Lesson 3 - Market Research

• Computing
• Upper Secondary (Key Stage 4)
• BTEC

Lesson 3 - Market Research

Market Research Methods
For example Surveys

Why do market research?

Primary Research Methods

Choose your primary research methods and explain why they work for your business.

What are you trying to find out from your primary research?

forms.office.com

Name one benefit and one drawback of secondary research methods.

1. What are your two business ideas?
2. Who are the main competitors to your business?
3. Where will your business ideas be based?

Name five pieces of information you need to find out from your surveys.

Research questions

1. What type of customer may buy the product?
   
2. How does it meet a need or want for customers?
   
3. What gap in the market does it fill?
   
4. Does the product need adapting?
   
5. What price are people willing to pay?
   
6. How often might customers buy it?
   
7. What type of packaging it could it have?
   
8. What may customers dislike about the product?
   
9. Who are the competitors?
   

forms.office.com

censusdata.uk

1. What information could you use to back up your choice of product price?

2. Who is the target audience for your product?

Market Segmentation

1. Demographics: age, race, religion, gender, family size, ethnicity, income, education level.
2. Geographic: location
3. Psychographic: attitudes, lifestyle and personality characteristics
   
4. Behavioural: spending, consumption, rate of usage, loyalty status, desired benefits.