Unit:3 Investigating Marketing

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Jayson Calagos

Business Studies

Miss Joyce

Unit 3 Investigating Marketing Coursework

Task 2:

Small business and new businessman owners, like me, operate on limited budgets and need to make every penny provide a return on investment. So in this café I need marketing research to assure that we get the best return on our marketing investments. From initially researching the product and market, to assuring that my marketing campaigns are successful, marketing research affects the bottom line and business success. So in this section I will be carrying out primary and secondary research on areas that will be involved with my product. This ranges from the product itself, target audiences, competitors etc. This will help me understand the market segment I am involved in, know more about my target audience and what their need and wants are.

Market research – Market research is about finding out answers to questions that specifically deal with whether or not there is a local/national market for your product/service: be that about price, quality, quantity etc. In market research I will be research a primary research means that I plan on my target customers, my products which is they happy to drink hot and cold drinks, and a provide my own questionnaire about my business and also in customers as well. Also I will plan a secondary research of my business.

Market research is an essential part of any business that wants to offer products or services that are focussed and well targeted. Business decisions that are based on good intelligence and good market research can minimise risk and pay dividends and by making market research part and parcel of the business process and conducting market research throughout the lifecycle of a product or service market research will bring the following benefits:

Market research will help me to better communicate – my current customers experiences are a valuable information source, not only will they allow me to gauge how well the currently meet the expectations that I can also tell me where I am getting things right and more importantly where I am getting things wrong.

Market research helps me to identify opportunities – If I am planning to operate a new service and want to know the preconceived attitudes people have then market research can help, not only in evaluating the potential for a new idea, but also by identify the areas where a marketing message needs to honed.
Market research will minimise risk on my business - Market research can help me to shape a new product or service, identifying what is needed and ensuring that the development of my product is highly focused towards demand.

About the marketing I hope that it will be helpful for me for planning a new business, which area related to gaining more profit and customer in first year of running a business, strategies on how to reduce the competition, reducing the problems and risked of my business, creating other strategies on how to promoting my business, strategies on gaining more customers from my company, or if my business are being growth and profitable in the future and other types of information that related to the market research in running a business. In planning my business I working on my primary/secondary research on my business and competition on how to compete my main competitors in my business – this is important part of running a business because this is one of the major problems why the one business is being down. So I will be realistic on my decision oh how to compete my competitors.

Primary Research – Primary research is research used to collect data for a specific task. In primary research I will explain my target market of my business and questionnaires which means to gathering more information about the customers wants and needs. It is designed to answer the specific question of interest from the organisation. Like for examples:

  • What proportion of the customers believes that the level of customer service provided by the business is rated good or excellent?
  • What do the customers think of a new version of a popular product?

Most primary information is gathered by asking customers questions or by observing their behaviour. The most accurate way to do this would be asking or observe all customer of a particular products usually known as the population. Asking or observation – means where notes are taken from occurrences that are happening. This provides insight into certain people, behaviours and characteristics of selected groups. This is good when you wish to see people’s views without imposing a biased view. It is usually to carry out a survey of a sample of people who are thought to be representative of the total market. Survey – means a way of questioning a large amount of people in a less formal manner. This will provide a limited amount of data from a large amount of people; surveys are great if you wish to learn what is thought by a large audience.

There are various types of primary data’s I used to my café which is the questionnaires

What I want to find for this information to running a new cafe:

Through my research I want to find out:

  • Competitor’s products, pricing, range of product lines.
  • Size of market segment.
  • The needs, wants and desires of the target audience.
  • The average price of existing products.
  • What would attract customers in advertising campaigns.
  • How should I raise customer awareness for my business

I will use many research and methods of my primary research in order to find out these points, one of which will be using a questionnaire. I am hoping to get this 30  questionnaires to completed as possible in order to get a large view of the customers and process the results into data about I’m doing to my cafe. This will include questions that will help my decision making when re-launching the product and my business as well. I am going to observing, asking and record people’s buying habits in hot drinks (coffee) which is my main product to my cafe from the major and big café restaurants. This will give me an indication as to who was buying the product, what they bought, what is the taste of these hot drinks, the style of the product and how much it was. I am also setting up to asking this group of people which is all middle age to get more information about my product within my segments. By carrying out this own research in my business, I am hoping to have more background information on my market, customers and competitors and use this to form a basis of my re-launch my café product. I think the most valuable data I will find is what the customer’s desires and needs are, as I will try to exploit these areas in order to gain their custom and create customer awareness, which is the most important part in running a new business because I can get more customers in the first year of running a business. It would be easy for me to know what my potential customer want about business products.

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Target Market Customers

I have a carried out a Primary Research just before I took a step any further. Primary Research is important especially in the business that I m a going to open because I want to know the response of people about eating food and drink coffee in cafe. This is really helpful because a business man like me will know exactly the target audience and that is one of its advantages. Below is the list of my target audience for the business:

  • Age – middle class group of people likely 30 people and above because ...

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