Unit 10 Market Research in Business LearnMarketing

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Unit content, 1 Understand the main types of market research used to make marketing decisions. Primary research observation experimentation surveys eg face to face postal email telephone e marketing. research focus groups panels field trials piloting appropriateness of each method eg fitness for purpose. cost accuracy time validity response rate, Secondary research internal sources eg data records loyalty schemes EPOS electronic point of sale. website monitoring e transactions accounting records production information sales figures sales. personnel Delphi technique external sources eg internet Government statistics libraries universities. company reports specialist agencies eg Mintel Datastream Dun Bradstreet trade journals criteria for. selection eg checking of validity use of ICT applications eg storing organising retrieving and reporting data. Qualitative and quantitative research importance and use of each triangulation. Marketing strategies and activities eg strategic technical databank continuous ad hoc research. 2 Be able to plan research, Stages brief defining the issue setting objectives planning data to be collected eg methods of collection. who is to collect it timings types of data eg internal external secondary primary target population. Research stages proposal brief defining objectives planning forecasting collection of data analysis and. evaluation of data presentation of findings making recommendations re evaluation of marketing activities. Purpose of research objectives understand customer behaviour buying patterns preferences satisfaction. sales trends brand awareness advertising awareness product development success new product. opportunities changes in the market emergence of new markets PESTLE political economic social. technological legal environmental competitor activities. 3 Be able to carry out research, Census versus sample sample size choosing the sample probability sampling eg random systematic. random stratified random multi stage cluster non probability eg quota convenience observation. focus group judgement implications of different samples cost and accuracy of information. Questionnaire design questions to be asked types of questions eg sequencing dichotomous multiple. choice scaled open ended length of questionnaire bias relevance response pilot stage. Survey design objectives eg of what where when how difference between survey and questionnaire. 4 Be able to interpret research findings, Statistical procedures arithmetic mean median mode range inter quartile range scatter diagrams.
times series trends use of spreadsheets for analysis. Presentation of findings oral reports written reports eg formal informal visual aids eg computer graphics. graphs charts presentation of conclusions and recommendations audience effectiveness quality of. information facilities, Diagrammatic analysis and presentation pictograms pie charts bar charts frequency curves histograms. line graphs scattergrams appropriate use of techniques interpretation of results. Limitations of research excess of information through customer databases problems of e business. feedback overload reliability of sample accuracy bias subjectivity. Edexcel BTEC Level 3 Nationals specification in Business. 2 Issue 2 June 2010 Edexcel Limited 2010,Assessment and grading criteria. In order to pass this unit the evidence that the learner presents for assessment needs to demonstrate that. they can meet all the learning outcomes for the unit The assessment criteria for a pass grade describe the. level of achievement required to pass this unit,Assessment and grading criteria. To achieve a pass grade the To achieve a merit grade the To achieve a distinction grade. evidence must show that the evidence must show that in the evidence must show that. learner is able to addition to the pass criteria in addition to the pass and. the learner is able to merit criteria the learner is. P1 describe types of market,P2 explain how different market. research methods have been,used to make a marketing.
decision within a selected,situation or business, P3 plan market research for M1 explain with examples how D1 evaluate the market research. a selected product service different market research method used by a selected. using appropriate methods methods are appropriate organisation. of data collection to assist different marketing,CT SM situations. P4 conduct primary and M2 explain the reasons for D2 evaluate the findings from. secondary research for a choosing the particular the research undertaken. selected product service method of data collection for. making use of identifiable a selected product service. sampling techniques, P5 interpret findings from the M3 analyse the research findings. research presenting them and make recommendations, clearly in an appropriate on how marketing strategies. format could be adapted or,RL TW implemented, PLTS This summary references where applicable in the square brackets the elements of the personal.
