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Start-Up Market Research

Start-Up Market Research. AS Business Studies. Aims and Objectives. Aim: Understand primary and secondary research methods. Objectives : Define primary & secondary research Explain different methods of research Analyse primary and secondary research

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Start-Up Market Research

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  1. Start-Up Market Research AS Business Studies

  2. Aims and Objectives Aim: • Understand primary and secondary research methods. Objectives: • Define primary & secondary research • Explain different methods of research • Analyse primary and secondary research • Evaluate primary and secondary research

  3. Starter • What is meant by the term ‘market research’? • Why may it be important for a new business to conduct start-up market research?

  4. Importance of Start-Up Market Research It is important to understand the wants and needs of the market before starting your business, and whilst you are operating a business. No point in starting a business if there is no market demand for your product/service.

  5. Primary Market Research Data collected by the entrepreneur, or paid to be collected which does not already exist.

  6. Secondary Market Research Data already in existence that has not been collected specifically for the purposes of the entrepreneur.

  7. Primary or Secondary Market Research?

  8. Primary Research Methods

  9. Secondary Research Methods

  10. Spot the odd one out – why?

  11. Primary Research – Sampling Methods • When conducting primary research like questionnaires the entrepreneur cannot ask their entire target market. Random Sampling: • One in which each potential member of a group has an equal chance of being in the sample

  12. Primary Research – Sampling Methods Quota Sampling: • This is not random, as not everyone has an equal chance of being in it, and the results cannot be used to predict the behaviour of everyone. Stratified Sample: • Popular with researchers as it has the benefits of being random, thus reducing bias, and is not as expensive or as difficult as full random sample.

  13. Primary Research – Sampling Methods Think, Pair, Share how each of the following may affect an entrepreneurs choice of sampling methods: • Available finance • Nature of the product • Level of risk • Target market

  14. Primary Research – Sampling Methods

  15. Innocent Smoothies A good method of market research or not? • Should we quit our jobs and make Smoothies? Yes No

  16. AN. EV: Primary Research & Secondary Research Read Primary market research vs. Secondary market research: a comparative analysis. Analyse the advantages and disadvantages of both primary and secondary research in two tables. Evaluate: which method is best according to the analysis? What may an entrepreneurs decision depend on?

  17. AN. EV: Primary Research & Secondary Research - Plenary Read Primary market research vs. Secondary market research: a comparative analysis. Analyse the advantages and disadvantages of both primary and secondary research in two tables. Evaluate: which method is best according to the analysis? What may an entrepreneurs decision depend on?

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