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Market Research for a New Business (Revision Presentation)
Last updated 22 Mar 2021
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This revision presentation provides an overview of the main methods by which a new business can research its target market and gain a better understanding of the needs and wants of target customers.
- Secondary research
- Quantitative research
- Qualitative research
- Marketing research
- Primary research
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GCSE Business
- Specification
- Planning resources
- Teaching resources
- Assessment resources
- Introduction
- Specification at a glance
- 3.1 Business in the real world
- 3.2 Influences on business
- 3.3 Business operations
- 3.4 Human resources
- 3.5 Marketing
- 3.6 Finance
- Scheme of assessment
- General administration
- Appendix: quantitative skills in business
3.5.3 The purpose and methods of market research
INTERACTIVE VIDEO
Are you interested in learning about the importance of market research for businesses? In this interactive video, we'll explore why market research is essential and the risks of not doing it. We'll take a look at what market research is and the various tasks involved in completing the process.
- DETAILED EXPLAINER VIDEO
- 10 QUESTION MULTIPLE-CHOICE QUIZ
- 6 INTERACTIVE ACTIVITIES
- INTERACTIVE CASE STUDY
- SUPPORTING STUDENT WORKSHEETS
CASE STUDY ANALYSIS COCA COLA
The interactive case study explores how Coca-Cola's decision to change its formula in the 1980s and introduce New Coke as a response to Pepsi's market share growth became the most costly marketing mistake ever. The company conducted market research to develop a new formula that would taste sweeter than both old Coke and Pepsi. However, they failed to account for the emotional connection and brand loyalty people had towards the original Coke, resulting in massive customer backlash and financial loss.
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Edexcel GCSE Business - Theme 1 - 1.2.2 Market research
Subject: Business and finance
Age range: 14-16
Resource type: Lesson (complete)
Last updated
29 February 2024
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This lesson introduces students to what market research is and how vital it is to businesses. The different types of research are looked at with their pros and cons. Examples of quantitative and qualitative research is looked at. A 3 mark question with a model answer to self assess. Finally a task to create a questionnaire.
Colourful, concise and engaging slides!
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Edexcel GCSE Business - Theme 1 - 1.2 Spotting a business opportunity
This 4 lesson bundle covers: 1.2.1 Customer needs 1.2.2 Market research 1.2.3 Market segmentation 1.2.4 The competitive environment Filled with real life examples, case studies, questions and modelled answers to improve exam practice. All you need - open the powerpoint, run through it, and deliver quality lessons whilst saving precious time. Colourful, concise and engaging slides! - all files in zip folder. Thank you
Edexcel GCSE Business - Theme 1 (FULL bundle updated for 2021)
A complete bundle, updated for 2021 with more engaging and colourful slides to cater for remote learning needs. The highest quality, unrivalled lesson experiences from start to finish. This bundle is filled with real life examples, scenarios, individual and group activities, exam style questions with model answers so students can self or peer assess from looking at the board. Engage your learners and improve their exam skills at the same time, rather than just going through theory slide after slide. Thank you
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Market Segmentation
Market segmentation is the process of dividing potential customers into different groups based on characteristics like age, gender, income and much more. Businesses use market segmentation for a variety of reasons:
Choosing market mix
- For example, Next provides clothing aimed at infants and toddlers using its Next Kids range.
Choosing promotion
- Advertising in a newspaper probably is not the best way to target teenage girls, but a teenage magazine like Bliss might be.
- Segmenting a market can give businesses ideas about how best to promote their products.
Market mapping
- Market mapping is a process to identify a gap in the market by looking at what competitors offer.
Methods of Market Segmentation
Customers can be segmented based on lots of different variables:
- Some products are aimed primarily at either males or females.
- Boohoo.com is an online fashion retailer that primarily targets females. Advertising to lots of males may not be the most effective strategy.
- Products can be aimed at a specific age range.
- A business is unlikely to advertise mobility scooters to people under 40.
- Customers’ wants and needs often change based upon where they live or where they are born.
- There are many supermarkets focusing on Polish food on some high streets in the UK.
- It makes more sense for these supermarkets to locate where there are lots of Polish families living.
- Certain products (luxury products) need to be aimed at people who earn a certain amount of money.
- For example, high end kitchens (priced at £20,000) are more likely to be effective advertising in magazines like Ideal Home or the Sunday Times because these magazines tend to have readerships with high incomes.
