Understanding Market Research for Business Success
Market research is crucial for businesses to gather information about their target market, customer needs, competition, and market trends. Primary and secondary research methods, market share analysis, demand assessment, and calculating market size are key aspects discussed in this content. Various market research methods and terms such as qualitative and quantitative research are also explained. Practical calculations related to the bicycle market illustrate the application of market research concepts.
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Word Word in Context Definition Wider Context Business Revision 1. Market Research Market research can use primary or data. Collecting enable a business to make decisions. information to Rhys had a part-time job in market research. secondary 2. Market Share Apple has a market share of 23% for mobiles. Sales as a % of the total market. The business has seen a decline in its market share. Week 4 3. Demand There was a significant demand for products. Whether customers want or are buying the product. The cleaner were in demand. services of the Apple Marketing Market research Read the notes on this page and attempt all the questions Name: ____________ ____________ Class: 11Y Hand in Tues 28th Feb Primary methods of market research
Fill the gaps Market research is used by businesses to find out information about the __________________ in which it wishes to operate or in which it currently operates. In this way, a business can find out data about the needs and wants of its target ________________, which will help it to produce products, and services that customers will want to purchase at a suitable price. Market research can also be used to find out the level of _________________ in a market and the amount of __________________ that exists, which will help to ensure a business does not waste its time and _________________ producing a product that few customers will want to buy. There are many different _________________ of conducting market research available to a business. The choice that each business makes will be dependent on a number of factors, such as the budget or money the business has available to carry out the research and the specific type of information it wishes to find out. Choose from: demand; competition; market; methods; resources; customers Match it! Match the market research method to its correct definition a. An in-depth discussion with a small group of people 1 Questionnaires / Survey b. Looking in newspapers or magazines to spot trends 2 Interviews c. Looking on-line at data or competitors information 3 Focus groups d. Speaking to people face-to-face to gather their views 4 Internet research e. Asking people a set of pre-written questions; these can be conducted on-line, face to face, via the telephone or by post 5 Printed press
Define it! Define each of these important key terms linked to market research 1 Primary research 2 Secondary research 3 Qualitative research 4 Quantitative research Calculation time! Use the information in Table 1, which relates to the bicycle market in a small town, to answer the following calculation questions (remember to show all your workings!) Business Number of bikes sold Burt s Bikes 245 Ceri s Cycles 198 Wayne s Wheels 267 4.1 Calculate the total size of the bicycle market in the small town, based on the total number of bicycles sold 4.2 Calculate the market share for Ceri s Cycles based on the total number of bicycles sold 4.3 Calculate the market size by value of the bicycle market in the small town, if the average selling price of each bicycle is 125
Benefit Drawback 1. 1. 2. 2. Surveys 1. 1. 2. 2. Internet research
