Learning aim B: Plan and implement a market research activity to meet a specific marketing objective. Learning aim C: Analyse and present market research findings and recommend process improvements. ENJOY!
(FINAL GRADE: DISTINCTION)
, Introduction(P2/M2)
Explaining the problem- This market analysis is needed to support a new company start-
up’s decision-making process. The client wants to open a mobile coffee stall, but the coffee
shop industry in the field is heavily crowded and challenging. As a result, conducting
appropriate market analysis is useful in determining market gaps, assisting the company in
standing out from the competition, and thereby raising the chance of success. The primary
goal of this study is to educate the client about the sector's market opportunities. It would
do this by mixing current secondary research with some primary research. To ensure that
the primary research market strategy is clearly relevant to the company start-up, a pilot
questionnaire will be conducted. The data gathered from this study will support the client in
identifying weaknesses and openings in the current coffee shop industry, allowing them to
successfully launch their company.
Three Market Research Objectives- Prior to doing market analysis, you must first determine
what you want to learn from the report. After those goals have been established, deciding
on the type of research method to use to accomplish them becomes much easier.
Customers' preferences, purchase behaviour, rivals' behaviour, and the right advertising
strategies will all be discovered through research. Since the client wishes to start a mobile
coffee shop, this study has goals to assist in determining whether this company can be
turned into a profitable business. The marketing objectives are to investigate local
competitors, find out whether there is a demand for the business in the current market and
to find out customers preferences when drinking coffee.
My first market research objective is to investigate local competitors. I will find this
information out by using secondary research methods. The first secondary research method
that I will use is the internet. The internet contains useful information that can be accessed
by everyone for free. After carrying out secondary research, it’s clear that the most
competitive coffee businesses are Starbucks and Costa. The reason behind the success of
Starbucks and costa is mainly since they both have thousands of branches across the UK.
This is shown in the picture where it shows all of Costas and Starbucks branches across the
UK.
By using the internet to find out information on
local competitors, we can now see the branches of
both companies. With this data, we can work out
the spots where there aren’t many coffee shops
and help my friend to set up his mobile coffee shop
there. This type of data is quantitative because
we’re dealing with numbers and statistics by
looking out the number of coffee shops that are
already in the UK.
My second
market
research
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