Explore how market research helps enterprises meet customer needs and understand competitor behaviour
Key terms:
Qualitative research – based on individual customer responses, open-ended questions.
Quantitative research – based on numerical and statistical data.
What are the benefits of either type of research?
Qualitative research – based on individual customer responses, open-ended questions.
Quantitative research – based on numerical and statistical data.
What are the benefits of either type of research?
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Researching your market - the basics
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How to do market research
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Primary research:
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Primary research – research carried out directly with potential customers and competitors.
Types of primary research: o questionnaires - using a set of qualitative and quantitative questions, e.g. face-to-face, telephone, post, on a website/social media site o visits or observation – looking at and recording how people behave in situations in a structured way o interviews or focus groups – talking to people to find out their views and experiences o surveys – a quantitative method that involves asking people to fill in paper or online questionnaires. How would this research look for your chosen business? |
What It's Like To Be Paid To Taste Food
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Understanding customer needs:
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Consider the two adverts, how can you classify/segment your customers?
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Why is it important to anticipate customer needs?
Most Sold Gaming Consoles (1972-2020)
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Explain the benefits of the market research Forest Feast use in the video?
Identifying new business opportunities through market research - Forest Feast
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Activity:
Do you have any examples where a business has conducted market research on you? What was it and what do you think they did with the information? Identify and explain what type of research you could conduct to identify the following: 1.) Identifying customer expectations of the good/service? 2.) How good the quality of the good/service is? 3.) What price they'd be prepared to pay? 4.) What type of after-sales service they'd like and how they find it at the moment? 5.) What type of promotion would be effective? 6.) What the current level of customer satisfaction is? |
Understanding competitors:Imagine that I was considering opening up a dog grooming business.
What research could I use to identify: 1. Competitors. main features which make products competitive (price, quality, availability, & unique features and selling points (USP). 2. How I can make my service stand out from similar products in the market. Example trade shows: THE GROOMING SHOW myBIGAevents |
Mystery Shopping: How Does It Work?
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Task:
Explain how the selected SMEs use both primary and secondary research and how the data can be presented following research; clearly differentiating between qualitative and quantitative research.
Discuss how well the methods selected by the SMEs have been designed to meet customer needs and how competitor behaviour can affect SMEs.
For one of the SMEs assess how effectively the methods selected have been in meeting the needs of the customer and understanding competitor behaviour.
Discuss how well the methods selected by the SMEs have been designed to meet customer needs and how competitor behaviour can affect SMEs.
For one of the SMEs assess how effectively the methods selected have been in meeting the needs of the customer and understanding competitor behaviour.
