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BTEC Level 3 Business - UNIT 22 Market Research | Assignment 2 (P2, P3, P4, M2 &D2)) £9.36
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  3. PEARSON (PEARSON)
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  5. Business 2016 NQF
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  7. Unit 22 - Market Research

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BTEC Level 3 Business - UNIT 22 Market Research | Assignment 2 (P2, P3, P4, M2 &D2))

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Content covers an example of P2, P3, P4, M2 &D2 criteria for a coffee business. For business level 3 btec and Unit 22 market research assignment.

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  • September 3, 2024
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  • 2022/2023
  • Essay
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UNIT 22 MARKET RESEARCH

Learning Aim B: Plan and implement a market
research activity to meet a specific marketing
objective
P2: Undertake secondary research for a selected marketing objective


Introduction


This report will discuss the market research which has been gathered and analysed about coffee, how
they operate and what the new business in opening needs to know in order to follow through with a
successful business. I’ll write about different market research objectives that’ll help achieve goals of
understanding how the coffee industry is like and to proceed onto making a successful mobile business.
Furthermore, I’ll be doing research with the type of secondary research which I’ll link to whether it’s
qualitative and/or quantitative data. Overall, the purpose of this report is to aid a friend who needs
help establishing what she needs to do in order to have a successful mobile coffee business.


Problem Definition


A friend is looking to start a business within the coffee industry and they’ve opted for a mobile coffee
business, this business requires research within her market asking questions of ‘what do customers
want’, ‘what do customers need’ etc therefore, I’ve been given this task as a business student to help
them gain an understanding of what is needed in order to have a successful business, who their
competitors will be etc. The reason this is important is because it helps the person [friend] be prepared
for situations where they might not be performing well as expected so with the market research
gathered, they know how to tackle and gain customers overall resulting in a successful business.


Market Research Objectives



Working within the coffee industry allows you to be more innovative in many different ways such as
identifying new product opportunities. There are many different ways you can make coffee and by
using the lateral thinking process, you can potentially make a coffee which is appealing to the
customers and which will be classified as the company’s specials list. Coffee can come either cold or
warm depending on how the customer wants it , in the summer (can also have other time periods),
the business can produce iced coffees but add their own twist to it, for instant, have 3 milks with
caramel, chocolate, syrup etc combined in an iced coffee naming it ‘icy cofffeee’, the 3 f’s and e’s
symbolising the 3 milks. And simply change it around [serve warmer] adding small additional toppings

, such as marshmallows, pretzels to fit in with the winter period. Another specified innovative idea for
finding product opportunity is mixing it around from the beginning as in coffee beans, as provided
with evidence, arabica [Types of Coffee's] is the most popular coffee bean between robusta, hence I
believe having arabica coffee beans for the new coffee drink above will allow the business to create a
popular new and exciting coffee flavour for consumers to try, overall, hitting the criteria of identifying
product opportunities and making a USP (it’s also important to have trademark on it to prevent other
companies from manipulating).



Furthermore, another market research is understanding customer activity. This objective is influential
in general for a business but this is very fitting for the coffee industry as it is a service you’re selling so
it’s important to establish stuff like this. It allows you to work around what is wanted and as linked
before to identifying new product opportunities, it gives you an idea on what raw materials you need
to get as in which brand is most appealing to consumers. Statistics [Leading 'fresh coffee' brands] show
that the leading brand of fresh coffee is ‘Taylor of Harrogate’, with this brand having been bought by
2,031,910 consumers. With this information, you should go for the ‘Taylor of Harrogate’ brand as
many consumers enjoyed it and as shown this is a very popular brand with customer reviews of 4.3
stars [Taylor of Harrogate Customer review] and this is a market objective research completed and
understood of customer activity. Expanding on customer activity, identifying any additional bakery
goods consumer gets is important because then you can have that set up in the mobile coffee. As seen
here [Coffee with Cake] many people enjoy having cakes such as carrot cake, cheesecake and lemon
drip cake, this not only will s



Secondary market research methods



The first secondary market research I’ll be focusing on is annual and written reports. This research can
help a business to identify a lot in terms of what they need to do to stand out from their competitors.
Within the coffee industry, there are many different types of coffee consumers buy such as black
coffee, latte, cappuccino etc, as statistics show in 2022, flat white is the most popular coffee holding
onto 22.3% [The Uk's Favourite Coffees] so they should go for this [produce flat white coffee] and for
the second most popular coffee which is Black Americano. Having these two main ones allows you to
potentially innovate it and make it the USP. Additionally, they can establish what types of milk people
like and with that information identify which ones they should have [Uk dairy alternatives market
estimate and forecasts]. As the quantitative data shown, it’s estimated that Almond Milk is to increase
by 16.6% between 2020 to 2025, with this information, it allows the company to buy these organic
milk because the products have a longer shelf life as opposed to normal cow milk, along with having
a mobile coffee business, they’ll have a maximised space for a small refrigerator for the cow milk
whereas the organic types of milk isn't required to be refrigerated. Additionally, the validity of this
information gathered is very good considering this was collected via Statista, which is supported and
co-links with business and the government. Overall, this will help the business of mobile coffee
extinguish what customers' habits are and embed it into their business to gain their attraction simply
from the products they buy in supermarkets and we were able to identify this with using the internet
as our secondary research method.

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