
Model 3, this car was promoted to be more affordable compared to the other tesla when they began
production. The Model 3 was the best-selling vehicle in the tesla market this is because of the seamless,
smooth experience when driving on the road and the premium feels to the car, another reason is auto-
driving where consumers trust the vehicle to drive itself and take you anywhere you have located, auto-
driving still get updates and improvement to the software, so any bugs or issues are solved. The car gets
many updates, adding new features to the car, for example, Tesla randomly chooses a food place for the
variety you picked (breakfast, lunch, and dessert) and takes you thereby driving automatic or manual.
The Model 3 exceeded over 1 million vehicles sold in 2021. And overall Tesla has roughly sold 765,000
cars in 2021 this only increasing as days go by which then compared to Toyota with over 9 million
vehicles sold and also the fact that Tesla is considered one of the fastest-growing car companies in the
world this is because Tesla stock prices are so high compared to any other car company out there. After
all, customers believe that electric is the future and that Tesla is leading electric cars. Tesla is growing so
fast that its competitor Toyota has 250.99bn in market capitalization which compared to Tesla's market
capitalization which is triple its numbers with 756,19bn. Which is mind-blowing. Tesla was originally
going to get sold by google at 11bn, however, tesla didn’t take the opportunity. And is now a billionaire
, electric car company. As well as being considered by many as ‘one the best electric car manufacturer
company in the world’.
Market Research
Market research is when a business is gathering information about what
consumers/customers want from their product and what their expectations are. A way
a company can do this is by finding its target market. This is essential when researching
your market as it aids the business to gain more knowledge through what the
customers' opinions/mind-set is on the product itself and where their position is in the
business market. Another importance is getting their honest feedback on ways in which
they can improve their products and overall helps businesses understand customers
better and what their wants and needs are. Another side of market research is how
their product affects their daily life and how customers use the product, this is also vital for when you're
advertising/branding your product, by the information you gathered from consumers you can promote
the way customers can relate to and their needs and wants. Having a brand (a name, logo, slogan,
symbol which justifies a business) makes it easier for customers to get to know where the goods and
services came from. There are many advantages of being a well-known brand such as credibility,
recognition and can bring in loyal customers. Another strategy you can use is brand extension, this is if
your brand is a well-known brand that uses the original brand to promote the new brand, so it increases
sales and obtains higher profit but to do this you first need to reduce costs of goods and services as its
necessary when starting a new business. Another brand strategy you can use is new brands. This is when
you have an established brand and you release a new product and then promote it under its new brand.
This allows your business to be more spread out which allows you to easier reach out to customers,
which may like the goods you sell, in the target market you have targeted. Another purpose of market
research is to determine buying trends, this is crucial as many businesses can understand their
customers and what type of approach they should go by when promoting or advertising their goods and
services. You also need to consider consumer buying trends such as what product do customers buy the
most, why do they buy it and how can we further improve our goods and services concerning what
customers desire, this can overall lead to a good business market strategy. The benefits of using market
research for a business are that it will help to strengthen the brand's position in its marketplace by
incorporating strategic strategies to gain a better perspective and understanding of your market or
target audience, as well as ensuring that the company stays ahead of the competition. Another
advantage of market research is that it assists businesses in spotting emerging trends. Staying ahead in
business typically entails being the first, the best, or doing something that no one else has thought of or
explored, regularly looking at what's developing or changing in the market, and a greater focus on
consumer trends in the product in the business marketplace. However there are also drawbacks for
conducting market research such as that research conducted is expensive and the fact that data
collected through market research isn’t 100% accurate to consumer wants and needs. One of the most
major drawbacks to a business conducting market research is the expensive cost due to how lengthy
and time consuming the whole procedure. Furthermore for small business this may be huge limitation
to conduct market research, understanding how much goes into performing thorough market research
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