what is market research gcse business

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GCSE Business

• Specification
• Planning resources
• Teaching resources
• Assessment resources
• Introduction
• Specification at a glance
• 3.1 Business in the real world
• 3.2 Influences on business
• 3.3 Business operations
• 3.4 Human resources
• 3.5 Marketing
• 3.6 Finance
• Scheme of assessment
• General administration
• Appendix: quantitative skills in business

3.5.3 The purpose and methods of market research

Market Research

Market research is the process of collecting and processing information about the market that a business operates in. Market research gathers information on:

• Market research into customers’ demands is important for business success.
• Insights into customers’ wants and needs can help a business to improve the product, spot market opportunities and stay competitive.
• Insights into overall demand trends can help the firm spot opportunities for growth and potential threats from new products/technology.

Competition

• Market research into competitors can help a business understand the major threats in the market and then prepare the business to deal with these threats.
• Market research for established fashion labels like H&M would identify the threats that come from online platforms like ASOS or Boohoo.

Target market

• Market research into a business’ target market will give the company insights into their customers’ wants and needs and how they are changing over time.

Qualitative and Quantitative Research

Businesses can benefit from both qualitative and quantitative research.

Qualitative research

• Qualitative research generally collects information about opinions and views rather than things that can be quantified.
• For example, research into whether customers think the customer service at Waitrose is good is qualitative research.

Quantitative research

• Quantitative research collects factual information on things that can be quantified and recorded easily.
• For example, research into the number of cans of Coca Cola sold in the UK last year is quantitative research.

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

Jump to other topics

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Customer Needs

Market Segmentation

Market Research

• Market research is a systematic method of gathering, analysing, and interpreting information about a market, including its customers and competitors.
• It is crucial for businesses to better understand the needs and wants of their target audience, competition, and market trends, helping them to make more informed and effective decisions.
• Primary research or field research involves fresh data collected for a specific purpose. This includes techniques such as surveys, interviews, questionnaires, focus groups, and observations.
• Secondary research or desk research involves using existing data that has been collected by another entity for a different purpose. This includes internal business records, government statistics, newspapers, industry reports, and academic studies.
• Qualitative research provides in-depth understanding and explores attitudes, behaviour, and experiences. It often uses small sample sizes and includes methods such as personal interviews and focus groups.
• Quantitative research involves numerically oriented data, such as statistics or percentages. Generally speaking, it uses larger sample sizes and includes methods such as surveys and questionnaires.
• Market segmentation divides a market into distinct groups with different needs, characteristics, or behaviour who might require distinct products or marketing approaches. Common factors for segmentation include geographical location, demographics (age, gender, occupation, etc), psychographics (lifestyle, values, personality, etc), and behaviour (brand loyalty, usage rate, etc).
• A market map or perceptual map is a diagram that visually represents the perceptions of customers or potential customers about specific attributes of a business or product compared to its competitors. It helps businesses identify market gaps and opportunities.
• Sampling is a process used in statistical analysis in which a predetermined number of observations are taken from a larger population. There are different sampling methods including random, stratified, cluster, and convenience.
• The purpose of market research is to help a business reduce risks by making effective and strategic decisions about product design, pricing, promotions, distribution, and growth opportunities.

3.2 – Market Research

Product-oriented business: such firms produce the product first and then tries to find a market for it. Their concentration is on the product – its quality and price. Firms producing electrical and digital goods such as refrigerators and computers are examples of product-oriented businesses.

Market-oriented businesses: such firms will conduct market research to see what consumers want and then produce goods and services to satisfy them. They will set a marketing budget and undertake the different methods of researching consumer tastes and spending patterns, as well as market conditions. Example, mobile phone markets.

Market research is the process of collecting, analysing and interpreting information about a product.

Why is market research important/needed? Firms need to conduct market research in order to ensure that they are producing goods and services that will sell successfully in the market and generate profits. If they don’t, they could lose a lot of money and fail to survive. Market research will answer a lot of the business’s questions prior to product development such as ‘will customers be willing to buy this product?’, ‘what is the biggest factor that influences customers’ buying preferences- price or quality?’, ‘what is the competition in the market like?’ and so on.

Market research data can be quantitative  (numerical-what percentage of teenagers in the city have internet access) or qualitative (opinion/ judgement- why do more women buy the company’s product than men?)

Market research methods can be categorized into two: primary and secondary market research.

