A2 Unit 8 Business Planning – Lesson 4. Create a definition of market research? If you need help, use the following words Information Competitors Collecting.

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A2 Unit 8 Business Planning – Lesson 4

Create a definition of market research? If you need help, use the following words Information Competitors Collecting Trends Presenting Customers Analysing You do not have to use all of them. Market research is the collecting, presenting and analysing of information, about customers, competitors and market trends. BELLWORK

 Identify different types of market research  Explain the purposes and types of market research  Evaluate the usefulness of secondary research LESSON OBJECTIVES

 This is working towards AO1 which is marked out of 16:  Mark Band one (1-4 marks): A description/list of the Business Proposal  Mark Band Two (5-8 marks): A Partial explanation of the business proposal  Mark Band Three (9-12 marks): An explanation of business proposal  Mark Band Four (13-16 marks) A thorough explanation of the business proposal. SUCCESS CRITERIA

 How many reasons can you think of to carry out market research? Success Criteria: 3 Market research assistant 5: Market researcher 7 Running a market research company  Now watch the following video clip and see if you can add to your list  ols/gcsebitesize/business/ marketing/marketresearchv id.shtml ols/gcsebitesize/business/ marketing/marketresearchv id.shtml  What’s going on in the market?  Is there demand for the product/service?  Who are my customers?  Find out what consumers buy  What type of people buy?  Why people buy products?  How often they buy?  Where they buy it from?  How much consumers will pay for a product?  How do consumers get to know about products? STARTER EXERCISE – CONSIDER ALL POSSIBILITIES

There are 2 main types of market research. Study the statements below and explain whether they apply to desk or field.  Collects information that already exists  Collects new information  Is also known as primary research  Is also known as secondary research  Can be internal or external  Is the more expensive  Is quicker DESK OR FIELD

DESK OR FIELD?

ANALYSING DESK RESEARCH Why find out about the size of the market? Describe trends in the UK Smoothie market? How useful would this information be to an entrepreneur starting a Smoothie business?

DESK RESEARCH – THE TASK Conduct your own desk research which aims to show that your business idea is a good one. What is the size of the market and what are the trends within your chosen business sector. When searching the internet work in combinations of key words e.g. U.K. cheese market; cheese market research etc Copy and paste any research that you find, with the web address The research could take the form of written information; statistics graphs or tables. e.g.

Tell me 3 facts about the market for the business that you have decided research. PLENARY – HATTRICK HERO