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

Types of Market Research.

Extracts from this document...

Introduction

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.

Middle

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.

Conclusion

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.

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. Promotional campaign for Pizza Pan foods in Malaysia

    "The Healtho Pizza" will be published in the newspapers or magazines that are popular with the target market such as STAR, New Straits Times, Woman weekly, Galaxy and Seventeen.. There will also the teaser banners will be bought to be displayed on bus stops, lampposts or even the Billboard announcements

  2. Investigating Market

    shops in cities find that they cannot match the low prices and variety of products in supermarkets. This will led to small corner shops going out of business and therefore the profits are all in Providing services to the community: - Companies that provide a service to the community are businesses such as the Post Office, Police and the BBC.

  1. market research

    if people were to use it for parties, then I would know how to make more business. 8. Do you usually go to a caf� in your lunch hour? Yes...... no....... This will tell me how many people actually attend cafes at this time.

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

    Step 3: Plan Your Inventory Before I open my restaurant, you need to make sure it will be adequately stocked. To calculate basic stock accurately, review actual sales during an appropriate time period, such as a full year of business.

  1. Market Research

    Marketing communications involves providing information, through a variety of media, about a product to target audiences of consumers in an attempt to influence their buying decisions. The promotional mix comprises all the marketing and promotional communication methods used to achieve the promotional objectives.

  2. Market Research

    Government statistic or trade journals. There are two major sources of secondary data: * Internal sources: These data are created by the organization itself and includes: accounting records, salesforce reports, reports from previous marketing research studies, and customer complaint records.

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

    E-marketing research: Ecommerce Market Research on the Internet includes a wide variety of information gathered for e-business planning and prospecting. Free ecommerce research found online is not always accurate but can be useful to track opinions, profiles and customer behavior.

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

    As part of my research I created a questionnaire for the customers in my target market to complete. I asked the question "Where do you live?" to perceive where most of the customers in my target market live.

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