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Market research

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Market Research Introduction Market research is one of the most important things needed to start a business. Market research will help you identify the target market for your business. A business can identify the target market by two types of market research, which are primary research and secondary research. In this unit of course work, I will stat different types of market research and how it affects the business. Business also needs to analyse there own product and services to identify the target market. Market Research Market research is the procedure through which businesses collect information about things going on market such as customers demands, about the other competitor and the market. Market research is important because from market research business can obtain information on products and services. This information will help to answer the following question: * Which products or services are making good profit and which are not? * What people think of particular products and services? * Which product is on demand? * Is there a gap for your business? * Are existing product satisfying customers' demand? The answers for this question will help business to know what products or services they should offer and which they should not. Market research will also help a business to make right decisions about the price of their products and services. Market research can help compare your business with your competitor, this could help to know how you can improve your business to gather more customers then you competitor. ...read more.


This survey is used at many places as you can target your customers by getting there number. * Focus group - focus group is a qualitative primary research where a group of people are being asked about their opinion towards certain type of products and services. The other entire related subjects with market research are also being discussed. I have chosen to do questionnaire in my primary research. Advantages of doing questionnaire are as follows: * You don't have to waste a lot of money * It can be ask in any particular place you want it to be. * It can be ask to any type of person you want to ask. * You can ask your own questions Advantages in questionnaire there are also some disadvantages, which are: * Some people just tick anything without thinking because they do not have time. * It takes a lot of time. This advantages and disadvantages are same for all other primary research. Questionnaire could be a good idea as the results are more relevant. Questionnaires are of two types: 1. Close-end questionnaire: close end questionnaire are questionnaires that have options for each questions. People who fill this questionnaire just have to tick the option they think is best for that question. This questionnaire consumes less time but the results are not as relevant as open-ended questionnaire. 2. Open-end questionnaire: Open-ended questionnaire don't have any options, people who fill this have to write the one or two sentence answer for each of the questions. ...read more.


This way I think my business would be successful because Londis have not satisfy there customers demand. Location of Londis Image above is the website of Londis. As you can see there is no information about the products they are selling and no information about theirs store across London. Conclusion of secondary research This research has showed me that my business idea will help me make my business successful because I have analysed the advantages and disadvantages of my competitor and the results were positive. Secondary research helped me in my business idea because this will facilitate me to be competitive in terms of price and quality of products and services. My research has showed me that my business idea had many things that will affect the customers in a negative way. There for I have changed a small number of things in my business idea because while doing market research I realised people's demand on which services and products they want. In my business idea, I had kept services and products that I thought would be important. I have done this analysis with a similar business as mine so that I can get to know advantages and disadvantages of my competitors. Final Conclusion From this coursework, I have concluded that market research is very important for any business. It will help the business to survive in the beginning. After starting the business market research needs to be done again to get more fresh information or it will be difficult the business won't be able to satisfy customers demand and could lead to unlimited liability. ?? ?? ?? ?? ...read more.

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