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Market Research for a New Business (Revision Presentation)

Last updated 22 Mar 2021

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This revision presentation provides an overview of the main methods by which a new business can research its target market and gain a better understanding of the needs and wants of target customers.

• Secondary research
• Quantitative research
• Qualitative research
• Marketing research
• Primary research

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INTERACTIVE VIDEO

Are you interested in learning about the importance of market research for businesses? In this interactive video, we'll explore why market research is essential and the risks of not doing it. We'll take a look at what market research is and the various tasks involved in completing the process.

• DETAILED EXPLAINER VIDEO
• 10 QUESTION MULTIPLE-CHOICE QUIZ
• 6 INTERACTIVE ACTIVITIES
• INTERACTIVE CASE STUDY
• SUPPORTING STUDENT WORKSHEETS

CASE STUDY ANALYSIS COCA COLA

The interactive case study explores how Coca-Cola's decision to change its formula in the 1980s and introduce New Coke as a response to Pepsi's market share growth became the most costly marketing mistake ever. The company conducted market research to develop a new formula that would taste sweeter than both old Coke and Pepsi. However, they failed to account for the emotional connection and brand loyalty people had towards the original Coke, resulting in massive customer backlash and financial loss.

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Using Market Research

Understanding the use of market research, gathering data:.

• Market research is crucial in gathering data about potential customers, their needs and preferences.
• It aids businesses in understanding the profile of their target customers, such as age, gender, income level, and lifestyle.
• It involves collecting information about customer behaviour including purchasing habits, brand loyalty, and responses to pricing and promotional activities.

Evaluating Market Potential:

• The information obtained through market research helps evaluate the potential of a particular market.
• It helps in assessing market size, growth rate, and profit potential.
• This aids in deciding whether entering a new market or launching a new product is a good business decision.

Developing Marketing Mix:

• Market research is vital for developing an effective marketing mix - the combination of product, price, place, and promotion strategies that a business uses to reach its target market.
• It can help identify the right product features, price levels, distribution channels, and promotional messages that will appeal to the target market.

Improving Customer Satisfaction:

• By uncovering the needs and expectations of customers, market research allows businesses to improve the quality of their products or services.
• This leads to increased customer satisfaction, higher sales and potentially larger market share.

Identifying Market Trends:

• Market research often involves studying changes in the market, such as emerging trends and customer preferences.
• This helps businesses stay up-to-date and adapt their offerings accordingly, keeping them competitive.

Mitigating Risk:

• Market research reduces the risk associated with business decisions.
• It provides evidence and information to support decisions like market entry, product development, pricing and promotion, reducing the chances of costly mistakes.

Assessing Competition:

• Market research includes studying competitors in terms of their market share, product offerings, pricing strategies, promotional activities and more.
• This helps businesses understand their competitive position and devise strategies to differentiate themselves from the competition.

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Market research - 1.2.2

Subject: Business and finance

Age range: 14-16

Resource type: Lesson (complete)

Last updated

27 August 2021

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GCSE EDEXCEL 9-1 BUSINESS THEME 1

A comprehensive lesson on:

• Purpose of market research (Gravity video case study)
• Benefits of carrying out research + video case study (Duke and Dexter)
• Market research methods (primary and secondary)
• Quantitative and qualitative data (definition and pros and cons)

The Crack the Code! activity, for some reason isn’t previewing correctly but the Word document is fine

18b - is a market research activity for students to do

18c - using social media to collect market research

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1.2 Spotting a business opportunity

Covers the Edexcel GCSE specification

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Primary & Secondary Market Research

Primary market research.

Primary market research is market research that is done by a firm for its own use. A business can tailor this research to their own exact needs.

Examples of primary market research

• For example, a firm may use questionnaires, surveys or interviews to carry out primary research.
• Firms often do this without the customer thinking about it.
• A key benefit of primary research is that it is tailored exactly to the needs of the business.

The likert scale

• At airports, firms like Ferrovial, which owns Heathrow often ask what your service was like at security clearance queues.
• This is known as a likert scale, which is a form of market research that firms use to try to understand and gauge what customers think of their product or service.

Secondary Market Research

Secondary market research happens when firms collect information on research that has been performed by other organisations or people. Secondary market research is particularly useful for information about an entire market rather than a specific target market. It is often cheap.

Government reports

• For example, market research done by governments contained in reports like the Family Expenditure Survey, newspaper articles and research reports written by independent organisations.

