btec business level 3 unit 22 market research assignment 2

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Assignment-unit 22 - assignment 1 unit 22-distinction

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Elise crew Unit 22-market research Assignment -unit 22 market research What is market research? Unit 22-market research P1-Introduction In this assignment, I will be exploring the world of marketing, exploring key concepts and strategies that businesses use to promote their products and services. I’ll be examining various marketing techniques, analysing their effectiveness, and discussing their impact on business success. What is market research? Market research is the process of gathering and analysing information about a specific market or industry. It involves studying consumer preferences, market trends, and competitor activities to make informed business decisions. Market research helps companies understand their target audience, identify potential opportunities, and develop effective marketing strategies. It can involve methods like surveys, interviews, focus groups, and data analysis. Market research is important as it helps business understand their customers, identify market trends, and make informed decisions. By conducting market research, businesses can gain insights into consumer preferences, needs, and behaviours. This information allows them to develop products and services that meet customer demands, leading to increased customer satisfaction and loyalty. Market research also helps businesses identify new market opportunities and potential areas for growth. It enables them to stay ahead of the competition and make strategic decisions based on data and insights. Businesses conduct market research for several reasons First, it helps them understand their customers better. By gathering information about consumer preferences, needs, and behaviours, businesses can tailor their products or services to meet customer demands effectively. Second, market research helps businesses identify new opportunities and trends in the market. By staying updated on industry developments, businesses can stay ahead of the competition and adapt their strategies accordingly. Lastly, market research provides valuable insights into customer satisfaction and feedback, helping businesses improve their products, services, and overall customer experience. Primary research Primary research is a research method that relies on direct data collection, rather than relying on data that’s already been collected by someone else. Types of primary research:  Surveys  Interview  Observation  Data analysis  Focus group. Advantages of primary research  Fresh and specific data: Primary research allows businesses to collect data directly from their target audience, providing current and relevant insights.

Elise crew Unit 22-market research  Control over data collection: Businesses have control over the research design, methodology, and the type of information they want to gather.  Customization: Primary research can be tailored to specific research objectives, allowing businesses to focus on the information that is most important to them. disadvantages of primary research  Time-consuming and costly: Primary research requires time, effort, and resources to plan, conduct, and analyse the data.  Limited sample size: Depending on the scope and budget, primary research may have a smaller sample size compared to secondary research, which could limit the generalizability of the findings.  Potential bias: The involvement of researchers in primary research may introduce bias, either consciously or unconsciously, affecting the accuracy and objectivity of the results. Secondary research Secondary research is research that has already been collected by somebody else. However secondary research is only valid for 5 years. Types of secondary research:  Statistical analysis  Literature reviews  Case studies  Content analysis  Published datasets.  Reports  Survey responses  Websites  Libraries  Museums Internal and external secondary research Internal secondary research refers to the data and information that a company already has within its own organization. This can include sales records, customer databases, and internal reports. The advantage of internal secondary research is that it is readily available and specific to the company's own operations. External secondary research, on the other hand, involves gathering data and information from external sources such as books, articles, market research reports, and industry studies. This type of research provides a broader perspective on the market, industry trends, and customer preferences. Advantages of secondary research  It can save time and resources because the data and information already exist.  It provides a broader perspective by gathering insights from external sources.  It helps in understanding industry trends, customer preferences, and the larger market landscape. Disadvantages of secondary research

Elise crew Unit 22-market research Using the right research methods is crucial for businesses, It ensures that the data and insights gathered are accurate, reliable, and relevant to the business's goals and target audience. By using appropriate research methods, businesses can make informed decisions, develop effective strategies, and identify opportunities for growth. It helps them understand consumer preferences, market trends, and competitor strategies, allowing them to stay ahead in the competitive markets. When choosing market research methods, businesses need to consider factors like bias, cost, reliability, and response rates, Bias refers to any potential distortion or prejudice in the data collection process, so it's important to select methods that minimize bias and ensure accurate results. Cost is another consideration, as different research methods vary in terms of expenses involved. Reliability is crucial to ensure that the data collected is consistent and trustworthy. Lastly, response rates indicate the percentage of people who participate in the research, so methods with higher response rates are generally preferred. By carefully considering these factors, businesses can choose the most suitable market research methods for their specific needs. Kellogg’s Kellogg’s is a well-known food company that specializes in breakfast cereals and other products such as breakfast bars. They are famous for there corn flakes, frosted flakes, and rice crispies. Kellogg's marketing research goal is to understand consumer preferences, behaviours, and market trends in order to develop effective marketing strategies and create products that meet the needs and desires of their target audience. Kellogg's uses focus groups as a market research method because it allows them to gather in-depth insights and opinions from a diverse group of consumers. By bringing together a small group of individuals, Kellogg's can facilitate discussions and explore topics in detail. Focus groups provide a platform for participants to share their thoughts, preferences, and experiences related to Kellogg's products. This qualitative research method helps Kellogg's understand consumer perceptions, motivations, and emotions, which can inform product development, marketing strategies, and overall brand positioning. Advantages  Focus groups can be customized to target a specific demographic which allows them to gather insight from their target market.  Interactions in the group can stimulate new ideas. disadvantages  Limited sample size- focus groups only involve a small number of participants which may not represent the diversity of the target market.  Cost.  Bias-Strong personalities or dominate participants can influence the decisions of other people in the group. McDonalds McDonalds is a popular fast food restaurant chain that is all over the world that is popular for its burgers and fries.

