IGCSE Business Chp. 42 Keywords – Market research, primary / secondary research, quantitative /...

IGCSE Business Chp. 42

Keywords – Market research, primary / secondary research, quantitative / qualitative research, sample

• Class : Y10

• Lesson Topic: Marketing

• Scheme of Work: Market Research

Lesson Objectives P&DPlanning and

ALL (KNOWLEDGE) Describe a market and the different aspects of market research

MOST (ANALYSIS) • Analyse a market research techniques

• SOME (EVALUATION ) • Evaluate the usefulness of market research to the success of a business.

Higher thinking

Skills

By end of lesson you will Climb the LadderA-A* (8-12m) 8+ connectives & key words

C-B (5-7 m) 5+ connectives & key words

E-D (2-4m) 2 + connectives & key words

ATDApply to

demonstrate

• Key Words;

• Before we start can you find these definitions in your textbook

• Market research• Primary research• Secondary research• Desk research• Field research• Questionnaire • Sample

CONNECTIVES for AnalysisCONNECTIVES for ApplicationCONNECTIVES for Evaluation

COMPARINGEqually…As with…Like…In the same way…Similarly…Even so…Likewise…CAUSE & EFFECT

Consequently… Due to…As a result… Therefore..Because of… Because…

CONCLUDINGFirstly… After…Secondly… Before…Overall… I believe…Finally… I think …In conclusion… it depends…To conclude… short term…Meanwhile… Long term…

CONTRASTINGAlthough… Except…Moreover… If…However… Yet…Apart from… Unless…Despite… As long as…

EMPHASISINGMost importantly…Significantly…Notably…Especially…Above all…In particular…Indeed…

QUALIFYINGDespite… Yet…As long as… Unless…Apart from… If…Moreover… Except…However… Although…

ADDINGIn addition… And…Too… Also…Additionally… As well as…Furthermore…

ILLUSTRATINGFor instance… Such as…In the case of… So…For example…As revealed by…As illustrated by…

The Marketing Mix • The key elements of a firm’s marketing strategy. Known as the

• What do you think comes under each P?

Marketing Mix

Prepare for Learning – 5mins PfL

What data would a supermarket like to know about their customers and what they buy?

Market Research • Process of collecting and analysing data about the market;

FIND OUT… • Customer wants• Pricing / Promotions • Times of purchases• Segmentation • Location

Primary v. Secondary Research Primary researchCollected by business, original data.

Secondary researchCollected someone else, second hand data.

Primary Research methods • Questionnaires or surveys (open/closed) – Online, phone,

direct.

• Interview – Ask questions from potential customers

• Focus group – Ask questions from group of people

• Test marketing – soft launch product in restricted area.

• Sampling (Random) – Select a portion of the market as a representation. Can’t ask everyone!

Primary research Questionnaire

• Open questions mostly give more QUALITATIVE DATA

• Closed questions give QUANTITATIVE answers

• Create 2 questions of each about school.

Secondary market research • Business websites (Published accounts) – Competitors website

• Government agencies (Environment agency)– Department for Business

• Media organizations (newspapers)– Financial Times

Qualitative v. Quantitative data

• Factual information and number analysis is called quantitative data

• Information collected about opinions and views is called qualitative data

Market research Evaluation

• Limitations

–Biased websites–Misinformation –Customers

unpredictable–Market changes

• Depends on –Costs –Effective questioning–Good sample?–How data is used.

Writing a questionnaire• You work as a Market Researcher for Qatar Tourism• They want to know who the tourists are• They want to know about peoples holiday habits• They want to know how Qatar can be improved for tourists• Write a questionnaire which will give them suitable information to help with this• It must include open and closed questions• There must be a minimum of 15 questions