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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
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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.
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