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Unit:3 Investigating Marketing

Extracts from this document...

Introduction

Unit 3 Investigating Marketing Coursework Task 2: Small business and new businessman owners, like me, operate on limited budgets and need to make every penny provide a return on investment. So in this caf� I need marketing research to assure that we get the best return on our marketing investments. From initially researching the product and market, to assuring that my marketing campaigns are successful, marketing research affects the bottom line and business success. So in this section I will be carrying out primary and secondary research on areas that will be involved with my product. This ranges from the product itself, target audiences, competitors etc. This will help me understand the market segment I am involved in, know more about my target audience and what their need and wants are. Market research - Market research is about finding out answers to questions that specifically deal with whether or not there is a local/national market for your product/service: be that about price, quality, quantity etc. In market research I will be research a primary research means that I plan on my target customers, my products which is they happy to drink hot and cold drinks, and a provide my own questionnaire about my business and also in customers as well. Also I will plan a secondary research of my business. Market research is an essential part of any business that wants to offer products or services that are focussed and well targeted. Business decisions that are based on good intelligence and good market research can minimise risk and pay dividends and by making market research part and parcel of the business process and conducting market research throughout the lifecycle of a product or service market research will bring the following benefits: Market research will help me to better communicate - my current customers experiences are a valuable information source, not only will they allow me to gauge how well the currently meet the expectations that I can also tell me where I am getting things right and more importantly where I am getting things wrong. ...read more.

Middle

I have asked these people what type of hot and cold drinks they prefer. So in my results of asking people 14 people prefer with coffee drinks, 8 people for Cappuccino, 2 people for tea, 6 people for Soft drinks and other type of Drinks are none. So totally the result was good even if some people still prefer to drink coffee in caf�. In this question I have asked these people on when their visiting in the caf�, how important inside from the caf�. In the list 8 people answer the location, 10 for services of caf�, 3 for atmosphere, 7 people who answer for quality of food and 2 people out of 30 people a ask are the price. In this question I know what the customer likes inside from the business caf�. In my next question I asked if they brought the same type of coffee each time they go in caf� restaurant. The results showed 14 people said No they don't purchase the same product each time but the rest 16 said yes. This statistics shows that nearly over 50% of people willing to purchase and go different caf� restaurant to drink a coffee and go relaxing as well. This is an advantage for me as its shows the correct approach I can get a large amount of new customers to try my product. The aim will then be to gain customer loyalty to get a much customer as possible. When buying the coffee in caf� restaurant does the style and taste affect your choice of the product? This question which I asked was whether the style and the taste affected their view of the product on the ones that they purchase a coffee. Even though over 40% of this people said yes that they want a good style and taste of coffee which is style and taste still has a vast effect from this group of people. ...read more.

Conclusion

In other site I found which is www.e-importz.com/ The National Coffee Association conduct annual surveys regarding coffee consumption each year. The gathered data below can be extremely beneficial to anyone wishing to start a business or just have an insight on coffee consumption. * Specialty coffee sales are increasing by 20% per year and account for nearly 8% of the 18 billion dollar in coffee market. * Coffee statistics show that among coffee drinkers the average consumption in the United Kingdom is 3.1 cups of coffee per day. * 50% of the population, equivalent to 30 million British people, drink espresso, cappuccino, latte, or iced/cold coffees. * Independent coffee shops equal $12 billion in annual sales. * At the present time there are approximately 24,000 Coffee Shops across the country. Statistics show there will be approximately 50,000+ Coffee Shops by the year 2010. * The average Espresso Drive-thru Business sells approximately 200-300 Cups of Espresso and Coffee Based Drinks per day. * Over 50% of British over 18 years of age drink coffee every day. This represents over 30 million daily drinkers. 10 million British adults drink specialty coffee beverages daily; which include a mocha, latte, espresso, caf� mocha, cappuccino, frozen/iced coffee beverages, etc. * Average Beverage Price - The average price for an espresso based drink is �1.45 and the average price for brewed coffee is 80 to 90 pence. This information is very helpful for me because I know now what price I charge in one coffee and other product from my caf� business. * Coffee Cup Consumption per Day - Men drink as much coffee as women; each consuming an average of 1.6 cups per day. Women seem to be more concerned about the price than men. Among coffee drinkers, the average consumption in the United Kingdom is 3.2 cups of coffee per day. * Time of day - 65% of all coffee is consumed during breakfast hours, 30% between meals, and the remaining 5% with other meals. ...read more.

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