Other
business level 3- unit 22 market research- assignment 1
- Module
- Unit 22 - Market Research
- Institution
- PEARSON (PEARSON)
business level 3- unit 22 market research- assignment 1
[Show more]
Seller
Follow
Content preview
Assignment 1- Unit 22market research
21.3.24
Assignment 1
What is market research
, Introduction
This assignment is about market research. It will cover what primary and secondary research
is, research conducted by creams, marketing objectives, advantages and disadvantages of
primary and secondary research methods, how it helps with decision making and a
justification of how creams market research method support the purpose of research.
Creams cafe started off as a small local desert shop which opened up in 2008 in Southall
London. The cafe was discovered by Adam mani who always had a passion for deserts. The
restaurant sells a range of deserts such as crepes, waffles and cookie dough. The restaurant
has up to 400 employees in the Uk which 100 stores in the Uk.
P1
What is market research?
Market research is a process of gathering information about market trends, consumers
competitors, products and services. The data received by this information is then
interpreted and analysed to make informed business decisions and insights into the market.
Market research allows businesses to develop suitable market strategies to understand their
target audience. There are a range of market research methods used by creams including
primary and secondary research. Some examples of market research include focus groups,
surveys, interview, one to one meeting, competitor research and government data. Market
research can benefit a business as it'll help businesses in gathering an insight into their
target audience, customers want and needs and customers behaviour. All this information
supports a business to grow and remain market lead.
Primary research
Primary research is the first market research method used by creams. It is firsthand
information personalised to the business. It allows businesses to receive data specific to
their research in which they can create questions relevant to the research topic. This
research is conducted by a 3rd party on behalf of the business or the business itself. There
are both advantages and disadvantages to primary research. One advantage includes the
results of the data is most likely to be accurate if collected first hand due to the research
being conducted by an individual within the business. As well as this primary research allows
the business to receive a deeper insight into data in which they can interact with their target
audience. However, a disadvantage of primary research is it is time consuming and costly
due to the cost of resources required and time taken to collect data. As well as this, the
information collected can be bias which can affect the accuracy of the business's findings.
The feedback from primary research can be presented through qualitative and quantitative
data. Qualitative data is an analysis on non-numerical data however quantitative data is
numerical data which can be measured or counted. Some examples of qualitative data
include interviews and focus groups. Some examples of quantitative data include
questionnaires and surveys.
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 skb16. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £7.56. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
57413 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