learning and thinking skills applicable in the pass criteria It identifies opportunities for learners to demonstrate. effective application of the referenced elements of the skills. Key IE independent enquirers RL reflective learners SM self managers. CT creative thinkers TW team workers EP effective participators. Edexcel BTEC Level 3 Nationals specification in Business. Issue 2 June 2010 Edexcel Limited 2010,Essential guidance for tutors. This unit builds on and extends learners knowledge and understanding of the market research process from. original brief to presenting of findings Learning outcome 1 allows learners to establish what market research. is about how to categorise research data and activities primary secondary quantitative qualitative and ways. of gathering data, Learning outcome1 links to the aims and objectives within a selected organisation It is vital from the outset. that learners can differentiate between bona fide market research and salespeople who purport to be. researching the market in order to sell their product This unit involves tutor led delivery which will focus. on the reasons for market research and how this is ongoing and integral to the success of a business This. will lead on to more learner centred activities Learners will need to understand concepts such as. strategic research knowledge needed to guide decisions which are likely to have long term implications. tactical research eg specific actions of competitors or adjustments in prices. databank research incorporating and updating all relevant market information. Learning outcome 2 develops the learning outcome 1 with the planning of research An exercise could look. at the differences between primary and secondary research the main research methods the advantages and. disadvantages of each how appropriate they are and whether they produce mainly quantitative or qualitative. data It is important that learners have access to paper based and internet based sources of secondary. information such as company reports economic trends consumer trends and census data The Bized. and Office for National Statistics websites are very useful here. The importance of information and communications technology for collecting and analysing information should. be emphasised A mind mapping exercise relating to market research objectives would encourage learner. interaction particularly with regard to local national or global companies and products familiar to learners. In learning outcome 3 questionnaire design could offer opportunities for active learning such as using a brief. to find out the lifestyle of a particular market group By designing questionnaires in pairs and then using. the snowball method learners can gain constructive criticism from their peers and come up with a group. questionnaire to pilot This can then be used for learning outcome 4. Learners personal experiences of using the internet can be used to demonstrate how important data. is that can obtained from competitors websites for example their products or promotions from their. own customers buying patterns and customer comments on products for example www thetrainline com. www tesco com www goski com It is also important to recognise the danger of drowning in data Learners. need to be aware that selecting appropriate data is more important than volume. Learners may need support with the statistical procedures required for learning outcome 4 The learning. outcome links well with Functional Skill requirements and learners should be encouraged to use statistical. techniques in the context of market research so that they do not perceive it as number crunching Learners. should understand manual collation and the use of spreadsheets by using software such as Microsoft Excel. The analysis of the questionnaire from learning outcome 3 will personalise the exercise. Analysis of learners own questionnaires may be useful as the limitations of their own research can be used in. discussion to identify an organisation s possible limitations Producing individual reports can allow learners to. benefit from constructive criticism from their peers and see how they could improve their assessed assignment. Edexcel BTEC Level 3 Nationals specification in Business. 4 Issue 2 June 2010 Edexcel Limited 2010,Outline learning plan. The outline learning plan has been included in this unit as guidance and can be used in conjunction with the. programme of suggested assignments, The outline learning plan demonstrates one way in planning the delivery and assessment of this unit. Topic and suggested assignments activities and assessment. Introduction to the unit and the programme of learning. Substantiate understanding of types of research findings. Formal input, Group discussion about selected businesses or products.
Online research about current situation of product service business. Assignment 1 Setting the Scene,Plan research campaign. Carry out research,Group work,Produce and analyse results. Visits and speakers to from businesses,Assignment 2 Trailblazer. Input on interpretation of results,Research and group work. Assignment 3 They Think it s All Over,Assignment completion with review and feedback.
Supervised assignment work, Non supervised study time and completion of assignments. Assessment, For P1 learners should describe the different types of market research For P2 they should explain how. these have been used to make a marketing decision in a given situation for example as applied to the. market development of a selected product or service They will need to understand how both quantitative. and qualitative data complement each other For P3 learners need to choose an appropriate method of. data collection and plan research for a selected product or service P4 requires learners to conduct both. primary and secondary research making use of an identifiable sampling method For M1 and M2 the skills. demonstrated in P1 P2 and P3 may be brought together as learners analyse the effectiveness of the research. including appropriate data collection and sampling methods. P5 requires learners to interpret findings from their own research and to present them verbally diagrammatically. graphically or in writing Diagrams could be of established models such as the Boston or Ansoff matrices For. M3 learners should analyse their own research findings drawing conclusions and making recommendations. as to how marketing strategies should be adapted to accommodate research findings Work for D1 and D2. should draw together work from M1 M2 and M3 as learners evaluate the application of selected research. methods and make recommendations for improving in research methodology based on their findings In this. respect learners are refining their strategies for market research as well as the marketing strategies themselves. Edexcel BTEC Level 3 Nationals specification in Business. Issue 2 June 2010 Edexcel Limited 2010,Programme of suggested assignments. The table below shows a programme of suggested assignments that cover the pass merit and distinction. criteria in the assessment and grading grid This is for guidance and it is recommended that centres either. write their own assignments or adapt any Edexcel assignments to meet local needs and resources. Criteria covered Assignment title Scenario Assessment method. P1 M1 Setting the Scene The school college is looking User manual. for a step by step guide to the,terminology and use of types of. market research, P2 P3 P4 M2 Trailblazer State of the Art thinks there Questionnaires.
M3 D2 is a market for a re sealable,Verbal presentations supported. plastic drinks container to,by slideshow handouts,replace cans It wants a thorough. investigation into the viability of Numerical and graphical images. the product before proceeding to justify judgements. to production pricing and A marketing plan, D1 They Think it s All The finance department has a Formal report to the finance. Over different view and wants a report department,outlining the lessons learned. from the research, Links to National Occupational Standards other BTEC units other BTEC.
qualifications and other relevant units and qualifications. This unit forms part of the BTEC Business sector suite This unit has particular links with the following unit. titles in the Business suite,Level 2 Level 3,Business Online Introduction to Marketing. strategic research knowledge needed to guide decisions which are likely to have long term implications tactical research eg specific actions of competitors or adjustments in prices databank research incorporating and updating all relevant market information Learning outcome 2 develops the learning outcome 1 with the planning of research An

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