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Unit 10- Market research in business
for Level 3, BTEC Nationals (Business).
,P1 & P2
Market Research
This is the process and the way that businesses use to evaluate a new good
or service’s feasibility through researching which is carried out individually
with future customers. Market research makes it easier for the business in
being able to identify their exact target market and obtain reviews,
feedbacks and opinions from consumers regarding a particular good or
service that they offer.
Primary Research
This is when new information is collected, and this information can be of use
to the business regarding a particular issue that they might be facing and
where this information isn’t already existing, so the business has to do a
primary research in order to gather it. Businesses have the opportunity of
carrying out the primary research within the company by a certain
department within the company who would be responsible for carrying out
the research or they can also outsource this research to a third-party agency
which would carry it out for them. A massive pro regarding this would be the
fact that the information could be used in order in tackling a particular issue
that the company is facing; however, questions must be very specific,
tailored and customized in order for the data to be obtained in the right way.
One more pro to this type of research would be that the data obtained would
be reliable because the business would collect it by themselves.
Apple have a wide range of products which they could use to helping them to
start developing in markets that are relatively new, a good example of one
of these products would be the Apple Air pods 2.0. Apple can carry out
primary research in order to assist them in developing in markets that are
relatively new utilizing Apple Air pods 2.0 by gathering focus groups,
specifically belonging to demographics which don’t make much use of the
products. Apple can collect feedbacks and reviews from these focus groups
and then utilize the data obtained from these focus groups to help them in
developing the Air pods 2.0 and start implementing various new features
and changes in the product in order to generate a higher revenue, in order
for apple to be able to improve themselves within that particular market.
IKEA carry out primary research to be able to find out how well the services
provided by them are doing and how all of their various shops across the
world provide different services, also after carrying out this primary
research, IKEA would also be able to identify areas of weakness within the
business and they can use the data obtained from the research in helping
them to work towards improving these areas within the business and
achieve success.
, Secondary Research
This is the information that is already existent and can be easily accessible
by companies via various sources, like data agencies, authenticated articles
and websites, data that has been published by the government and various
other sources. This type of research is far cheaper than primary research,
making a lot more cost-effective than primary research. This would be due
to the fact that the information is already existent and readily available. This
type of research would be the only option for companies that want to carry
out a research regarding a trend on a massive scale.
KFC are constantly improving themselves in the market which they are
operating in by trying to obtain a higher market share and increase their
sales, and they achieve this by opening more branches. KFC often utilize the
census in order to be able to identify the number of residents living in a
specific area in which they are looking to establish their new store in and
they would also be able to discover the amount of money they receive. This
helps KFC to identify the ideal location for them to establish their new store
in and most importantly it would help them in finding out the ideal price
ranges that they could charge their customers for the various products that
offer.
Quantitative Research
This is usually data that is numerically based and is mathematically
examined, studied and analyzed. Quantitative data is usually converted into
a statistic format so that it can then be analyzed. This type of research
would make use of an online survey, various sampling techniques and most
importantly a questionnaire that would be from older and new consumers.
Results obtained in the end is data that is numerically based. After
conducting analysis on the statistics and figures, the data could be utilized in
predicting weather a certain good or service would do well in the future or
not. A massive plus point regarding this type of research would be the fact
that it gives the business an in-depth understanding of the customers in
terms of things like their, feelings, emotions and attitudes.
Huawei are constantly improving themselves in the market which they are
operating in by stopping the production of certain products that aren’t selling
that well. For example, one of Huawei’s most popular smartphones the mate
7 was launched with a serious defect which was the battery life problem. The
sales for this phone dint pick up and so Huawei utilized their financial
statements in order to identify why the mate 7 isn’t selling that well, in order
to completely stop the production for it and moreover, the money spent on
the production of this product in terms of raw materials etc. can be used in
other areas of the business that are rather weak and need improvement.
This definitely helps Huawei in saving their precious time and money
because they wouldn’t have to produce as many products anymore.
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