Unit 3Building A Business

Marketing

Lesson Objectives• Market research: how to collect and

interpret quantitative/ qualitative research data to help decide on issues such as the marketing mix

What is the importance of market research?

• It allows a company to get information about how to be successful in its own particular market

What are the different types of market research?

Task

• P228

• Mintel Report + Food and drink

Primary and Secondary Research

• The advantages of primary research is that it allows a company to create a very detailed picture of its customers wants and needs. The information is very reliable.– The disadvantages are that it is very time consuming to

collect and people are often reluctant to sacrifice that much time.

• The advantages of secondary research is that the masses of information collected allow for statistical analysis to be carried out on the data and people are more likely to give a short space of time to answer the questions– The disadvantages are that the information may not be

specific to every aspect of the business or they my be too simplistic.

Small groups

Sort market research types into two categories.

• Questionnaire

• Focus Group

• Product Testing

Interpret why and when a business might use the following types of market

research, describing their positives and negatives

a. Quantitative

a. Qualitative

Quantitative / Qualitative

• Highlight the questions on the survey which are Quantitative

• Highlight in a different colour the questions which are Qualitative

Task: Actimel

• If you were employed by Actimel. What research would you do to ensure your market share increased?

You will need to evaluate these methods.

Use the table to help you get started.

ACTIMEL• Interpret why and when

ACTIMEL might use the following types of market research, describing their positives and negatives

– Quantitative– Qualitative– Primary– Secondary

ACTIMEL’S STRATEGY?

Marketing strategies

Quantitative or

Qualitative

Primary Or

secondary

Why?Positive / negative

Homework

• Evaluate which market research will be most affective in order to help Actimel save their company.