1 Enterprise & Entrepreneurship
1.1 The Dynamic Nature of Businesses
1.1.1 The Dynamic Nature of Businesses
1.1.2 Risk & Reward
1.1.3 The Role of Business Enterprise
1.1.4 The Role of Business Enterprise 2
1.1.5 The Role of the Entrepreneur
1.1.6 End of Topic Test - Dynamic Nature of Business
1.1.7 Grade 9 - Dynamic Nature of Business
1.2 Spotting a Business Opportunity
1.2.1 Customer Needs
1.2.2 Market Research
1.2.3 Market Segmentation
1.2.4 The Competitive Environment
1.2.5 Primary & Secondary Market Research
1.2.6 End of Topic Test - Business Opportunities
1.2.7 Application Questions - Business Opportunities
1.2.8 Exam-Style Questions - Market Segmentation
1.3 Putting a Business Idea into Practice
1.3.1 Business Aims
1.3.2 Business Objectives
1.3.3 Business Revenues & Costs
1.3.4 Costs - Calculations
1.3.5 Revenue - Calculations
1.3.6 Business Profits & Break-Even Analysis
1.3.7 Profits & Losses - Calculations
1.3.8 Interest - Calculations
1.3.9 Cash & Cash Flow
1.3.10 Cash & Cash Flow 2
1.3.11 Cash Flow - Calculations
1.3.12 Sources of Business Finance
1.3.13 End of Topic Test - Business in Practice
1.3.14 Grade 9 - Business in Practice
1.3.15 Exam-Style Questions - Business in Practice
1.4 Making the Business Effective
1.4.1 The Options for Start-Up & Small Businesses
1.4.2 Limited Liability
1.4.3 Franchising & Not-For-Profits
1.4.4 Business Location
1.4.5 The Marketing Mix
1.4.6 Business Plans
1.4.7 End of Topic Test - Effective Business
1.4.8 Application Questions - Effective Business
1.4.9 Exam-Style Questions - Business Plans
1.5 Business Stakeholders
1.5.1 Business Stakeholders
1.5.2 Technology & Business
1.5.3 Legislation & Business
1.5.4 Legislation & Business 2
1.5.5 The Economy & Business
1.5.6 External Influences
1.5.7 End of Topic Test - Business Stakeholders
1.5.8 Grade 9 - Business Stakeholders
2 Building a Business
2.1 Growing the Business
2.1.1 Business Growth
2.1.2 Finance
2.1.3 Changes in Business Aims & Globalisation
2.1.4 Ethics & Business
2.1.5 The Environment & Business
2.1.6 End of Topic Test - Growing a Business
2.1.7 Application Questions - Growing a Business
2.1.8 Exam-Style Questions - Business Growth
2.2 Making Marketing Decisions
2.2.1 Product
2.2.2 Product Life Cycle
2.2.3 Price
2.2.4 Pricing Methods
2.2.5 End of Topic Test - Product & Price
2.2.6 Grade 9 - Product & Price
2.2.7 Promotion & Advertising
2.2.8 PR & Sales Promotions
2.2.9 Sponsorship & Product Placement
2.2.10 Promotional Mix
2.2.11 End of Topic Test - Promotion
2.2.12 Application Questions - Promotion
2.2.13 Exam-Style Questions - Promotional Mix
2.2.14 Place & Wholesalers
2.2.15 Direct to Consumer
2.2.16 E-commerce & M-commerce
2.3 Making Operational Decisions
2.3.1 Job Production
2.3.2 Batch & Flow Production
2.3.3 Working with Suppliers
2.3.4 Effective Supply Chains
2.3.5 Just In Time & Just In Case
2.3.6 Managing Quality
2.3.7 Total Quality Management
2.3.8 The Sales Process
2.3.9 End of Topic Test - Operational Decisions
2.3.10 Grade 9 - Operational Decisions
2.3.11 Exam-Style Questions - Managing Stock
2.4 Making Financial Decisions
2.4.1 Gross Profit & Net Profit - Definitions
2.4.2 Gross Profit - Calculations
2.4.3 Net Profit - Calculations
2.4.4 Rate of Return
2.4.5 Rate of Return - Calculations
2.4.6 Research & Financial Data
2.4.7 Marketing Data
2.4.8 Percentage Change - Calculations
2.5 Making Human Resource Decisions
2.5.1 Organisational Structures
2.5.2 Organisational Structures 2
2.5.3 Recruitment
2.5.4 Effective Recruitment
2.5.5 Training a Workforce
2.5.6 Motivating a Workforce
2.5.7 End of Topic Tests - Human Resources
2.5.8 Application Questions - Human Resources
2.5.9 Exam-Style Questions - Human Resources
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Market Research
The Competitive Environment
IMAGES
COMMENTS
Learn about and revise how market research can influence the products or services a business offers with BBC Bitesize GCSE Business - Edexcel.
