Essay
Unit 22 - Assignment 1
- Institution
- PEARSON (PEARSON)
Btec Level 3 Business. Unit 22 - Assignment 1 (Distinction level)
[Show more]
Seller
Follow
Content preview
Aaron NaharUnit 22 Assignment 1
P1
In this report I will be identifying how using market research I am able to engage with current
customers and gain new customers. In addition, I will advise weather the marketing agency has
implemented a good idea.
The business I have chosen is a small to medium sized enterprise which hat has fewer than 250
employees based in Windsor. French Brothers run boat trips on the River Thames from
Windsor, Runnymede and Maidenhead. I will explain what and how French brothers uses
market research.
The purpose of market research consists of building your business and make use of effective
business planning. It is about collecting information that provides an insight into your customers
thinking, buying patterns, and location. In addition, market research can also assist you to
monitor market trends and keep an eye on what your competition is doing.
French brothers use primary and secondary research methods such as Surveys - they make
use of in person surveys a long riverside Windsor which is a prime location to reach out to
consumers. This is because it is busy, and the boats are local to where many people are
walking. Here they find customers who are most likely to go on a boat ride as they are enjoying
the views of the river. With this data the company can investigate brand awareness.
Focus groups and personal interviews also take place where to a group of people are gathered
in a room and recorded where they are asked about their views on their service and new
innovative ideas. With these ideas the company and look to expand in order to reach further
customer demands and aid new product development– for instance include boat parties at night
to reach out to young adults. You can also Understand customer behavior and determine buying
trends
The secondary research methods used are government documents. For instance, French
brothers pay a small fee to get access to documents which contains a quantitative information to
help them with their business. The documents contain identification of the market size, The
worth of the market size for the business, Identification of areas of sales for the growth of the
business and figures about the sales. This is very useful to the business as it can give them an
idea of how well their business is going and it helps them establish their target audience as well
as giving demographical information.
Another method used is a completely free and effective method. Simply research on the web
and from news articles. This method gives French Brothers a good insight on the market of boat
rides. Their main competitors and target audience. Sources such as trade associations are also
used as it in in their budget and they gather information very quickly.
A competitive analysis is a strategy the company uses to identify their competitors around them
and they research their products, sales, and marketing strategies. This creates strong business
strategies that may improve upon your competitor's. A competitive analysis helps you learn the
ins and outs of how your competition works. This is also used so they can Investigate feasibility
of entry into new markets as well as meeting marketing objectives (expand over competitors).
, Aaron Nahar
M1
Businesses common market objectives consist of Increase sales
Build brand awareness
Grow market share
Launch new products or services
Target new customers
Enter new markets internationally or locally
Improve stakeholder relations
Enhance customer relationships
Improve internal communications
Increase profit
Develop a SMART Marketing Objectives
For them to be effective, the objectives must be SMART.
Specific
Measurable
Achievable
Realistic
Time-bound
Marketing objectives include
To increase revenue by 25% in 1 year
To increase sales by 20% within 1 year
Gain more customers
Increase the brand awareness around Berkshire
Aid new product development – branch out and tap into different market segments. New
services and start up a small souvenir store
Market research can enable you to identify your target consumer, find out what they think about
your ideas, products or brand and gather insights to help you target the right market.
Market research is very vital towards helping engage current customers and gaining new
customers. This is because research consists of discovering the customer needs. Through the
market research methods explained above we can see that they all help improve customer
satisfaction. For example, a questionnaire will suggest weather the customer likes your product
or service, if they do not this is an opportunity to get an idea of what is going wrong and then
you know what to do to improve to simply meet their needs. However, this is of course costly.
You can gain new customers by using market research online. For instance, social media and
mail surveys will allow you to reach out to over thousands of potential customers. If it is on a
huge platform you are open to explore new market segments. Moreover
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BtecBusiness4u. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £9.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
60904 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now