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Types of Market Research.

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Priya Thakrar 11B Controlled Assessment A Investigation 1 Market research is when a business analyses their potential market, by observing what customers are buying. This is important for Tom, as he can see if there is a demand for a business offering catering, and entertainment, and therefore see if his business will be successful. There are two types of research Tom could use. Firstly product orientated research is when a business idea already exists, and research is used to find out who to sell it to. Secondly market orientated research is when research is done beforehand and then the business idea is developed. Therefore the business can produce what consumers want. Most of Tom?s questionnaire is market orientated research. For example question four of his questionnaire, where Tom asks what type of entertainment consumers want. He does not assume that the public would want for instance music for entertainment, he gives consumers a choice. However question one of his questionnaire could be product orientated research, because he is only giving consumers one option to choose from. ...read more.


For example if most people want sandwiches for their type of food, then he could offer sandwiches in his business. Disadvantages of surveys or questionnaires are that some questions may be closed and force consumers into a fixed response. As some options given in Tom?s questionnaire may not be what the customer wants to answer. This can lead to incorrect data which is bad, because the business may not offer what the consumer wants. For example question two in Tom?s survey asks what types of food the customer would want the party. However he doesn?t include hot foods or drinks as an option, and consumer might want to choose these types of food. On the other had with closed questions it is easier to analyse results, and draw graphs. Sampling is when you ask or choose people to do research on. A type of sampling Tom could use is random sampling. Random sampling means that everyone has an equal chance of being picket. This may not suitable for Tom, because it means he may ask people not relevant to his business. ...read more.


Therefore later on he can try and have a price that is affordable. Finally I would recommend that in Tom?s secondary research he should find out about his competitors; how they differ from him, and the price of their service. Tom should aim to price his service less then his competitors, if they do exactly the same thing. As if he doesn?t customers will buy of his competitors rather then his business meaning he loses sales. Next Tom would need to research on the income of the area he wants to set up his business in. If a lot of people in this area are unemployed or in a low socioeconomic group then they won?t be able to afford parties, so Tom won?t get as many customers. Therefore if this is true Tom should consider offering his business in a richer area so he gets more customers. Also Tom should do a SWOT analysis of his business. This where the strengths weaknesses, opportunities and threats are looked at. Therefore Tom would be able to see whats good about his business, what needs improving, opportunities he can take advantage of, and problems he may face in the future. By doing this Tom can increase his chances of his business succeeding. ...read more.

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