Primary Market Research (Field Research)

The collection of original data. It involves directly collecting information from existing or potential customers. First-hand data is collected by people who want to use the data (i.e. the firm). Examples of primary market research methods include questionnaires, focus groups, interviews, observation, and online surveys and so on.

The process of primary research:

•  Establish the purpose of the market research
• Decide on the most suitable market research method
• Decide the size of the sample (customers to conduct research on) and identify the sample
• Carry out the research
• Collate and analyse the data
• Produce a report of the findings

Sample is a subset of a population that is used to represent the entire group as a whole. When doing research, it is often impractical to survey every member of a particular population because the number of people is simply too large. Selecting a sample is called sampling . A random sampling occurs when people are selected at random for research, while quota sampling is when people are selected on the basis of certain characteristics (age, gender, location etc.) for research.

Methods of primary research

• Questionnaires : Can be done face-to-face, through telephone, post or the internet. Online surveys can also be conducted whereby researchers will email the sample members to go onto a particular website and fill out a questionnaire posted there. These questions need to be unbiased, clear and easy to answer to ensure that reliable and accurate answers are logged in.  (The first part of this wikiHow article will give you the basic idea of how a questionnaire should be prepared.)

Advantages:

• Detailed information can be collected
• Customer’s opinions about the product can be obtained
• Online surveys will be cheaper and easier to collate and analyse
• Can be linked to prize draws and prize draw websites to encourage customers to fill out surveys

Disadvantages:

• If questions are not clear or are misleading, then unreliable answers will be given
• Time-consuming and expensive to carry out research, collate and analyse them.
• Interviews : interviewer will have ready-made questions for the interviewee.
• Interviewer is able to explain questions that the interviewee doesn’t understand and can also ask follow-up questions
• Can gather detailed responses and interpret body-language, allowing interviewer to come to accurate conclusions about the customer’s opinions.
• The interviewer could lead and influence the interviewee to answer a certain way. For example, by rephrasing a question such as ‘Would you buy this product’ to ‘But, you would definitely buy this product, right?’ to which the customer in order to appear polite would say yes when in actuality they wouldn’t buy the product.
• Time-consuming and expensive to interview everyone in the sample
• Focus Groups : A group of people representative of the target market (a focus group) agree to provide information about a particular product or general spending patterns over time. They can also test the company’s products and give opinions on them.
• They can provide detailed information about the consumer’s opinions
• Time-consuming
• Opinions could be influenced by others in the group.
• Observation : This can take the form of recording (eg: meters fitted to TV screens to see what channels are being watched), watching (eg: counting how many people enter a shop), auditing (e.g.: counting of stock in shops to see which products sold well).
• Inexpensive

Disadvantage:

• Only gives basic figures. Does not tell the firm why consumer buys them.

Secondary Market Research (Desk Research)

The collection of information that has already been made available by others. Second-hand data about consumers and markets is collected from already published sources.

Internal sources of information:

• Sales department’s sales records, pricing data, customer records, sales reports
• Opinions of distributors and public relations officers
• Finance department
• Customer Services department

External sources of information:

• Government statistics : will have information about populations and age structures in the economy.
• Newspapers : articles about economic conditions and forecast spending patterns.
• Trade associations : if there is a trade association for a particular industry, it will have several reports on that industry’s markets.
• Market research agencies : these agencies carry out market research on behalf of the company and provide detailed reports.
• Internet : will have a wide range of articles about companies, government statistics, newspapers and blogs.

Accuracy of Market Research Data

The reliability and accuracy of market research depends upon a large number of factors:

• How carefully the sample was drawn up, its size, the types of people selected etc.
• How questions were phrased in questionnaires and surveys
• Who carried out the research: secondary research is likely to be less reliable since it was drawn up by others for different purpose at an earlier time.
• Bias: newspaper articles are often biased and may leave out crucial information deliberately.
• Age of information: researched data shouldn’t be too outdated. Customer tastes, fashions, economic conditions, technology all move fast and the old data will be of no use now.

Presentation of Data from Market Research

Different data handling methods can be used to present data from market research. This will include:

Notes submitted by Lintha

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10 thoughts on “ 3.2 – Market Research ”

this is fucking cool

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ty this has helped me alot

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love the notes, there is a typo : external sources if information, thanks anyway 🙂

Thanks for pointing that out! It’s been corrected 🙂

you are amazing👌❤❤

Will there be any notes for ICT or Mathematics ?

