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Researching the Existing Market - Word Process a letter to the chocolate companies...

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Introduction

BUSINESS STUDIES - MARKET RESEARCH COURSEWORK Researching the Existing Market Word Process a letter to the chocolate companies... I have word processed and sent out letters to chocolate companies in order to receive some information packs, asking questions such as "What is the companies total market share?" etc. I have received information packs from the following kindly companies: > Cadbury's > Nestle > Thornton's > Kraft (Makers of Terry's Chocolates) > Mars Why Will This Information Be Useful? This information will be useful because I can predict exactly how well my product will sell, research advertising methods and learn how to promote, manufacture and distribute my product. It has told me how a chocolate company works, and how each individual chocolate fits into the market and why they were created. I have learned about marketing, distribution, production and other useful things that will be an asset to my Business Studies knowledge. I can now find out what to actually 'do' with my chocolate bar, I can now more accurately predict how it will sell, and how to create it efficiently, making it good quality, good value, and at a good rate of production. I have learned about the top selling chocolate bars, the different companies, the type of chocolate that sells at different times of year (e.g. Roses at Christmas), and also other information such as packaging (e.g. Miniature Heroes has a form of packaging that can be used again after the chocolate has been eaten). What does 'Market' and 'Market Share' mean? Market Research is the collection of information by a firm about existing and potential markets. The firms will use field research and desk research to collect information about social and economic trends and the attitudes, lifestyles, likes and dislikes of existing and potential customers. It will also try to find out as much as possible about its competitors. A firm's Marketing Dept. ...read more.

Middle

Most of the information about these chocolate bars came from the leaflets and assorted information that the Chocolate companies sent me when I wrote them the letters - In particular, Nestle's information proved very valuable to this part of the coursework. The rest came from reliable sources on the internet, such as the official websites of the chocolate bar companies. Cadbury Bar Dairy Milk Milky Way Crunchie Fry's Turkish Delight Price 32p 15p 31p 43p �M in Sales 134 52 41 18 Nestle Bar Kit Kat Aero Milky Bar Price 28p 32p 29p �M in Sales 260 85 54 Mars Bar Mars Twix Snickers Price 29p 27p 30p �M in Sales 152 116 77 I have decided to combine the Terry's & the Other Bar Chart, because there is only one bar in each category: Terry's Suchard & Other Bar Wonka Xploder Toblerone Price 22p 34p �M in Sales Why is it useful to put this information into a bar chart? Putting information into bar chart form makes it easier to study. Instead of searching through many results you can simply glance at a bar chart and learn the answer to a question, obtain the result or notice patterns emerging (e.g. Old, Men tend to like this kind of bar..). In this case, I can see if more costly bars fare worse or better than cheaper bars when it comes to sales. What do the bar charts tell you about Chocolate bar prices? The bar charts tell me that chocolate bar prices are usually in the mid 30s, probably due to competitive pricing, with this price simply becoming common. There are some bars that aren't in this section of the market - For instance, Milky Way is cheaper because it is only a small, 'children's' chocolate bar, and Fry's Turkish Delight is a 'luxury' bar. What do the bar charts tell you about Chocolate bar sales? ...read more.

Conclusion

Which part of the survey is the most important? As 90% of all chocolate bars are bought on impulse, and simply for ease of use, I gave only two answers to the question "If you saw a Caramel Turkish delight bar in a shop, would you try it?" These answers were of course, Yes or No, and this question made it extremely to gather results, tabulate them and create graphs etc. This is the key question as it tells me exactly whether or not this bar will sell, and this is why I have focused more on creating graphs and tables of this particular question. Should I have not used this question, or even made it clearer how eager you would be to try the bar (More than two choices - which I did do in another question), the results would be a lot harder to manipulate. Find out who will try your bar I conducted another survey to discover who would buy my chocolate bar, what age period, what sex, etc. In order to conduct an accurate survey, I must take a sample that will more or less accurately reflect the population of the U.K. I asked 50 people the question: "If you saw a Caramel Turkish delight bar in a shop, would you try it?" I asked 5 people from each range, an equal amount of males and females and an equal amount for each age section, e.g. I asked 5 Females between the age of 21-30, and 5 males too. Here are my results: This table shows the ages and sexes of those that would try my Chocolate Bar SEX AGE Female (Would Try) Male (Would Try) Female (Wouldn't Try) Male (Wouldn't Try) TOTAL (Would Try) TOTAL (Wouldn't Try) 20- 3 3 2 2 6 4 21-30 2 3 3 2 5 5 31-40 4 2 1 3 6 4 41-50 5 3 0 2 8 2 50+ 4 0 1 5 4 6 TOTAL 18/25 11/25 7/25 14/25 29/50 21/50 ...read more.

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