AS business studies market research

AS BusinessMarket Research 1

What is market research?

Market Research

• Know what market research is

• Be able to explain the different types of market research

• Apply the market research to your product

What is market Research

• Researching market for product helps reduce the risk of failure

• Looks at current customer needs

• Anticipate future needs• Can then develop

product to satisfy those needs and make a profit!

Primary Research Secondary Research

Primary ResearchAdvantages / Disadvantages

Secondary ResearchAdvantages / Disadvantages

Open Questions?

Questionnaires / Surveys

Closed Questions?

Qualitative data? Quantitative

data?

Write a market research questionnaire with at least 5 closed questions about your product

Now ask at least 6 people to complete your questionaire

Present your groups’ answers

1.What do the different answers show? Decide on the best way to present them.

2.Analyse your answers. What 3 actions do your recommend to your company as a result of your survey?

Market Research

• Know what market research is

• Be able to explain the different types of market research

• Apply the market research to your product

AS BusinessMarket Research 2

Secondary Research

Phone BookTrade Magazines

Government Publications

CompetitionSource Reference Material

Data Collection& Analysis

LO1) Identify and explain the different methods of primary and secondary research.

Primary Research

Observation

Questionnaire

Focus Group

Telephone SurveysTest Marketing

IT & Databases

LO1) Identify and explain the different methods of primary and secondary research.

Market Research 2

• Revise the different types of market research

• Understand the impact of sampling

• Be able to explain the impact of market research on a business

List 3 advantages and 3 disadvantages of primary

and then secondary research

Advantages / Disadvantages

Advantages / Disadvantages

Analysis and Conclusions

• What different type of data are we collecting? How?

• Do you think your sample represents year 12 at Chellaston? Why / why not? What could you do to change this?

Answer the following questions:

How old are you? Why do you come back to McDonalds?

How many times a week do you go to McDonalds?

Why do you like McDonalds?

How long does it take you to go to McDonalds?

What do you think of the McDonalds restaurant?

What is your favourite McDonalds food?

Why is this your favourite food?

What is your favourite McDonalds drink?

Why is this your favourite drink?

Closed Questions = Quantitative Data

Open Questions = Qualitative Data

Qualitative and Quantitative Data

Quantitative Data• Interpreted in a

numerical way• What price would you

pay?• What is your favourite

McDonald’s burger / drink?

Qualitative Data• Opinions• Judgments• Attitudes• Why likes and dislike

MacDonald’s food

Sampling (1)

• What is sampling?• Why can’t you collect information

from everyone?• What do you have to think about

when you are deciding how to pick your sample?

Sampling (2)

• What do you have to think about when you are deciding how to pick your sample?

• Age• Gender• Income….

Sampling (3)

• How could you choose your sample?• Random: each potential member of a

group has a chance of being in the sample

• Quota: E.G. 50 males targeted between 20 and 29 years old. Then move onto next group

• Stratified: random selection within a sub-group eg 17 to 24 years old

Sampling (4)

• What will affect your choice of sampling methods?

• Finance: how much money do you have? Do entrepreneurs have a lot of cash?

• Risk: newer product = greater risk so more need for research

• Product: new or existing?• Target Market: clearly defined or not?

Watch the clip and then answer the questions on the worksheet

Homework

• Due in: Weds 2nd October => Break time• Read the Bladonmore case study on pages 30 and

31 and answer questions 1 to 3• Answer the questions in detail ( at least 2 sides A4))• Use your notes and text book to help you• Use examples from the text• Define key terms• Discuss and justify = look at advantages and

disadvantages of your ideas and then conclude which you think is best

Q1 : 5 marks / Q2 : 10 marks / Q3 : 14 marks

How to answer question 3

Structure: new paragraph for each section• Explain what the company is / what product it sells /

what market it is in• Define key terms you will use• What are the long term issues of the situation?

(Time? Money? …)• What are the short term issues of the situation?• What are the possible solutions? (types of research /

….)• What are the external influences ?(competitors / ….)• Conclusion

Market Research 2

• Revise the different types of market research

• Understand the impact of sampling

• Be able to explain the impact of market research on a business

Answer the following questions:

How old are you? Why do you come back to McDonalds?

How many times a year do you go to McDonalds?

Why do you like McDonalds?

How long does it take you to go to McDonalds?

What do you think of the McDonalds restaurant?

What is your favourite McDonalds food?

Why is this your favourite food?

What is your favourite McDonalds drink?

Why is this your favourite drink?