Market Research

A.K.A……

• Primary research can also be known as FIELD research

• Secondary research can also be known as DESK research

Remember …

The entrepreneur can learn much about customers needs

simply by chatting to customers, rather than

buying expensive market research

Direct Customer Contact• This is very important

for a business.• Customers can provide

vital information for a business

• Direct customer contact will help understand the market and how it is changing

Interpreting Data

By analysing data collected it can help answer some questions:

• What does it all mean?• Was it important?• What does different data tell you?• Will the business be successful?• Is starting up a business a risk?

Case Study…..

Fabulous Cakes

1. Read the Case Study2. Answer ALL 3 questions3. Use information in the case study for your answer

Fabulous Cakes

Question 1

• Give a definition of “primary research” (2 marks)

• Explain in a sentence, one method of primary research used by Grace and Peter (2 marks)

• Explain in a sentence, a second method of primary research used by Grace and Peter (2 marks)

Fabulous Cakes

Question 2

• Give a definition of “secondary research” (2 marks)

• Explain in a sentence, one method of primary research used by Grace and Peter (2 marks)

• Explain in a sentence, a second method of primary research used by Grace and Peter (2 marks)

Fabulous Cakes

Question 3

• Give your opinion: eg “I think/do not think Grace & Peter do have a good understanding of their customer needs because …………..” (2 marks)

• Justify your decision – explain TWO different types of research that Grace & Peter did that helped them find out what their customers wanted/liked/disliked when they bought cakes (4 marks)

Chris wants to set up a business fitting kitchens and looks in the Yellow Pages to see what other businesses offer similar service in his area. This is an example of what type of research?

A – QualitativeB – PrimaryC – SecondaryD - Observation

Chris wants to set up a business fitting kitchens and looks in the Yellow Pages to see what other businesses offer similar service in his area. This is an example of what type of research?

C – Secondary

Chris designs a questionnaire and asks the respondents to tick, from a list, which colour kitchens they prefer. This is an example of what type of research?

A – QualitativeB – SecondaryC – QuantitativeD - Observation

Chris designs a questionnaire and asks the respondents to tick, from a list, which colour kitchens they prefer. This is an example of what type of research?

C – Quantitative

Which TWO of the following are most likely to give a researcher qualitative data?

A – The meeting of a focus groupB – Researching names of businesses in an area

from a telephone directoryC – Conducting interviews with shoppers in a

supermarketD – Analysing government statistics

Which TWO of the following are most likely to give a researcher qualitative data?

A – The meeting of a focus group

C – Conducting interviews with shoppers in a supermarket