Unlikely. We’re all full-time students now and simply don’t have the time. Maybe sometime in the future, but no plans as of now. Sorry!

I really love this! Now i don’t have to make notes anymore lol

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Market Research - GCSE (9-1) Business

Subject: Business and finance

Age range: 14-16

Resource type: Lesson (complete)

Last updated

23 January 2024

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Comprehensive lesson containing a full presentation and worksheet. (includes model answers)

The lesson outlines all the specification points of Market Research within the GCSE (9-1) Edexcel Business Studies course (useful for other exam boards too)

This lesson teaches the following content: The purpose of market research: ● to identify and understand customer needs ● to identify gaps in the market ● to reduce risk ● to inform business decisions. Methods of market research: ● primary research:survey,questionnaire,focus group, observation ● secondary research: internet The use of data in market research: ● qualitative and quantitative data ● the role of social media in collecting market research data ● the importance of the reliability of market research data.

Click on the links below to check out some of our other FREE GCSE (9-1) Business lessons and Worksheets to get a flavour of what this resource entails:

Dynamic Nature of Business Lesson Dynamic Nature of Business Worksheet

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GCSE 9-1 Business - Theme 1 Lesson Pack (topics 1-5) - 20 lessons

**20** complete lessons (each including a presentation and worksheet with model answers) covering the whole of **theme 1** (half of the entire course) within the GCSE 9-1 Edexcel Business Specification. (useful for other exam boards too) Each lesson covers all the specification points for that particular sub topic. They contain **starter activities** and also **exam questions** to finish off the lesson. This will ensure students can apply the content/knowledge to actual GCSE questions. **Lessons included:** 1. The dynamic nature of business 2. Risk and reward 3. The role of business enterprise 4. Customer needs 5. Market research 6. Market segmentation 7. The competitive environment 8. Business aims and objectives 9. Business revenues, costs and profits 10. Cash and cash-flow 11. Sources of business finance 12. The options for start-up and small businesses 13. Business location 14. The marketing mix 15. Business plans 16. Business stakeholders 17. Technology and business 18. Legislation and business 19. The economy and business 20. External influences

Spotting a Business Opportunity - GCSE (9-1) Business [Full Topic]

**4** comprehensive lessons **(each including a full presentation and worksheet with model answers)** covering topic 1.2 **(Spotting a business opportunity)** within the GCSE 9-1 Edexcel Business specification. (Useful for other exam boards too) **Lessons included:** Customer needs Market research Market segmentation The competitive environment **Click on the links below to check out some of our FREE GCSE (9-1) Business lessons and Worksheets to get a flavour of what this resource entails:** [Dynamic Nature of Business Lesson](https://www.tes.com/teaching-resource/the-dynamic-nature-of-business-gcse-business-1-1-1-12553976) [Market Research Lesson](https://www.tes.com/teaching-resource/resource-12634976) [Dynamic Nature of Business Worksheet](https://www.tes.com/teaching-resource/resource-12567403) *We really appreciate feedback on our resources so if you kindly leave a review down below, you will be able to claim any resource (up to the value of this resource) from our shop for FREE. Just email [email protected] with your username and your chosen resource. Your chosen resource will be sent to you within 24 hours.*

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Marketing Research

Market research is the process of collecting, collating and analysing data about the market.

• Primary or field research is research that is done first hand e.g. questionnaires, surveys
• Secondary or desk research uses existing sources of information e.g. books, journals

This video looks at primary and secondary research

Primary Research

• Postal surveys – these have a high sample size but low response rate, relatively cheap
• Telephone surveys – more expensive, higher response rate, can explain questions
• Interviews – smaller sample size, higher response rate, may be interviewer bias
• Focus groups – provide in-depth analysis, small sample size
• Fitness for purpose
• Allows to target right segments
• Can explain difficult problems / concepts

Disadvantages

• Can be time consuming
• Some forms have low response rates

Secondary Research

• Census – provides information on all the households in the UK, updated every 10 years
• Internet – can provide a wealth of information however need to check validity of data
• Government statistics
• Books and journals
• Company reports
• MINTEL reports – these are often a good source of market information
• Quick and easy
• Relatively cheap
• May be out of date
• May not be relevant

This video looks at sampling including quota and random sampling.

