Market Research in Business Assignment Help

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Modern College of Business and Science

Qualification - BTEC level 3 National Extended Diploma in Business

Unit Name - Market Research in Business

Level - Level 3

Unit Number - Unit 10

Assignment Title - Setting the scene and Trailblazer and They think it's All Over

Purpose of this assignment

The purpose of this assignment is to be able to carry out a research and be able to interpret research findings.

Scenario

you work in a marketing department for - name your company- as a researcher. The top management is thinking of opening an Internet Café business in town. They have sent you a request to do a research to help in planning and making the right decision.

As a completion of your task in marketing department for - name your company-. You are carrying out the second part of your market research for the possibility of opening an Internet Café business in town.

You are going to analyse what is the appropriate method to be used for the situation and how it is going to help you find your target market.

Task 1

(P1) describe types of market research

The first task you are going to do is to create a manual where you will describe to the top management the types of market research.

You are going to Identify in your manual the main types of market research - primary/secondary, qualitative/quantitative, internal and external. Then, you will give examples of each type and briefly outline the benefits of using them.

(P2) explain how different market research methods have been used to make a marketing decision within a selected situation or business

You are going to show how different type of market research which you have used would be helpful in identifying whether there would be a market for the internet café business in your local town. Show how the different research methods would complement each other.

(P3) plan market research for a selected product/service using appropriate methods of data collection

You are going to set out a clear plan using clear heading for the internet café business. Carefully, discuss the alternative methods of market research. Then, decide on the methods that are most valid for this particular piece of research and make sure that you justify their use.

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Task 2

(P4) Conduct primary and secondary research for a selected product/service, making use of identifiable sampling techniques.

You are going to employ the research methods that you justified in your earlier plan(assignment1). You may want to adjust these as a result of any pilot research that you carry out. Make sure that you carry out the research in a systematic way.

Then, you will explain the use of a sampling method(s). It is very important that you clarify why you chose the particular sample and the effect that this has on enabling you to produce reliable results that are representative of the target population.

(P5) interpret findings from the research presenting them clearly in an appropriate format

You will make sure that you have clear visual aids that clearly demonstrate appropriate use of graphical techniques and sampling methods. You need to focus on key aspects of the data that you generated from your research. Structure it in an appropriate way and explain what it means.

Use charts and diagrams to illustrate the key points. Make sure that you explain key terms such as median and mean as well as time series and other trends.

(M1) explain, with examples, how different market research methods are appropriate to assist different marketing situations

Make sure that you provide examples of ways in which market research methods -three methods- could be used to identify the target market, what customers are looking for and whether demand would be sufficient. Justify the use of each method in terms of the sorts of results that it could provide.

(M2) explain the reasons for choosing the particular method of data collection for a selected product/service

Make sure that you explain clearly why the method(s) you have chosen is/are likely to produce valid data. You will most likely use more than one method, so explain how the methods complement each other for the internet café business and are likely to provide additional insight into the research topic.

Task 3

(M3) analyse the research findings and make recommendations on how marketing strategies could be adapted or implemented
Your supporting written report should demonstrate ways in which your analysis of your data backs up the recommendations that you are making for the organization researched to improve its marketing strategies, including elements of the marketing mix.

(D1) evaluate the market research method used by a selected organisation.

You have to compare the research methods that you have used for your research with those used by a specific organization. this could be an organization that has been covered as a case study in your taught sessions, one that you have read about in a marketing journal such as Marketing, or one that you have researched on the Internet.

(D2) evaluate the findings from the research undertaken.
You will make it clear how your findings provide supporting evidence for the recommendations and conclusions that you have drawn from your research. Then, you will make it clear what the strengths and weaknesses of your research methods, data collection and analysis have been, and what improvements you would make if you were to conduct the research again.

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