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BTEC Business Unit 10, Market Research in Business P1 P2 (Describe types of market research.) (Explain how different market research methods have been used to make a marketing decision within a selected situation or business.)€5,50
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BTEC Business Unit 10, Market Research in Business P1 P2 (Describe types of market research.) (Explain how different market research methods have been used to make a marketing decision within a selected situation or business.)
BTEC Business Extended Diploma
Unit 10, Market Research in BusinessP1 P2
This is the complete version of the coursework assignment, which has already been marked and approved by a teacher.
P1 P2 P3 P4 P5 M1 M2 M3 D1 D2
(Describe types of market research.) (Explain how different market research me...
Unit – 10 (Market Research in
Business)
BTEC National Diploma In Business Level 3
The Date
Your Name
Your Teacher
1
,Unit 10: Market Research in Business P1 P2
Unit 10 – Market Research in Business
On completion of this unit I should:
1) Understand the main types of market research used to make marketing research.
2) Be able to plan research.
3) Be able to carry out research.
4) Be able to interpret research findings.
Task 1:
a) Describe types of market research.
b) Explain how different market research methods have been used to make a marketing
decisions within a selected situation or business.
Two major developments in the first decade of the 21st century were the widespread use of the
internet and the growth of high street coffee shops such as Starbucks and Costa Coffee. A business
opportunity that combines these two ideas is to set up a town centre coffee shop that offers wireless
internet connection, computer terminals and good quality coffee.
An entrepreneur has therefore asked me to carry out some market research to find out whether such a
venture would work in my town. However, he would first like to know some more details about the
different types of market research that can be carried out.
2
, Unit 10: Market Research in Business P1 P2
Regardless of whether you’re just running or
Market Research expanding your business, market research is
How the company perceived by the vital to understanding your target market and
customer and how the customer actually increasing sales. Thus, market research also
perceives you can often be a great distance can be used to reduce risk in decision making
and even be a baseline for monitoring
apart. Market research plays a crucial role in
company’s progress.
enabling an organisation to change and
develop with its customers. Carrying out the
process of market research tells the company Types of Market Research:
how it is perceived by its customers and what
Primary Research – goal of primary
its possibilities may be. Also it’s helps to plan
research is to gather data from analysing
long and short-term aims and objectives for
current sales and the effectiveness of current
the company. An organisation becomes
business’s actions. Primary research also takes
effective when it is very clear about what it
competitors' plans into account, giving you
wants to accomplish, it is has motivated
information about your competition. This is
everyone to agree to that goal and to see the
research you compile yourself or hire someone
worthwhileness of that goal.
to gather for you.
Market research – is the process of
Internal Primary research – is primary
gathering, analysing and interpreting
information about a market, about a product or
service to be offered for sale in that market,
and about the past, present and potential
customers for the product or service; research
into the characteristics, spending habits,
location and needs of your business's target
market, the industry as a whole, and the
particular competitors you face.
research involving the study of
information generated by your own
company
External Primary research – is
gathering the information about
company’s marketing environment,
competitors, and target audiences using
primary research outside the company
itself.
Market research is essential in helping you
find out what people want. It provides what Interviews: interviews are one-on-one or small
you need to get sound information about your group question and answer sessions.
product, service or market so you can develop Interviews will provide a lot of information
good marketing and business strategies. from a small number of people and are useful
Successful businesses conduct research on a
when you want to get an expert or
continual basis to keep up with market trends
knowledgeable opinion on a question.
and to maintain a competitive edge.
3
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