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Marketing: Quantitative and Qualitative Research (GCSE)

Last updated 22 Mar 2021

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The distinction between primary and secondary research is really about the different sources of market information. A different way of thinking about market research is to consider the two main approaches – qualitative and quantitative.

• Qualitative research

Qualitative research is based on opinions, attitudes, beliefs and intentions . This kind of research deals with questions such as " Why"? "Would?", or "How?"

Qualitative research aims to understand why customers behave in a certain way or how they may respond to a new product. Given that these opinions are often obtained from small numbers of people, the findings are not necessarily statistically valid. However, such data can highlight potential issues which can be explored in quantitative research.

Focus groups and interviews are common methods used to collect qualitative data. This kind of data is often revealing and useful, but it is costly and time-consuming to collect, particularly for a start-up or small business.

• Quantitative research

This is research based on larger samples and is, therefore, more statistically valid. Quantitative research is concerned with data and addresses question such as "how many?", "how often", "who?", "when?" and "where?"

The results of quantitative research will generally be numerical form – for example:

• 35% of customers rate the new product as "attractive"
• 70% of potential customers use the Internet to buy their hotel accommodation in Dorset
• 3 out of 5 customers will buy a new food product after being offered a free in-store sample

The main methods of obtaining quantitative data are the various forms of surveys – i.e. telephone, postal, face-to-face and online.

• Marketing research

You might also like

Research & development & new products, marketing planning (overview), marketing: primary market research (gcse), marketing: research using questionnaires (gcse), data mining, market mapping (positioning).

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From Idea to Insight: A 7-Step Market Research Guide

• by Alice Ananian
• September 4, 2024

In today’s fast-paced business world, guesswork is a luxury no one can afford. Enter market research: your secret weapon for making bold, informed decisions that propel your business forward. Whether you’re an ambitious entrepreneur, a savvy small business owner, or a cutting-edge marketing professional, mastering the market research process is the key to unlocking unprecedented growth and staying ahead of the competition.

Ready to transform raw data into golden opportunities? This guide will walk you through seven essential steps that turn the complex art of market research into a streamlined, powerful tool for success. From defining laser-focused objectives to leveraging cutting-edge AI analysis, you’re about to embark on a journey that will reshape how you understand your market, your customers, and your business potential.

The 7-Step Market Research Process: An Overview

Before diving into the details, let’s take a quick look at the seven steps that comprise an effective market research process:

• Define Your Research Objectives
• Develop Your Research Plan
• Collect Relevant Data
• Analyze and Interpret the Data
• Present Your Findings
• Make Informed Decisions
• Monitor and Iterate

Following this structured approach ensures that your market research is comprehensive, focused, and yields valuable insights. It’s worth noting that modern tools, such as AI-powered market research platforms like Prelaunch.com’s AI Market Research feature , can significantly streamline this process, making it more efficient and accessible for businesses of all sizes.

Now, let’s explore each step in detail.

Step 1: Define Your Research Objectives

The first and perhaps most crucial step in the market research process is defining your research objectives. This step sets the foundation for your entire research effort and ensures that you’re asking the right questions to get the information you need.

Identifying the problem or opportunity

Start by clearly articulating the business problem you’re trying to solve or the opportunity you’re looking to explore. Are you considering launching a new product? Trying to understand why sales are declining? Or perhaps you’re looking to enter a new market? Clearly defining the issue at hand will help focus your research efforts.

Setting clear, measurable goals

Once you’ve identified the problem or opportunity, set specific, measurable, achievable, relevant, and time-bound (SMART) goals for your research. For example, instead of a vague goal like “understand customer preferences,” you might set a goal to “identify the top three features that 70% of our target market considers essential in a new product within the next two months.”

Formulating research questions

Based on your goals, develop a set of research questions that will guide your data collection efforts. These questions should be specific and directly related to your objectives. For instance, if your goal is to understand customer preferences, you might ask questions like:

• What features do customers value most in similar products?
• How much are customers willing to pay for these features?
• What unmet needs exist in the current market?

By clearly defining your research objectives, you’ll ensure that your market research efforts are focused and yield the insights you need to make informed business decisions.

Step 2: Develop Your Research Plan

With your objectives clearly defined, the next step is to develop a comprehensive research plan. This plan will serve as your roadmap, outlining how you’ll gather the information needed to answer your research questions.

