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A. Understand the main types of market research used to make marketing decisions

Qualification BTEC level 3 National Extended Diploma in Business

Unit or Component number and title: Unit 10 – Market Research in Business

Learning aim(s) (For NQF/RQF only)

A. Understand the main types of market research used to make marketing decisions

B. Be able to plan research

C. Be able to carry out research

D. