1. Thursday 26th September 2013 Mr Nicholls
Year 11 Business
Thursday 26th September 2013
Mr Nicholls

2. Objectives
To finalise our understanding of the different stages of market research.

3. Today… Two stages to our lesson –
1). Notes relating to the stages of market research – this will be the last time we really look at it in depth so ensure you maintain your notes!
2). Exercise on data and evaluating the results of market research – again this will be one of the last times we go over this area of business – so make sure you’re clear.
At the end of the session you will be reflecting on your progress so will have a chance to let me know whether there are any areas you still need to improve on.

4. Stages of Market Research…
A). Define The Problem and Research Objectives
B). Develop the Research Plan
C). Collect the Information
D). Analyse the Information
E). Present the Findings

5. Define the problem and research objectives
Too broad = lots of unnecessary information.
Too narrow = further research may have to be undertaken.
Objectives should be SMART –
Specific
Measurable
Achievable
Relevant
Timed
This means that the risk of confusion or misunderstanding is minimised, and will make it easier to evaluate findings.

6. Develop the Research Plan
What source of data to use – primary/secondary/both?
What method of collection will be most appropriate?
Which research instruments to use?
Create Sampling Plan – who to survey? Time frame? How chosen? Number sampled?
How to contact respondents?
Budget and Deadline to be set.

7. Collect the information.
Likely to be the most expensive stage!
Basically – go out and get the results.

8. Analyse the information.
Turn the data into meaningful information.
Collate findings.

9. Present Findings
This will depend on the task being undertaken, but usually the results will need to be presented to whoever commissioned the research.

10. You’re a chocolate company…
Using this information –
- what sort of bar would be best to launch? Why? BE SPECIFIC!
- Where would be the best place to sell it? Why? BE SPECIFIC!
Blue – TESCO
Red – Morrisons
Green – ASDA
Purple – Sainsbury’s
Light Blue - Waitrose

11. So – where in Cornwall and why?
Populations:
Camborne/Redruth
St Austell
Truro
Penzance & Newlyn
Newquay
Saltash
Bodmin
Helston
St Ives
Earning –
Average earnings were 25% below the UK national average in 2002 and the trend seems to indicate this gap is growing. The actual figure was £18,096 compared with £24,164 in the rest of the country.