Market Research - Teaching Business

By Jennifer Thomas,2014-05-17 07:05
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What is a SWOT Analysis and what does USP mean?Well let's look at a SWOT Analysis first. Here is an example. Look carefully at this diagram.

What is Market

    Research all


Well market research is all about finding out what your

    customers want.

Imagine that you go

    into a shop and ask

    for a cheese and

    pickle sandwich but

    they only have ham


    you be happy?

    NO! ....Im not going to pay for something I don’t want.

    Market research stops this from happening!

    How can this market research help

    me to get my correct sandwich?

Well market research finds out what your customers like,

    how much they want to pay for their food and where

    they want to buy their sandwiches from.

Let’s look at our customers and see what they had to


    I hate ham sandwiches. I prefer cheese.

     ?2.50 for a sandwich....that’s too

    much. I only want to pay ?2.

    I want my sandwich freshly made in store.

    Bob the Blob’s Question Time

All of the answers can be found by using the information

    collected from our customers on the previous page.

    1. Is it a good idea to sell ham sandwiches in your shop? Give ONE good

     reason for your answer.

2. What would be a sensible price for me to sell my sandwiches at and why?

3. Should I buy ready made sandwiches in from my supplier as this will be

     cheaper for me? Give ONE advantage and ONE disadvantage of buying

     sandwiches to sell in my shop.

     So if market research is as

    useful as you say it is then

    how do I carry out

    research for myself?



     Are you mad? What

    does desk or field


Well actually it is not as odd as it might sound.

    Let’s start by taking a closer look at Desk Research or Secondary Research as many people call it.

Desk research is about looking at information that

    has already been collected about the market by

    other companies and which you can use to help

    to run your business successfully. It has not though

    been collected by you so......

Okay show me where I can

    get this secondary research!

    Books &



    Company Reports

Government &

    Census Data

    This sounds great.....loads of

    information all cheaply available.

    Are there any problems with

    using Secondary Research?

The information you are

    using might not be up to

    date always check!

    Remember that the

    information was not

    collected specifically for

    your business. It might not

    be very useful to you!

    Okay so what is

    Field Research all

    about then?

Field research is more

    commonly known as

    Primary Research.

It is very different to Secondary Research in lots of

    ways. The main thing that you must always

    remember is that primary research is carried out by

    your own business. No one else has done this for


    What you find out about your

    customers will be normally

    more useful and up to date

    than secondary research but

    it will cost you a lot more

    money to get this information!

Primary Research Methods

    Questionnaires Telephone Surveys

    Consumer Panels Testing and


    This sounds like a really good

    method to use......lots of up to

    date information which is

    relevant to my business. Any

    problems with this though?

People don’t like being

    asked questionnaires or

    surveys and will put them

    straight in the bin which

    means you have wasted

    time and money!

    You always have to make

    sure that your questions are

    easy to understand and that

    you do not ask them in such

    a way that might affect how

    someone answers.

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