Choosing research methodologies

Decide whether qualitative research, quantitative research, or a combination of both will best serve your objectives:

• Qualitative research : This method explores the “why” and “how” of consumer behavior through in-depth interviews, focus groups, or observational studies. It’s excellent for gaining deep insights into customer motivations and perceptions.
• Quantitative research : This approach focuses on numerical data and statistical analysis. Surveys and polls are common quantitative methods that can provide measurable data on consumer preferences and behaviors.

Often, a mixed-method approach combining both qualitative and quantitative research can provide the most comprehensive insights.

Determining your target audience

Identify the specific group of people from whom you need to gather information. This could be based on demographics, psychographics, or behavioral characteristics. The more precisely you define your target audience, the more relevant and valuable your research findings will be.

Selecting appropriate data collection methods

Choose the most suitable methods for collecting data from your target audience. Some options include:

• Surveys (online, phone, or in-person)
• Interviews (structured or unstructured)
• Focus groups
• Observational studies
• Secondary data analysis

Consider factors such as cost, time constraints, and the type of information you need when selecting your methods. AI-powered tools like Prelaunch.com’s AI Market Research feature can be particularly helpful in this stage, offering efficient ways to gather and analyze data from various sources.

By developing a thorough research plan, you’ll ensure that your data collection efforts are efficient, targeted, and aligned with your research objectives.

Step 3: Collect Relevant Data

With your research plan in place, it’s time to gather the data that will form the basis of your insights. This step involves implementing the data collection methods you’ve chosen and ensuring that you’re gathering high-quality, relevant information.

Primary research methods

Primary research involves collecting original data directly from your target audience. This can include:

• Conducting surveys: Use online platforms, email, or in-person methods to gather quantitative data from a large sample of your target audience.
• Performing interviews: Engage in one-on-one conversations with key individuals to gain in-depth qualitative insights.
• Organizing focus groups : Bring together small groups of people to discuss your research topics in a moderated setting.
• Observational studies: Watch and record how people interact with products or services in real-world settings.

Secondary research sources

Secondary research involves analyzing existing data from various sources. This can be a cost-effective way to gather background information and supplement your primary research. Sources may include:

• Industry reports and market studies
• Government databases and publications
• Academic research papers
• Competitor websites and annual reports
• Trade association publications

Leveraging AI for efficient data collection

Modern AI-powered tools can significantly enhance your data collection efforts. These tools can:

• Automate the process of gathering and organizing secondary research data
• Analyze large datasets quickly to identify trends and patterns
• Generate survey questions based on your research objectives
• Provide real-time insights as data is collected

By leveraging both traditional methods and advanced AI tools, you can ensure that you’re collecting a comprehensive and diverse set of data to inform your market research.

Step 4: Analyze and Interpret the Data

Once you’ve collected your data, the next crucial step is to analyze and interpret it. This process involves transforming raw data into actionable insights that can guide your business decisions.

Data cleaning and preparation

Before analysis can begin, it’s essential to clean and prepare your data:

• Remove any duplicate or irrelevant entries
• Check for and correct any errors or inconsistencies
• Standardize data formats for easier analysis
• Organize data into a structure that facilitates analysis

Statistical analysis techniques

Depending on the type of data you’ve collected and your research objectives, you may employ various statistical analysis techniques :

• Descriptive statistics: Calculate means, medians, modes, and standard deviations to summarize your data.
• Inferential statistics: Use techniques like hypothesis testing and regression analysis to draw conclusions about larger populations based on your sample data.
• Correlation analysis: Identify relationships between different variables in your dataset.
• Segmentation analysis: Group your data into meaningful segments based on shared characteristics.

Identifying patterns and trends

As you analyze your data, look for patterns, trends, and insights that address your research objectives:

• Compare results across different demographic groups or market segments
• Identify common themes in qualitative data
• Look for unexpected or surprising findings that challenge your assumptions
• Consider how different data points relate to each other and what story they tell together

Remember that the goal of this step is not just to summarize data, but to derive meaningful insights that can inform your business strategy. Be open to unexpected findings and be prepared to dig deeper into areas that seem particularly relevant or intriguing.

Step 5: Present Your Findings

After analyzing your data, it’s time to communicate your findings effectively to stakeholders. The way you present your research can significantly impact how it’s received and acted upon.

