Unit 10: Market Research in Business

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Unit 10: Market Research in Business
In this assignment I will continue working alongside the local entrepreneur to discovering whether or not there is a market available in order for them to open up an internet cafe. I will be creating a research plan which sets out to investigate whether or not the entrepreneur should set up the business. The research plan will have to consist of objectives and these objectives must be S.M.A.R.T, the research objectives will also have to be based on what I would like to focus on. I must also state the methods which I would chose such as qualitative or quantitative data and so forth. Lastly I must be able to justify as to why I picked my chosen research methods as opposed to other research methods, so I must be able to provide a good argument using as to why my chosen research method is best. P3: Plan research for a selected product/service using appropriate methods of data collection. The first S.M.A.R.T objective based on my planned research is: “Within 12 weeks discover which target market the organisations will specify the product/services on” The methods of research that I will use in order to understand who the target market will be is surveys and observation (mystery shopper). Most people that use the internet café are teenagers or consumers who do not have the privileged to have internet access available to them and the people who enjoy the café use it as a leisure stop for meetings or catching with friends while drinking coffee. I would use observation to find out the specific time when most people use the internet by doing this you can have a peak hour when you charge more to use a computer because it is hard to find a free computer to use the internet for. In addition to this because you are looking to open an internet café you will have variety of age groups at the establishment I would use observation to what are the popular times that each age groups come into the café by doing this you would know at what times you should provide more services for each age group on a particular day and you would do services that cater to that age group more on that particular day. I would use face to face surveys to pose questions and find out which area is the most popular place for the internet café to be situated at so that both target market feel comfortable going there to use the services which the internet café provide. In addition to this I would use surveys to find out which distance both age groups are willing to travel to use the services available to them. Observation and survey’s can allow the business to build up the research due to the fact that you are trying to find out the cause and effect relationship between the two age groups so that the company is able to cater to both needs without discriminating anybody. The second S.M.A.R.T objective based on my planned research is “To be able to identify sales trends”. The methods of research which I will use for this objective will be secondary research such as data records. I would use previous data records in order to find out what consumers are mostly purchasing within the cafe so you can see what type of products you will need to stock more of. The third S.M.A.R.T objective based on my planned research “To carry out a PESTLE analysis”. By the business doing a PESTLE analysis you are looking at the cause and effect relationship that may affect your business with Political, Economical, Social, Technological, Legal and Environmental factors. This prepares your business to know what to except when the following factors are enforced so that the business would know what actions to take if there are problems. The internet cafe must know the economical environment very well due to the fact that the economical environment can affect the businesses performance they need to know if the GDP increase or decreases and how this would affect their business and why. Lastly by doing a PESTLE analysis you are able to identity when you should...
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