Unit 2 M2 Essay

M2 and D2
Government statistics are information given by the government which are released to the public. These statistics can help businesses to overcome any issues that they may have. The reason why I chose this as my secondary research is because it’s very useful for businesses who has started their business or someone that has not much knowledge on specific laws that a businessman must know about. Government statistic would be giving me information about how the industry of the business that I am doing is going up or not. This can help me to decide if the business should take a different path to success.
Another secondary research that I have used is the internet. The internet can be very useful when researching about products. In this
To make them simple as possible we made them shorter as it makes everything clearer. All the questions in the questionnaire had multiple choice answers to make the result more reliable. Mostly all the questions were open ended to have a general idea of understanding the market. Proving questions we did by asking people a question that is further answered such as asking someone where you live, the person answers the question with one word ‘Ilford’ however, this is extended by asking where at Ilford and the person says their address.
In this research I have asked 5 people. However, there are more than 10,000 people living in the area which means it’s good for the business to make money. Benefits of having the shop in that area is that there are a lot of people in the age bracket of 16 – 50 that goes to work frequently which also means that it’s good for a coffee shop to make business in that place. There are also some drawbacks for example, the rant it’s very high which means the business has pay a lot of money per month when the business hasn’t even started which the owner has to pay by their own
The qualitative data that I have collected can be what product is the most bought in a day which shows the business that this product is more desirable than others and gives the idea to the owner about getting more supplies of that product than any other products that is doing less than that. Examples of quantitative data can be a range of results that shows how much money each person is spending in a day. This type of information helps the business to decide on key factors which leads them to growth or failure. This helps the business to achieve the purpose of deciding on what strategy they should take to advance the business furthermore and understanding the key decisions made by the business.
In the questionnaire there are times where the questions aren’t relevant to the business anymore as the environment surrounding the business changes constantly. This makes it a little harder for the business to make this research more valid and dependable. There are also times where adding questions is necessary to make the results more accurate, this constantly changes so meaning is not going to be 100% correct. Sometimes there are adjustments in the question either to make them simpler to understand or to get a higher valuation