BTEC unit 22 assignment 2 Market Research Assignment 2 (DISTINCTION*)
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Course
Unit 22 - Market Research
Institution
PEARSON (PEARSON)
assignment 2 unit 22 MARKET RESEARCH. This piece of work covers all of the criteria for Unit 22 assignment 2. I have achieved a distinction in this unit by Pearson Edexcel in aug 2022. I hope this helps!
Contents
Introduction...........................................................................................................................................1
Initial market Research plan..................................................................................................................2
Problems................................................................................................................................................2
Research objective......................................................................................................................2
Budget for Market Research..........................................................................................................3
What data needs to be collected...............................................................................................3
Primary Pilot Research(Questions on page 7)........................................................................4
Pilot Sampling plan.............................................................................................................4
Secondary Research.......................................................................................................5
Primary pilot study questionnaire (final questionnaire with changes)..................................................7
Pilot research data feedback.....................................................................................................10
Questionnaire Results..........................................................................................................11
Limitations and Recommendations for improvement..........................................14
Conclusion............................................................................................................................15
References.......................................................................................................................15
Appendix.....................................................................................................16
Introduction
Starting a new mobile coffee business presents numerous potentials as well as numerous problems.
In this research, I will assist a friend in starting a new mobile coffee stall business by organising,
conducting, and analysing market research.
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,Initial market Research plan
Problems
The main problem with the research is that there are already a number of established main stream
coffee chains, as well as local coffee chains that have been a fixture in the coffee industry for a
number of years, but they have been shops, whereas this is a one-of-a-kind coffee shop because it is
a mobile stall that can be moved around the country. Starbucks, Costa Coffee, Tim Hortons, Greggs,
and Nescafé are the primary coffee competitors. Market research is essential since it identifies
market gaps and helps the company stand out from the competitors. A pilot questionnaire will be
completed to help the company determine how effective their strategy is.
Research objective
In terms of market research, I'll need to assess the public and research how many surrounding
people buy coffee, as well as conduct research on nearby coffee businesses to see how well they're
doing, as well as their tactics and how much they're selling their items for. I'll need a variety of
market research approaches for this, including questionnaires, private interviews, observation of
existing firms, and surveys of people' reactions to the new business's introduction.
To begin, I'll need to monitor and research nearby coffee shops to discover how they're doing and
what they're charging. This is necessary so that I can compare rates between firms and discover who
has the most consumers and sales. This information is required so that I can determine optimal price
range and make an educated judgement as to how many sales I could generate with pricing. I may
do this by going to a local café and looking at their price list as well as the number of customers they
have each day. I'll also need to keep track of their opening and closing times, as well as the number
of clients they get at different times of the day, such as how many people they get in the morning
versus the afternoon. This could be beneficial because I'll know about when to open business and
develop popularity and clients, as coffee is typically sold in the early mornings.
Finding out what local people and customers think about surrounding cafés is another form of study
that may be done. This research is necessary so that I may learn what neighbours think of other
businesses, analyse their negative comments, and figure out how to transform it into a good
element for mobile coffee business. This study can be conducted by sending out questionnaires to
inhabitants and having them fill them out. People prefer to neglect questionnaires and surveys they
receive via email because they do not believe they are relevant. It is better if the questionnaires are
printed out and handed out physically rather than online copies.
I should also conduct research to see what clients think about the customer service at the
neighbourhood café and how they handle orders. This is necessary since I need to know how local
cafes treat their customers and how they serve their orders so I can try to improve on it, increasing
customer service value and attracting more attention and consumers. I can conduct this research by
designing surveys and either printing and handing them out to the general public, or by selecting a
specific group of people and inviting them to a private interview in which I can ask questions and
take notes on their responses.
Another key aspect of my research is to get familiar with how other local coffee shops showcase
their goods. This implies I'll have to pay attention to and take notes on how they present their store.
Take notes on the themes they're using and how they're serving their drinks. As a new business
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, owner, it's critical that I take notes on how other local businesses offer their items so I can get a
sense of how my own presentation might seem. I'll also have to keep track of which presentations
bring in the most consumers, as this is the main goal. This will be accomplished through observation
of the firms as well as a review of their sales and profit data.
Another key aspect of my research will be to determine which sorts and flavours of coffee are the
most popular on the market. I'll need this information since it will help to figure out which coffees
and flavours, I'll need to buy more of, as well as which ones are more likely to sell. This could result
in a significant increase in sales, resulting in increased profit and revenue. This research can be done
in a variety of ways. One method is to conduct an online search for the best-selling coffees and
flavours, as well as to examine charts and other business data. I may also monitor how many
customers buy the same coffee and how many they sell each day in local coffee shops to get a rough
idea of what I could do with own coffee stand and what I could sell.
Budget for Market Research
Using competitor's data does not require a large expenditure because I can get free reports and
details on the internet that offer reliable information about the company. Budgeting for using a
company's website is also not difficult because they make their financial records available to the
public for free on their website. The cost of a questionnaire is determined by the distribution and
collection methods utilised. The cost of distributing online questionnaires, which are more effective
and cost-effective, will be little. To distribute the questionnaires, I can use online mailing lists, which
are inexpensive. Finally, observation is free except for my time if I go in and observe myself. If I
employ someone else to observe for I, I'll have to compensate them fairly. We'll need to engage
individuals to conduct observational research as well as conduct online market research, therefore
our market research expenditure might be around £5000.
What data needs to be collected
I'll be gathering qualitative data on the price ranges of various big coffee shops, such as Costa Coffee
and Starbucks. I'll need this information because I'll need to compare prices and devise a pricing
strategy for the new mobile coffee shop based on the prices of other local coffee shops.
I'll also be gathering qualitative data on how different businesses, such as Costa Coffee and
Starbucks, portray their products and services. This data is required since I will be conducting
research to determine which types of presentations attract the most clients and generate the most
revenue. This information will be used to create the mobile coffee shop's display. Customer service
reviews from regular customers of the business will provide some qualitative data that I will collect.
This information is required because I will need to know what customers think about Costa Coffee
and Starbucks, as well as determine which aspects of the businesses they prefer, so that we can
incorporate that characteristic into the new mobile coffee business.
In addition, I'll be gathering quantitative data on client perceptions of the products and services, as
well as the company as a whole. This information will be required in order to obtain feedback on the
company and what its customers think of it. This data will be utilised to keep track of which services
clients like, as well as to determine what is best for the new coffee shop. Another piece of
quantitative data I'll gather is the types of things that sell the most in various businesses, such as
which coffee or dessert sells the most. This will make it easier for the new coffee shop to get up and
running, as the most popular items are the ones that sell the most and provide the most revenue.
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