1. Lesson 4 - Market Research
SimVenture Evolution
Lesson 4 - Market Research
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2. In this model we explored and evaluated the CBI employability skills and completed the employability skills questionnaire
We also wrote in our Reflective Journal within the simulation so that we have evidence ready for your assessment.
The CBI skills you may have developed today:
A positive attitude (readiness to take part, openness to new ideas and activities, desire to achieve)
Self-management – readiness to accept responsibility, flexibility, time management, readiness to improve own performance
Application of information technology-basic IT skills, including familiarity with word processing, spread sheets, file management and the use of internet search engines.
Summary of Lesson 3
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3. Market Research Overview of what we’re going to cover today:
SimVenture Evolution- Case Study| Market
Reflective Journal
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4. Process to get to market
Research
Company
set-up
Product
Create new product
Selling points & pricing
Promotions
Sales Channels
Production
More research
Employability
Skills & Capabilities
Enterprise
Innovation
Entrepreneurship
This module will help you to get the best out of running your virtual business, so we have given you a structure to work through called THE PROCESS TO GET TO MARKET.
This is the process model you should follow to get the business moving along.
For those of you who don’t like to work in a structured way please feel free to run the virtual business as you’d like to but this process works and could be a great starting point for you.
The basic process to get to market is to start with Research and in particular Market Research so let’s log into your game and get started.
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5. Log in Open up a browser remembering not to use Internet Explorer.
Try Chrome or Firefox instead.
Go to - don’t forget to add the last forward slash.
Log in with your user name and password using the LOGIN button.
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6. The Next Step
Once you’ve logged in you will see this page called MAIN MENU.
Go to the second section called OPEN ACTIVITY outlined in GREEN and CLICK.

7. Next This is the next screen you will see.
From here navigate to the left hand side of the screen to SALES & MARKETING and CLICK

8. Next
Click on MARKET RESEARCH tab

9. Next
Once you’ve clicked onto the MARKET RESEARCH tab you’ll arrive on this page.
Here you will see the various market research reports (outlined in GREEN).
We will be reviewing ALL of these reports for the CASE STUDY coming up next.

10. Market Research Case Study
TASK: Read the notes under this slide first and then answer these questions:
Find out who your current customers are by analysing different market research reports.
Which sub segment(s) does your company currently sell into?
What are the demographics of your customers?
How does your organisation promote itself to customers?
Who is your nearest competitor in the same segment(s) - competition report?
What is the market share of Green Spokes?
Student Notes
Market Page 1 of 1 Ref: DL-SCS-108-Market-SN
Title: Market
Scenario: Driving Lesson Format: Static Case Study
Green Spokes is a bicycle manufacturing business that has been running for a few years. The company has invested heavily and is developing a strong presence within the Road Bikes segment.
The primary bike market you trade in consists of around 20,000 potential customers in the Road Bike segment.
The whole market is worth roughly £2.8 million (GBP) annually in terms of sales. Road bikes are a specialised segment, with customers often having a very specific use in mind when they buy the bike.
The primary feature of a road bike is speed, mainly because it makes it a more effective tool on the road than a mountain bike. However, other
features can be very important according to way that the bike will be used.
There are several sub segments into which your competitors sell into; Commuting, Fitness, Leisure, Racing and Touring.
The proportion of each segment in the total market
is as follows:
Commuting %.
Racing %.
Leisure – 29.98%
Fitness – 16.99%
Touring – 11.99%
Competitors of Green Spokes in the Road Bikes primary segment operate in different sub segments.
You need to be aware of what market your competitors are selling into on a quarterly basis to stay ahead of them.
TASK:
Find out who your current customers are by analysing the different market research reports in the simulation (Customer-Competition-Demographic-Focus Group, Segment, Market Overview).
-Which sub segment(s) does your company currently sell into?
-What are the demographics of your customers?
-How does your organisation promote itself to customers?
-Who is your nearest competitor in the same segment(s) -competition report?
-What is the market share of Green Spokes?
Put your answers in the journal within the simulation (see next slide).

11. Journal
Finding the Journal – go to LEFT HAND SIDE OF SCREEN – ON BLUE TABS YOU WILL SEE THE JOURNAL.
Click the tab called Journal and you should see a screen like this.

12. In this module we covered a case study called SimVenture Evolution- Case Study| Market where you evaluated and analysed the current market for your bicycles.
This analysis will enable you to make plans for where you want to take your company in the future.
We also wrote up the findings of the Market Research in your journal so that you have a record of what you’ve done and what decisions you made (CBI – Decision Making Skills).
In the next module we’ll be looking at your product to make sure it fits with what your customers want to buy.
This connection between what you sell and what customers want is really important.
The CBI skills you may have developed today are:
A positive attitude (readiness to take part, openness to new ideas and activities, desire to achieve)
Self-management – readiness to accept responsibility, flexibility, time management, readiness to improve own performance
Business and customer awareness- basic understanding of the key drivers for business success and the need to provide customer satisfaction.
Problem solving- analysing facts and circumstances and applying creative thinking to develop appropriate solutions.
Application of numeracy-manipulation of numbers, general mathematical awareness and its application in practical contexts.
Application of information technology-basic IT skills, including familiarity with word processing, spread sheets, file management and the use of internet search engines.
Make sure in your journal that you provide evidence of where you have developed one or more of these skills.
Summary
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