Essay
(P3) Plan market research for a selected product/service using appropriate methods of data collection.
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Plan market research for a selected product/service using appropriate methods of data collection.
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BTEC L3 Extended Dip in Business Yr2 Gp1Unit 10: Market Research in Business
(P3) Plan market research for a selected product/service using appropriate methods of
data collection.
Research Brief
Rideau Medical Limited has developed a mood enhancing cream based on the doctor’s
reports about the side effects of the mood enhancing tablets. After receiving approval, RML
is now ready to market its product, however the company has asked us to carry out a
research and gather as much information as possible so that the company can base their
final decision on the results of the research.
I will be carrying out both primary and secondary research to collect accurate information
from different sources. The objective of this research is to find out how fast will the cream
sell out, predict a profit or possible loss and future sales. I will use two research methods,
which are: Survey (primary), Internet reviews and reports (secondary).
For my survey I will use people of different backgrounds, however they will all be from
EHWLC (Hammersmith Campus) and aged 18-24. I will use a sampling method of 12 people,
6 male and 6 female – each group containing people of different ethnicities – 2 white, 2
black and 2 Asian.
The information collected will be made into a report and presented in a Word Excel form,
including various charts and graphs. The whole research will take up to 3 weeks to be
completed, if all the intended information is collected by then the research would have
been a successful one.
Research Proposal
Background to the organisation (From case study)
Doctors have been reporting serious side effects from using various mood enhancing
tablets, therefore Rideau Medical Limited has come up with a completely new to the market
mood enhancing cream called ‘Angela’. The cream is bound to reduce stress; it has been
tested and approved.
The project
The aim of the project is to carry out a secondary research using existing Internet reviews
and reports about products of a similar kind. A primary research will be carried out in a form
of a survey to collect new information and potential customer opinions and expectations
about the new product. Both primary and secondary research will help the company predict
their first sales, profit and success.
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