AS business studies market research

2,215 views

Published on

Published in: Business, News & Politics
0 Comments
1 Like
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total views
2,215
On SlideShare
0
From Embeds
0
Number of Embeds
4
Actions
Shares
0
Downloads
26
Comments
0
Likes
1
Embeds 0
No embeds

No notes for slide

AS business studies market research

  1. 1. AS Business Market Research 1
  2. 2. What is market research?
  3. 3. Market Research • Know what market research is • Be able to explain the different types of market research • Apply the market research to your product
  4. 4. What is market Research • Researching market for product helps reduce the risk of failure • Looks at current customer needs • Anticipate future needs • Can then develop product to satisfy those needs and make a profit!
  5. 5. Primary Research Secondary Research
  6. 6. Primary Research Advantages / Disadvantages
  7. 7. Secondary Research Advantages / Disadvantages
  8. 8. Open Questions? Questionnaires / Surveys Closed Questions? Qualitative data? Quantitative data?
  9. 9. Write a market research questionnaire with at least 5 closed questions about your product Now ask at least 6 people to complete your questionaire
  10. 10. Present your groups’ answers 1.What do the different answers show? Decide on the best way to present them. 2.Analyse your answers. What 3 actions do your recommend to your company as a result of your survey?
  11. 11. Market Research • Know what market research is • Be able to explain the different types of market research • Apply the market research to your product
  12. 12. AS Business Market Research 2
  13. 13. Secondary Research LO1) Identify and explain the different methods of primary and secondary research.
  14. 14. Primary Research LO1) Identify and explain the different methods of primary and secondary research.
  15. 15. Market Research 2 • Revise the different types of market research • Understand the impact of sampling • Be able to explain the impact of market research on a business
  16. 16. List 3 advantages and 3 disadvantages of primary and then secondary research
  17. 17. Advantages / Disadvantages
  18. 18. Advantages / Disadvantages
  19. 19. Analysis and Conclusions • What different type of data are we collecting? How? • Do you think your sample represents year 12 at Chellaston? Why / why not? What could you do to change this?
  20. 20. Answer the following questions: How old are you? Why do you come back to McDonalds? How many times a week do you go to McDonalds? Why do you like McDonalds? How long does it take you to go to McDonalds? What do you think of the McDonalds restaurant? What is your favourite McDonalds food? Why is this your favourite food? What is your favourite McDonalds drink? Why is this your favourite drink? Closed Questions = Quantitative Data Open Questions = Qualitative Data
  21. 21. Qualitative and Quantitative Data Quantitative Data • Interpreted in a numerical way • What price would you pay? • What is your favourite McDonald’s burger / drink? Qualitative Data • Opinions • Judgments • Attitudes • Why likes and dislike MacDonald’s food
  22. 22. Sampling (1) • What is sampling? • Why can’t you collect information from everyone? • What do you have to think about when you are deciding how to pick your sample?
  23. 23. Sampling (2) • What do you have to think about when you are deciding how to pick your sample? • Age • Gender • Income….
  24. 24. Sampling (3) • How could you choose your sample? • Random: each potential member of a group has a chance of being in the sample • Quota: E.G. 50 males targeted between 20 and 29 years old. Then move onto next group • Stratified: random selection within a sub-group eg 17 to 24 years old
  25. 25. Sampling (4) • What will affect your choice of sampling methods? • Finance: how much money do you have? Do entrepreneurs have a lot of cash? • Risk: newer product = greater risk so more need for research • Product: new or existing? • Target Market: clearly defined or not?
  26. 26. Watch the clip and then answer the questions on the worksheet
  27. 27. Homework • Due in: Weds 2nd October => Break time • Read the Bladonmore case study on pages 30 and 31 and answer questions 1 to 3 • Answer the questions in detail ( at least 2 sides A4)) • Use your notes and text book to help you • Use examples from the text • Define key terms • Discuss and justify = look at advantages and disadvantages of your ideas and then conclude which you think is best Q1 : 5 marks / Q2 : 10 marks / Q3 : 14 marks
  28. 28. How to answer question 3 Structure: new paragraph for each section • Explain what the company is / what product it sells / what market it is in • Define key terms you will use • What are the long term issues of the situation? (Time? Money? …) • What are the short term issues of the situation? • What are the possible solutions? (types of research / ….) • What are the external influences ?(competitors / ….) • Conclusion
  29. 29. Market Research 2 • Revise the different types of market research • Understand the impact of sampling • Be able to explain the impact of market research on a business
  30. 30. Answer the following questions: How old are you? Why do you come back to McDonalds? How many times a year do you go to McDonalds? Why do you like McDonalds? How long does it take you to go to McDonalds? What do you think of the McDonalds restaurant? What is your favourite McDonalds food? Why is this your favourite food? What is your favourite McDonalds drink? Why is this your favourite drink?

×