Elise crew Unit 22-market research McDonald's market research goal is to gather insights and understand consumer preferences, behaviours, and trends. They aim to identify what customers want, how they make decisions, and what influences their choices. McDonalds main form of market research is surveys. McDonald's encourages customers to fill out surveys by offering incentives such as discounts, free food, or entry into sweepstakes. They may provide survey links on receipts or display signage in their restaurants inviting customers to share their feedback. Additionally, McDonald's may promote their surveys through their website, social media channels, or email newsletters to reach a wider audience. What other method could Kellogg’s use? Kellogg could use surveys as a method of market research. Surveys can be effective because they allow Kellogg to directly collect feedback from their target audience. By asking specific questions about their products, preferences, and purchasing habits, Kellogg can gather valuable insights to inform their marketing strategies and product development. Surveys can be conducted online, through email, or even in-person. Advantages  surveys allow McDonalds to collect opinions of their customers, helping them understand wants and needs.  surveys provide quantitative data, allowing McDonald's to analyse trends and patterns in customer behaviour.  surveys can help McDonald's identify customer satisfaction levels and areas of improvement. Disadvantages  responses may not always accurately reflect the true opinions.  surveys can be time-consuming.  surveys may not capture the full range of customer experiences. What other method could McDonalds use? McDonald's could also use focus groups as a method of market research, focus groups are effective because they allow McDonald's to gather in-depth opinions and insights from a small group of participants. Asda Asda is a well-known supermarket chain in the UK. They offer a wide range of groceries, household items, and other products at affordable prices. Asda's marketing objective is to provide customers with quality products at affordable prices while delivering exceptional customer service. They aim to build strong relationships with their customers and create a positive shopping experience. Analysing data is Asda's main market research method. By analysing sales data, they can identify trends and patterns in customer behaviour, such as popular products or changing preferences. This helps them make informed decisions about their product offerings and promotions. They can also track customer satisfaction through feedback and reviews, allowing them to address any issues and improve their customer experience. Advantages

Elise crew Unit 22-market research Phat Patties used a combination of research methods for their market research. They conducted surveys to gather quantitative data on customer preferences and satisfaction levels. They also conducted interviews and focus groups to gather qualitative insights and understand the reasons behind customer preferences. Additionally, they analysed industry trends and competitor analysis to gain a broader understanding of the market. Advantages:

• Comprehensive insights: By using multiple methods, Phat Patties was able to gather a wide range of data and insights, providing a more comprehensive understanding of their target market and industry trends.
• Quantitative and qualitative data: Surveys provided quantitative data, allowing for statistical analysis, while interviews and focus groups provided qualitative data, capturing rich insights and customer perspectives.
• Validation of findings: The use of different methods allowed Phat Patties to cross-validate their findings, ensuring the accuracy and reliability of the data collected.
• Informed decision-making: The combination of research methods provided Phat Patties with a holistic view of their market, enabling them to make informed decisions about their menu, pricing, and marketing strategies. Disadvantages:
• Time and resources: Conducting multiple research methods can be time-consuming and require more resources, including financial resources and personnel.
• Complex analysis: Analysing data from different methods can be challenging, as it requires integrating and synthesizing findings from various sources.
• Potential bias: Each research method has its limitations and potential biases, which need to be carefully considered to ensure the accuracy and reliability of the findings. The findings of Phat Patties' market research showed that their customers had a strong preference for juicy and flavourful burgers made with high-quality ingredients. They also found that there was a demand for a variety of burger options, including classic beef, chicken, and vegetarian options. Additionally, the research revealed that customers appreciated a friendly and welcoming atmosphere in the restaurant. These findings helped Phat Patties tailor their menu, improve their customer experience, and meet the specific preferences of their target market. Gfk GfK is a well-known market research company that could be appropriate for various reasons. They have a strong reputation in the industry and offer a wide range of market research services. GfK has expertise in areas such as consumer behaviour, market trends, and competitive analysis. They use innovative methodologies and technologies to gather data and provide valuable insights to businesses. Additionally, GfK has a global presence, which means they can offer insights into different markets and industries worldwide. Technology GfK utilizes various technologies to conduct their market research services. They leverage advanced data analytics tools and software to analyse large datasets and extract meaningful insights. They also use online survey platforms to collect data from respondents efficiently. Additionally, GfK may employ techniques such as eye-tracking technology and virtual reality simulations to gather more detailed consumer behaviour data.

Elise crew Unit 22-market research Conclusion I think it is important to use a range of market research methods when conducting original research because it helps to gather diverse perspectives and insights. Different methods, such as surveys, interviews, and focus groups, allow you to collect data from various sources and capture different aspects of the market. This can lead to a more comprehensive understanding of consumer behavior, market trends, and industry dynamics. By using a range of research methods, you can validate findings, identify patterns, and uncover hidden opportunities.

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Module : Business btec level 3 (.)

University : telford college.

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BTEC Level 3 Business Unit 22 Full Unit

Subject: Business and finance

Age range: 16+

Resource type: Unit of work

Last updated

21 January 2023

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BTEC Level 3 Business Unit 22: Market Research Full Unit with Power Point, assignment briefs, activities and templates for assignments.

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