Learn about and revise how market research can influence the products or services a business offers with BBC Bitesize GCSE Business - Edexcel.
Learn about marketing and how businesses identify gaps in the market to maximise opportunities with BBC Bitesize Higher Business Management.
Learn about and revise how market research can influence the products or services a business offers with BBC Bitesize GCSE Business - Edexcel.
Marketing. Combining the elements of the marketing mix will help to inform the decisions that a business makes about its target market and the image it wants to convey. Price often influences ...
Learn about marketing and how businesses identify gaps in the market to maximise opportunities with BBC Bitesize Higher Business Management.
This GCSE Business revision tutorial explains the reasons why entrepreneurs conduct market research before launching a business or developing a product.Takin...
Primary Market Research for GCSE and A Level Business revision video to support revision. This video gives a brief overview of primary research Use this vide...
What Is Secondary Market Research?This video will give an insight into Secondary Market Research - GCSE and A Level Business revision video to support revisi...
GCSE Business. GCSE Business Studies is designed for students finishing secondary school to learn skills for running a business, such as managing money, advertising and employing staff. Part of ...
The main purpose of the market research is to help a business find a position in a part of the marketwhere itcharge a reasonable price and to earn reasonable profits. Often this happens when a business targets a niche market. A niche market is a smaller part of a large market where customers have quite specific needs and wants.
Secondary research. Quantitative research. Qualitative research. Marketing research. Primary research. This revision presentation provides an overview of the main methods by which a new business can research its target market and gain a better understanding of the needs and wants of target customers.
📚 Explore More with BizWizard:Redefine the learning experience over at https://www.bizzwizard.co.uk a platform designed for both teachers and students. Brin...
the market, it's part and parcel of being in business and when you start a business, one can't really employ a third party market researchers but it is absolutely important for one to keep ones ear to the ground to actually see what's going on in the market place in which they're active. DEBORAH MEADEN-ENTREPRENEUR
3.5.3 The purpose and methods of market research. target market. Students should understand why businesses conduct market research, such as to identify market opportunities and to get a better insight into their customers and competitors. printed press eg newspapers. Students should understand the difference between qualitative and quantitative ...
The most commonly used methods of primary market research include surveys, interviews based on questionnaires, observation, focus groups and test marketing. Businesses usually carry out primary research with a sample of the target market in which they are interested. A sample is a group of respondents that reflects the characteristics of the ...
Market research into customers' demands is important for business success. Insights into customers' wants and needs can help a business to improve the product, spot market opportunities and stay competitive. Insights into overall demand trends can help the firm spot opportunities for growth and potential threats from new products/technology.
Terms in this set (21) Market research. The process of gathering information about the market and customers' needs and wants in order to help inform business decision, including product design and marketing. Focus group. A group of people who discuss their views on a product, service advertisement or idea, either face-to-face or online.
This interactive video introduces the importance of market research for businesses to succeed and the risks of not conducting it. Market research involves gathering information about target markets, organisations, or customers to gain more knowledge and identify opportunities for the business. An example of Enigma Electrical LTD is used to ...
Businesses can choose to segment markets by gender, age, location and income. 1. Gender. Men and women often have different purchasing preferences. Men tend to spend more than women when shopping. Women are more price-conscious shoppers than men, buying more reduced-price items and using coupons more frequently. 2.
This 4 lesson bundle covers: 1.2.1 Customer needs 1.2.2 Market research 1.2.3 Market segmentation 1.2.4 The competitive environment Filled with real life examples, case studies, questions and modelled answers to improve exam practice. All you need - open the powerpoint, run through it, and deliver quality lessons whilst saving precious time.
Affordable 1:1 tutoring from the comfort of your home. Tutors are matched to your specific learning needs. 30+ school subjects covered. Market segmentation is the process of dividing potential customers into different groups based on characteristics like age, gender, income and much more. Businesses use market segmentation for a variety of reasons:
Marketing and promotion. Film posters use different strategies to market a film to a target audience. Studio films are 'hyped' up by the companies that produce them. Cross-platform strategies are used to appeal to a full range of potential audiences. The James Bond film Spectre used a marketing method which included: