• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Market Research

Extracts from this document...

Introduction

2. Market Research Market research is the process of gathering, recording and analysing data that will help you make better decisions in your business at any time, whether it being starting up or improving your business. This data can be taken from the consumers, competing businesses or secondary sources. Market research is vital for every successful business, as it can help to start or expand a business, update existing products, raise your profits, set prices, select a location for your business, launch a new product successfully, analyse and learn more about the number of consumers, e.t.c. There are 2 main types of market research - Primary and Secondary. Primary research is, simply, new data that has been collected by your own business. There are many different ways of finding primary data, including: * Questionnaires * Telephone interviews * Surveys * Observing the consumers ...read more.

Middle

However, receiving primary data also means taking time and money to go out and collect your specific information - making it expensive and time-consuming. On the other hand, secondary research is neither expensive nor time consuming. The data already exists and has been collected, meaning no expense, except possibly a small fee to browse the information. Also, it is not as time consuming as primary research as sources such as the Internet and books are quick and easy to use. Deciding which one, or both, will be more useful to your business depends entirely on your company's specific needs. Market research is an essential part of any successful business. A business decision that is made with good market research and intelligence helps minimise the risk of making the wrong decision. ...read more.

Conclusion

somewhere that isn't busy, somewhere that has the wrong shops surrounding it, a rough area e.t.c.) less potential consumers may enter your shop meaning less profit and a bad choice. * Competitor analysis. I will take pictures of competing businesses and the products they sell, analysing what products/services they provide and their good and bad factors. I will do this to see if there is a gap in the market for my business, and to observe the quality of the competitors and their products. * Market analysis. This will include me creating a questionnaire specific to my business, helping me get to know my potential consumers better (e.g. their age range, sex, likes and dislikes about certain products I am considering selling, e.t.c) I will then collect my primary data together and arrange it into tally charts, graphs and pie charts, making it visually easier to see my results and what they show. ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our GCSE Marketing and Markets section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related GCSE Marketing and Markets essays

  1. Business studies coursework

    Target Market By looking at my Questionnaire results and my Competition survey, I can see that Indian food was the most popular so I will base my food outlet around an Indian theme. Also the food outlet will be a restaurant as there are none in Heckmondwike as my competition

  2. Investigating Market

    As many businesses fold because the people running them eventually feel they are not making enough profit to cover the achievements they are making and the risks they are taking. The survival of a business depends on whether enough profit is being made in order to continue with that business idea.

  1. Section 2 - Market Research

    Hair accessorises, deodorant/perfume, shower gel, hair dye/colouring, sanitary towels/tampons/panty liners, make-up, other__________ Q7. How far do you live from my shop? (I decided to ask this to see how far my customers will be coming from.) Less than 10 minute walk, 10-20 minute walk, 20-30 minute walk, Longer: ____ minute walk Q8.

  2. market research

    Which of the following is most important to you in a caf�? (tick 2) Hot drinks- e.g. coffee...... Snacks- e.g. Sandwiches, cakes, cookies......... Hot food- e.g. soup, potatoes....... This will tell me which foods are most important to customers. 10. Do you ever buy hot food in a caf�?

  1. Plannng and research. I would like to open a African restaurant, food from all ...

    Menu Bingo - This is a great tactic for encouraging frequency and getting members to try different items on the menu. You simply create bingo cards that have different menu items in boxes. Have the cards designed with five columns and five rows.

  2. Market Research

    In order for consumers to be satisfied with their expectations they need to be able to expect the right product at the right price, with promotion. For this principle to coincide with my strategy I will need to appraise my communication process prudently.

  1. Different types of primary and secondary market research ...

    Secondary research makes use of existing data from whatever sources are available. There are government censuses, Mintel surveys, and many private market research agencies that allow access to their data; some of it for free. It can be hugely beneficial, especially as a place to begin.

  2. Marketing research - To decide which products and services will be available in my ...

    in my salon, only 56% would like blusher to be available in my salon, only 48% would like eye-liner to be available in my salon, only 48% would like concealer to be available in my salon, only 48% would like eye-shadow to be available in my salon and only 40% would like lip-liner to be available in my salon.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work