Creating clear and visually appealing reports

• Organize your findings logically, starting with an executive summary of key insights
• Use charts, graphs, and infographics to visualize data and make it easier to understand
• Include relevant quotes or case studies from qualitative research to bring your data to life
• Ensure your report is well-structured with clear headings and subheadings

Tailoring presentations to different stakeholders

• Consider the specific interests and needs of your audience (e.g., executives, marketing team, product developers)
• Adjust the level of detail and technical language based on your audience’s expertise
• Focus on the findings most relevant to each stakeholder group

Highlighting key insights and actionable recommendations

• Clearly state the main takeaways from your research
• Connect your findings directly to your initial research objectives
• Provide specific, actionable recommendations based on your insights
• Include potential implications of your findings for different areas of the business

Remember, the goal is not just to share information, but to tell a compelling story with your data that motivates action and informs strategy.

Step 6: Make Informed Decisions

The true value of market research lies in its ability to inform better business decisions. This step is where you translate your research findings into strategic action.

Connecting research findings to business objectives

• Revisit your initial research objectives and evaluate how your findings address them
• Identify which insights are most critical for achieving your business goals
• Consider both the opportunities and potential risks highlighted by your research

Assessing risks and opportunities

• Use your research to evaluate the potential success of new products, services, or marketing strategies
• Identify potential obstacles or challenges that your research has uncovered
• Consider how your findings might impact different scenarios or future market conditions

Developing data-driven strategies

• Create action plans based on your research insights
• Set specific, measurable goals for implementing changes or new initiatives
• Assign responsibilities and timelines for acting on your research findings
• Ensure that all strategic decisions are directly supported by your research data

Remember that while your research should guide your decisions, it’s also important to balance data with experience, intuition, and other business considerations.

Step 7: Monitor and Iterate

The market research process doesn’t end with implementation. Continuous monitoring and iteration are crucial for long-term success.

Implementing decisions based on research

• Put your data-driven strategies into action
• Ensure that all team members understand the research findings and their role in implementing changes

Tracking results and KPIs

• Set up systems to monitor the impact of your decisions
• Track relevant key performance indicators (KPIs) that align with your research objectives
• Regularly review performance against your goals and expectations

Conducting follow-up research for continuous improvement

• Plan for periodic follow-up research to assess the effectiveness of your strategies
• Be prepared to adjust your approach based on new data and changing market conditions
• Consider implementing ongoing research methods, such as customer feedback loops or regular market surveys

By viewing market research as an ongoing process rather than a one-time event, you can ensure that your business remains agile and responsive to market changes.

Mastering the market research process is essential for making informed business decisions in today’s competitive landscape. By following these 7 steps – defining objectives, developing a plan, collecting data, analyzing results, presenting findings, making decisions, and monitoring outcomes – you can gain valuable insights that drive business growth and innovation.

As markets evolve and consumer preferences change, ongoing market research will be key to staying ahead. Embrace this process as a fundamental part of your business strategy, and you’ll be well-equipped to make decisions that resonate with your target audience and drive your business forward.

Alice Ananian

Alice has over 8 years experience as a strong communicator and creative thinker. She enjoys helping companies refine their branding, deepen their values, and reach their intended audiences through language.

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The Vital Role of Market Research in Building a Winning Business Strategy

When it comes to crafting a business strategy that truly works, guesswork isn’t an option. To succeed, you need to know your audience inside out and have a firm grasp of the competitive landscape. This is where market research steps in. Think of it as your strategic compass—guiding your decisions and ensuring they’re grounded in reality.

Let’s break down why market research is indispensable and how you can integrate it into your strategy to drive your business forward.

What is Market Research?

Market research goes far beyond simply gathering data. It’s about transforming raw numbers and opinions into actionable insights. These insights then inform the critical decisions that shape your business’s direction and growth.

By systematically collecting and analyzing information about your target market, competitors, and industry trends, market research empowers you to make decisions that are not just informed—but strategic. Emergen Research comprehensive research approach ensures that you stay ahead in a competitive landscape, equipped with the knowledge to drive sustainable growth.

Why Market Research Matters

Identifying new opportunities.

Market research is your key to unlocking untapped potential. By diving into the needs and desires of your target audience, you can discover gaps in the market. This knowledge allows you to create products or services that meet those needs—giving you a competitive edge.

Mitigating Risks

Venturing into new markets or launching a new product is always a risk, but market research helps you minimize that risk. By understanding the current market trends and customer behaviors, you can avoid costly mistakes and make more confident decisions.

