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Summary 4.4A Market Research (Activity)
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4.4A Market Research (Activity) IBM Textbook with ISBN 4
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4.4A: Market Research: Activity1. Explain the benefits to Juan of undertaking market research before he opens his new
business.
Considering that there are many things Juan is still confused about, undertaking market
research would help him in making decisions. In the case of opening a new restaurant,
Juan should conduct market research so as to assess what is most favored by the people
around the area of the restaurant. For instance, if Juan were to consider the packaging of
the product, conducting a market research on it will help identify which packaging Juan
should use for his products based on the customers’ preferences. By conducting market
research on the small little details to open up the restaurant, it will be likely for
customers to be interested in it as all their preferences were taken into consideration.
Another benefit of undertaking market research would be to reduce any risks that are
associated with new product launches. By conducting market research Juan can identify
the potential demand of his new restaurant and assess the chances of his business to
result with satisfactory sales. By identifying the potential demand of the customers, Juan
can also adjust easily and be prepared prior to opening the business, ensuring the
business can easily adapt to any possible problems that could occur down the road.
2. Outline four questions Juan needs answers to from marketing research.
What types of food do you prefer?
Do you prefer eating in or have takeaways?
Is there a demand for Spanish food?
Do you prefer traditional-style Spanish music or loud pop music?
3. Identify four sources of secondary research that Juan could refer to.
Market intelligence analysis reports
Government publications
Local government offices
The internet
4. Evaluate the likely usefulness of secondary research to Juan.
Secondary research refers to any research method that involves using existing data. In
the case of Juan, he is planning to use secondary market research to help him make
decisions for his new business. Thus, the usefulness of secondary research to Juan will be
evaluated.
One usefulness of using secondary research would be its ability to identify the nature of
the market that can easily be obtained. By using secondary research such as local
government offices, Juan can have a general information regarding the market, which he
will need for the good sake of the business. In addition, information obtained from
secondary research are also great at assisting with the planning of primary research.
Considering that there are multiple secondary research, information from different
sources can be compared, thus the accuracy and variation of the information can be
more varied. Another usefulness would be regarding how accessible it is to the public.
Knowing that Juan is opening a new business, which is very bureaucratic and
complicated, using secondary research can save him time as less effort would be needed.
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