Market Research With Limited Budgets
Specification:
2.1 Conducting Market Research with Limited Budgets • reasons for conducting market research • market research methods |
Candidates should understand the methods of
market research likely to be used by a business with a limited budget including: telephone and other surveys, questionnaires, customer/supplier feedback, focus groups and internet research. |
Market Research Methods and Reasons
for Conducting Market Research
Learning Objectives:
- To understand the different methods of market research used (D-E)
- To analyse the reasons why businesses use different types of market research (B-C)
- To evaluate the most effective type of market research for a business (A*-A)
- To understand the different methods of market research used (D-E)
- To analyse the reasons why businesses use different types of market research (B-C)
- To evaluate the most effective type of market research for a business (A*-A)
Starter Activity: How many different methods of market research can you think of? (Mini whiteboards)
Types of Market Research:
Primary market research (also called field research)
This involves gathering information for the first time, e.g. using questionnaires to conduct a survey.
Secondary market research (also called desk research)
This involves using data that already exists, e.g. information in a newspaper or on a website.
Activity: Explain whether your methods above are primary or secondary.
Primary market research (also called field research)
This involves gathering information for the first time, e.g. using questionnaires to conduct a survey.
Secondary market research (also called desk research)
This involves using data that already exists, e.g. information in a newspaper or on a website.
Activity: Explain whether your methods above are primary or secondary.
Reasons for Conducting Market Research:
-- Learn more about the market
-- Learn about possible competitors and their strengths and weaknesses
-- Learn more about customer needs
Activity:
-- Learn more about the market
- Market opportunities
- Market size
- Market growth
- Market share
- Market segments (a group of similar needs within an overall market)
-- Learn about possible competitors and their strengths and weaknesses
-- Learn more about customer needs
Activity:
- If you were setting up a new fast food business, give 4 questions that you would ask the public in a questionnaire.
- What sort of information would you be looking for when conducting secondary research?
- Where would you look for this information?
- What do you think are the advantages and disadvantages of primary and secondary research?
Methods of Market Research
Learning Objectives:
- To understand the different methods of market research used (D-E)
- To analyse the reasons why businesses use different types of market research (B-C)
- To evaluate the most effective type of market research for a business (A*-A)
- To understand the different methods of market research used (D-E)
- To analyse the reasons why businesses use different types of market research (B-C)
- To evaluate the most effective type of market research for a business (A*-A)
Starter Activity:
http://www.businessstudiesonline.co.uk/GcseBusiness/Activities/Module3/WhatIsMarketing/PrimaryResearchDragDrop/frame.htm
http://www.businessstudiesonline.co.uk/live/index.php?option=com_content&view=article&id=7&Itemid=12
http://www.businessstudiesonline.co.uk/GcseBusiness/Activities/Module3/WhatIsMarketing/PrimaryResearchDragDrop/frame.htm
http://www.businessstudiesonline.co.uk/live/index.php?option=com_content&view=article&id=7&Itemid=12
Secondary Market Research:
Advantages:
- Cheap and quick to gather
- Can provide info on large sections of the population
Disadvantages:
- May not be the exact info a start-up business wants
- May be out of date
Advantages:
- Cheap and quick to gather
- Can provide info on large sections of the population
Disadvantages:
- May not be the exact info a start-up business wants
- May be out of date
Primary Market Research:
- Observing (watching customer actions)
- Experimenting (trying something new and measuring response)
- Surveying (interviewing customers)
The different methods of gathering primary research can be:
Activity: What do you think are the advantages and disadvantages of each method of primary research?
- Observing (watching customer actions)
- Experimenting (trying something new and measuring response)
- Surveying (interviewing customers)
The different methods of gathering primary research can be:
- Telephone surveys
- Questionnaires
- Customer/Supplier feedback
- Focus groups
- Internet research
Activity: What do you think are the advantages and disadvantages of each method of primary research?
market_research_9_marker.doc | |
File Size: | 28 kb |
File Type: | doc |
Plenary: Now repeat the exercise but choosing whether he should use telephone surveys or focus groups.