Staying Ahead of the Competition

In the fast-paced world of business, standing still is the same as falling behind. Regularly conducting market research keeps you informed about what your competitors are up to, enabling you to innovate and stay ahead of the curve.

The Two Pillars of Market Research: Quantitative and Qualitative

Market research generally falls into two categories: Quantitative and Qualitative. Each type offers unique insights and, when used together, provides a comprehensive view of your market.

Quantitative Research

Quantitative research is all about numbers—data you can measure and analyze statistically. It’s ideal for getting a clear picture of market size, customer demographics, and other measurable factors that influence your business.

Key Characteristics:

Employs structured tools like surveys and questionnaires

Produces numerical data that can be statistically analyzed

Useful for identifying trends and patterns

Surveys to gauge customer satisfaction

Polls to assess product popularity

Qualitative Research

If quantitative research is the "what," qualitative research is the "why." It seeks to understand the motivations and emotions behind consumer behavior. Through open-ended questions and discussions, qualitative research provides deeper insights that numbers alone can’t offer.

Utilizes unstructured or semi-structured techniques such as interviews and focus groups

Delivers insights into customer attitudes, beliefs, and motivations

Typically involves smaller, more targeted sample sizes

Focus groups discussing how a brand is perceived

In-depth interviews exploring why customers prefer one product over another

The Role of Market Research in Business Strategy Development

Market research plays a pivotal role in the formulation of business strategies. Here's how it contributes:

Identifying Demand and Market Viability

Before launching a product or service, it's crucial to assess its viability. Market research helps determine whether there is sufficient demand for your offering.

Steps to Determine Viability:

Identify Market Needs: Understand what the market currently lacks.

Assess Competition: Evaluate how your competitors are fulfilling these needs.

Test Market Demand: Conduct surveys to gauge potential customer interest, especially in niche areas like loans online , where understanding market demand is crucial before launching a new product or service.

Example: A startup looking to introduce eco-friendly packaging must first understand if the target market values sustainability enough to pay a premium price for such products.

Reducing Risks and Enhancing Profitability

Knowledge gained from market research can significantly cut down risks by predictive analysis. Understanding past and future trends helps businesses align their strategies to meet market needs.

Key Points:

Risk Mitigation: Evaluate market conditions and customer behavior to avoid potential pitfalls.

Increased Profitability: Focus resources on strategies with the highest potential for return on investment.

Example: A company considering an expansive marketing campaign can first test various advertising channels and messages to see which resonate most with their target audience.

Understanding and Retaining Customers

Customers' needs and preferences change over time. Constantly monitoring these changes through market research ensures that businesses stay relevant and improve customer satisfaction.

Customer Insights: Understand behavior and satisfaction levels.

Retention Strategies: Develop strategies to retain customers by addressing their evolving needs.

Example: An e-commerce platform might use feedback surveys and purchase data analysis to identify pain points in the user experience and improve it accordingly.

How to Plan Effective Market Research

Planning is the backbone of effective market research. Here’s a structured approach to get the best results:

Set Clear Objectives

Understand what you want to achieve with your research. Is it to understand market trends, customer behavior, or competitor analysis?

Components of a Good Plan:

Define Goals: What do you aim to find out?

Select Techniques: Choose between qualitative and quantitative methods based on your goals.

Design Survey: Formulate questions that will provide meaningful data.

Choose the Right Tools

Invest in robust market research tools. These types of platforms offer comprehensive survey creation, distribution, and analysis features that streamline the research process.

Key Tool Features:

Survey Builder: Customize and create surveys easily.

Data Collection: Gather data through various channels like email, web pop-ups, and mobile devices.

Real-time Reporting: Analyze data as it comes in for timely insights.

Integration: Connect with CRM and other marketing tools for comprehensive insights.

Example: When gathering data for a new product launch, use a combination of online surveys and focus groups to get a well-rounded understanding of market demand.

Analyze and Implement Findings

Effective analysis transforms raw data into actionable insights. Use statistical tools and qualitative analysis techniques to understand your data clearly.

Data Analysis: Employ cross-tabulation, descriptive and inferential statistics.

Derive Insights: Identify key trends and patterns.

Action Plan: Develop strategies based on insights.

Example: A retail chain could use sales trend analysis to determine which products to stock more during festive seasons.

In today's fast-paced business environment, market research is not optional; it's essential. It’s the linchpin that ties together market viability, competitive analysis, and customer understanding into a coherent business strategy. By implementing well-planned and executed market research, businesses can set realistic goals, minimize risks, and maximize profitability.