1 Enterprise & Entrepreneurship

1.1 The Dynamic Nature of Businesses

1.1.1 The Dynamic Nature of Businesses

1.1.2 Risk & Reward

1.1.3 The Role of Business Enterprise

1.1.4 The Role of Business Enterprise 2

1.1.5 The Role of the Entrepreneur

1.1.6 End of Topic Test - Dynamic Nature of Business

1.1.7 Grade 9 - Dynamic Nature of Business

1.2 Spotting a Business Opportunity

1.2.1 Customer Needs

1.2.2 Market Research

1.2.3 Market Segmentation

1.2.4 The Competitive Environment

1.2.5 Primary & Secondary Market Research

1.2.6 End of Topic Test - Business Opportunities

1.2.7 Application Questions - Business Opportunities

1.2.8 Exam-Style Questions - Market Segmentation

1.3 Putting a Business Idea into Practice

1.3.1 Business Aims

1.3.2 Business Objectives

1.3.3 Business Revenues & Costs

1.3.4 Costs - Calculations

1.3.5 Revenue - Calculations

1.3.6 Business Profits & Break-Even Analysis

1.3.7 Profits & Losses - Calculations

1.3.8 Interest - Calculations

1.3.9 Cash & Cash Flow

1.3.10 Cash & Cash Flow 2

1.3.11 Cash Flow - Calculations

1.3.12 Sources of Business Finance

1.3.13 End of Topic Test - Business in Practice

1.3.14 Grade 9 - Business in Practice

1.3.15 Exam-Style Questions - Business in Practice

1.4 Making the Business Effective

1.4.1 The Options for Start-Up & Small Businesses

1.4.2 Limited Liability

1.4.3 Franchising & Not-For-Profits

1.4.4 Business Location

1.4.5 The Marketing Mix

1.4.6 Business Plans

1.4.7 End of Topic Test - Effective Business

1.4.8 Application Questions - Effective Business

1.4.9 Exam-Style Questions - Business Plans

1.5 Business Stakeholders

1.5.1 Business Stakeholders

1.5.2 Technology & Business

1.5.3 Legislation & Business

1.5.4 Legislation & Business 2

1.5.5 The Economy & Business

1.5.6 External Influences

1.5.7 End of Topic Test - Business Stakeholders

1.5.8 Grade 9 - Business Stakeholders

2 Building a Business

2.1 Growing the Business

2.1.1 Business Growth

2.1.2 Finance

2.1.3 Changes in Business Aims & Globalisation

2.1.4 Ethics & Business

2.1.5 The Environment & Business

2.1.6 End of Topic Test - Growing a Business

2.1.7 Application Questions - Growing a Business

2.1.8 Exam-Style Questions - Business Growth

2.2 Making Marketing Decisions

2.2.1 Product

2.2.2 Product Life Cycle

2.2.3 Price

2.2.4 Pricing Methods

2.2.5 End of Topic Test - Product & Price

2.2.6 Grade 9 - Product & Price

2.2.7 Promotion & Advertising

2.2.8 PR & Sales Promotions

2.2.9 Sponsorship & Product Placement

2.2.10 Promotional Mix

2.2.11 End of Topic Test - Promotion

2.2.12 Application Questions - Promotion

2.2.13 Exam-Style Questions - Promotional Mix

2.2.14 Place & Wholesalers

2.2.15 Direct to Consumer

2.2.16 E-commerce & M-commerce

2.3 Making Operational Decisions

2.3.1 Job Production

2.3.2 Batch & Flow Production

2.3.3 Working with Suppliers

2.3.4 Effective Supply Chains

2.3.5 Just In Time & Just In Case

2.3.6 Managing Quality

2.3.7 Total Quality Management

2.3.8 The Sales Process

2.3.9 End of Topic Test - Operational Decisions

2.3.10 Grade 9 - Operational Decisions

2.3.11 Exam-Style Questions - Managing Stock

2.4 Making Financial Decisions

2.4.1 Gross Profit & Net Profit - Definitions

2.4.2 Gross Profit - Calculations

2.4.3 Net Profit - Calculations

2.4.4 Rate of Return

2.4.5 Rate of Return - Calculations

2.4.6 Research & Financial Data

2.4.7 Marketing Data

2.4.8 Percentage Change - Calculations

2.5 Making Human Resource Decisions

2.5.1 Organisational Structures

2.5.2 Organisational Structures 2

2.5.3 Recruitment

2.5.4 Effective Recruitment

2.5.5 Training a Workforce

2.5.6 Motivating a Workforce

2.5.7 End of Topic Tests - Human Resources

2.5.8 Application Questions - Human Resources

2.5.9 Exam-Style Questions - Human Resources

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The Competitive Environment

End of Topic Test - Business Opportunities