Unit 10 Task 1 Essay
Market research is the process of gathering, analyzing and interpreting information about a market, about a product or service to be offered for sale in that market, and about the past, present and potential customers for the product or service; research into the characteristics, spending habits, location and needs of your business's target market, the industry as a whole, and the particular competitors you face .
The three types of market research to be focused on are ; primary research, quantitative and qualitative research and secondary research. There are however reasons why these market researches are used or needed.
Firstly, primary research is the process of gathering, analyzing …show more content…
Thirdly a Survey/Questionnaire, this method of market research involves getting feedback from potential customers through a structured, multi-question survey. Market research surveys or questionnaires can be done over the phone, through email or in person. You may need to conduct several surveys to several groups in order to get feedback from all possible types of customers. if you don’t have the resources to conduct a large amount of them, small sample groups are acceptable but be cautious of making major business decisions based on this small amount of feedback. this method is used in order to get the public view as well which is useful qas the cafe will be mostly used by the public.
The three types of secondary research are:Sales data - Sales Activity Report contain data on sales, competition, territory activities, and changes in the marketplace (if it is competitor intelligence, it is not considered internal data , enabling the company to identify potential target markets, sales trends and competition. With this data, the company would be able to forecast future sales trends and revenues for its catering business. Secondly is Customer Feedback Forms (Internal)- the company can collect data from customer feedback forms, which are collected on-premises. By