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BENGALURU -- India's stock market regulator has been hit by toxic workplace claims, just after U.S. short seller Hindenburg Research accused the agency's chief of conflict-of-interest over her ties to conglomerate Adani Group.

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Using Market Research Data ( AQA GCSE Business )

Revision note.

Business Content Creator

Interpreting Market Research Data

Once market research has been gathered, it is often fed into a spreadsheet or database

This information is then used to generate a meaningful presentation of the data

A good presentation of the data in graph or chart form , makes it easier for the intended audience to understand it

Types of graphs and charts

Tables summarise data in an organised form

Diagram: example table

The table shows that:

Flashmaster generates the highest sales in each period

Sales of LumoLens are lower at the end of the year than at the start of the year

2. Bar charts

Bar charts show data that is independent of each other, such as sales per store or category sales

Diagram: example bar chart

A bar chart showing sales revenue of a selection of home video entertainment formats in the USA in 2017

(Source: British Council )

The bar chart shows that:

The top two categories have increased since 2016

The bottom three categories have all decreased , with DVD/Blueray in-store rentals falling the most

3. Pie charts 

Pie charts show how a whole is divided into different elements, such as:

The total business sales divided among different product types it sells

The market share different competitors have

Diagram: example pie chart

A pie chart showing Apple's quarterly revenue by category in April 2021

(Source: Six Colours )

The pie chart shows that:

iPhones were the product which generated the highest value of sales revenue at 54%

Mac sales represent one fifth of the value of iPhone sales

Worked Example

Maggri Spice Ltd manufactures a range of hot curry pastes that are sold online and in specialist stores.

In 2022 total sales were $180,000, with sales for individual products shown in the pie chart below.

Calculate the value of sales of Blue Heat curry paste in 2022.

Step 1: Identify the percentage of total sales attributed to Blue Heat

In this case 23.9% of total sales can be attributed to Blue Heat

Step 2: Convert the percentage to a decimal

23.9% = 0.239

Step 3 - Multiply total sales by the decimal

$180,000 x 0.239 = $43,020

Blue Heat curry paste achieved sales of $43,020 in 2022

4. Infographics 

Infographics are easy-to-understand visual representations of data

Diagram: example infographic

An infographic used by Mars to communicate key business statistics

(Source: Mars )

The infographic shows:

Mars has 140,000 associates

Mars is still a privately owned family company

Mars generated $45B in net sales

In the exam, you may be asked to manipulate a table or chart. This could involve inserting missing data, completing unfinished charts, or correcting graphs containing errors. You may also be asked to carry out calculations using data contained in tables and graphs.

Market Size & Market Share

Market size can be measured through  sales volume  or sales value

Sales volume is the number of products sold

E.g. The number of chocolate bars sold

Sales revenue = price x quantity sold

E.g. The total financial value of chocolate bars sold

The market share that a business enjoys is the proportion of the total sales of its product(s) compared to the market as a whole, e.g. Tesco has 26% of the UK grocery market   

Market Share can be calculated using the formula

You should always include your workings in calculation questions. This allows an examiner to apply the Own Figure Rule (OFR) if one part of your calculation is incorrect, meaning you are likely to gain some marks, even if the final answer is incorrect.

In 2022 the UK coffee shop/café market was worth £4.6bn. Sales of Starbucks Coffee were £328m in 2022.

Using the data, calculate, to 2 decimal places, the market share of Starbucks Coffee in the coffee shop/café market. You are advised to show your workings. (3 marks)

Step 1: Identify annual sales of Starbucks Coffee

Step 2: Identify total market sales in the coffee shop/cafe market

Step 3: Substitute figures into the formula

Step 4: Present the answer to two decimal places

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• The Purpose & Methods of Market Research
• The Elements of the Marketing Mix
• Sources of Finance
• Financial Terms & Calculations
• Analysing the Financial Performance of a Business
• The Purpose & Nature of Businesses
• Business Ownership
• Setting Business Aims & Objectives
• Stakeholders

Author: Lisa Eades

Lisa has taught A Level, GCSE, BTEC and IBDP Business for over 20 years and is a senior Examiner for Edexcel. Lisa has been a successful Head of Department in Kent and has offered private Business tuition to students across the UK. Lisa loves to create imaginative and accessible resources which engage learners and build their passion for the subject.