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Thursday 26th September 2013 Mr Nicholls
Year 11 Business Thursday 26th September 2013 Mr Nicholls
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Objectives To finalise our understanding of the different stages of market research.
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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.
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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
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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.
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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.
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Collect the information.
Likely to be the most expensive stage! Basically – go out and get the results.
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Analyse the information.
Turn the data into meaningful information. Collate findings.
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Present Findings This will depend on the task being undertaken, but usually the results will need to be presented to whoever commissioned the research.
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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
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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.
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