How would this information be useful to a business? Look at the following infographics Think pair share: How would this information be useful to a business?

GCSE Business Studies Market Research Beauchamps High School

Learning Objectives by the end of this lesson students…. Will be able to evaluate the impact of collecting research on a business Evaluation ~ GCSE Grade A* Will be able to propose methods of collecting research Synthesis~ GCSE Grade A Will be able to analyse the benefits of market research Analysis ~ GCSE Grade B Will be able to demonstrate understanding by using examples/cases Application ~ GCSE Grade C Will be able to explain Primary and Secondary Research methods Comprehension ~ GCSE Grade D Will be able to recall key terms Market Research Knowledge ~ GCSE Grade E 10 1

Market Research Theory Notes Market Research involves each company getting the information it needs about its own particular market: Market Research helps to understand current customer needs The business can then develop products to satisfy these needs So when new products are launched they have a greater chance of success Beauchamps High School

Can you identify the stages in Market Research? Beauchamps High School

Stages of Market Research Theory Notes Designing the Research It should be planned and designed What is the research aiming to achieve? How can it best conduct the research and gather information? Should Primary or Secondary data be gathered? Beauchamps High School

Stages of Market Research Theory Notes Undertaking the research Once the market research has been designed, it can be carried out Analysing the Information Once market research has been conducted, researchers can then analyse the information This means interpreting the information collected Beauchamps High School

Primary Market Research Theory Notes Primary Explanation Advantage Disadvantage Questionnaire A business will carry out a questionnaire assessing potential demand for a product/service Can identify target customers Help with promotion Establish selling price Very time consuming Questions can be biased and mislead results Focus Group Allows for more in-depth answers and more open questions Interviews give an insight into customer perceptions Help a firm decide on advertising image Time consuming and expensive Interviewer can sometimes affect the results Product testing New products tested on the public before they are launched Useful to get consumer feedback prior to product launch to establish demand and price willing to pay People will often say what the tester would like them to say Beauchamps High School

Secondary Market Research Theory Notes Secondary Explanation Advantage Disadvantage Company Reports Reports created by company’s for stakeholders Research has already been carried out so its quicker to gain market information Cheaper than primary research It is reliable? The research is likely to have a positive spin Web research Searchs on the web can hep identify competitors and allow a business to check on their prices and product range Cheap Easy to carry out Quicker than street interviewing Lot of rubbish on the web and care needs to be taken to ensure reliability and validity of information Beauchamps High School

Qualitative and Quantitative Research Beauchamps High School

Qualitative Research Theory Notes Data about opinions, judgments and attitudes Used to find out what customers really think (deep down) Involves psychologists who try to get inside the heads of consumers Qualitative surveys are in-depth research among small numbers of people Beauchamps High School

Quantitative Research Theory Notes Data expressed as numbers and can be statistically analysed Used to find out what percentage of people think what Involves questionnaires to ask enough people to find out what percentage of people think what Well run companies usually use both types of market research Beauchamps High School

Homework Secondary research Using internet, complete secondary research into the mobile phone industry Bring your findings to next lesson Beauchamps High School

Against the Clock You have 5 minutes in groups (before the sand runs out!) to write on your whiteboards: The different types of market research Now Feedback to class

Task Beauchamps High School

Task Complete the case study Think pair share: Beauchamps High School

Plenary

Can you beat the chaser and get the high grade! The Chase rules One student selected to answer a question from lollipop sticks If a student is unable to answer a question they can select someone else to answer “The Chaser” Can you beat the chaser and get the high grade!

Can you….. GCSE Grade E GCSE Grade D GCSE Grade C GCSE Grade B Recall the key terms Market Research GCSE Grade D Explain Primary and Secondary Research methods GCSE Grade C Demonstrate understanding by using examples/cases GCSE Grade B Analyse the benefits of market research GCSE Grade A Propose methods of collecting research GCSE Grade A* Evaluate the impact of collecting research on a business

Learning Objectives by the end of this lesson students…. 10 1 Will be able to evaluate the impact of collecting research on a business Evaluation ~ GCSE Grade A* Will be able to propose methods of collecting research Synthesis~ GCSE Grade A Will be able to analyse the benefits of market research Analysis ~ GCSE Grade B Will be able to demonstrate understanding by using examples/cases Application ~ GCSE Grade C Will be able to explain Primary and Secondary Research methods Comprehension ~ GCSE Grade D Will be able to recall key terms Market Research Knowledge ~ GCSE Grade E