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 Study 2.Answer ALL 3 questions 3.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 – Qualitative B – Primary C – Secondary D - 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 – Qualitative B – Secondary C – Quantitative D - 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 group B – Researching names of businesses in an area from a telephone directory C – Conducting interviews with shoppers in a supermarket D – 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