Unit 3: Market Research

Market Research
www.igcsebusiness.co.uk

Objectives
• Appreciate the need for marketresearch
• Understand how abusinesscarries out market
research
• Limitatiownswowf.migacrskeebturessineeasrcsh.co.uk
• Appreciate the reasons why marketresearch
data might be inaccurate or of limiteduse

Market Researchconnectives
This activity shall help you develop important
analysisand evaluation skills. Onthe next slides
I shall begin an examination answer and you
complete itwiwnwyo.iugrcoswebnuwsoinredss.s.co.uk

Market Research is the process of gaining
information about customers, products,competitors
etc through the collection of primary (field) and
secondary (desk) data. The result of carrying out
research is
However, the problem with market researchis

Primary data is data that is original and has been collected
firsthand. The benefit of using primary datais
Secondary data is data that already exists and was collected
by someone else. The benefitof using secondary datais

Quantitative researchis data about facts that canbe
statistically analysed and/or expressed asnumbers.
Quantitative researchallows companies to
Qualitative data is data about opinions. This is alsoused
by businessesbecause

TheNeed for Market Research
What we needto
do/find out.
Why we need todo
this?
How will thishelp
the company?
GroupActivity:
Youare launching anew brand of kids sweets. What do
you need to do aspart of your market research and
why?
Copyanwdwcwom.ipglcesteetbhuisstianbelessin.ctooy.uoukrbook.

Market Researchprocess
Produce a flow chart describing the processof
gathering data fromcustomers.
This activity needs to be completedindividually.
Youmayspwewakwt.oigtchseepbeurssionnensse.xctot.ouykou.

Stagesof market research
Designing the research
– primary or secondary?
Carrying out research–
Faceto face, online, telephone,
discussions etc
Analysing the information–
qualitative or quantative

Market research methods & keywords
In small groups, design amindmap that shows
the types of market research available to
organisation and why these methods areused.

Market research methods & keywords
Surveys
Discussions
Interviews
FocusGroups
Observations
Mystery
shoppers
qualitative
Methods

Primary research
• Complete the worksheet on primaryresearch.
• Shareyour answers with the class.

Sampling
Smallsection of population is askedanumber of questionsor
is given opportunity to useasample of product to indicate
what whole population would think about product
• Methods
– Quota sampling – asking people who have certain characteristics
(e.g. agedwbwetwwe.eing1c8s-2e5)business.co.uk
– Random sampling – everyone hasan equal chance of being
askeda question
– Stratified sampling – population is segmented by acommon
characteristic
– Cluster sampling – target population is divided into groups
(normally by geographical region) and random sampletaken
from thesegroups

Secondary research
Doyou know what the possible sourcesof
secondary research could be?
• Completwewthwe.sigeccosnedbaursyinreessesa.crcoh.uwkorksheet.
• Shareyour answers.

Issuesof conducting MarketResearch
In pairs, list asmany potential problems a
businessmay have when completing market
research.
Can you offer any solutions to theseproblems?

Plenary
• “You Say,WePay”
• Two teams
• Eachteam nominates a captain
• The captain comes up to the front of the class and
stands with their back to theboard
• Therest of the team hasto make captainguessthe
word on the board
• Eachteam has1 minute to get asmany correct
answers aspossible

w w.igcsebusiness.co.uk

Unit 3: Market Research

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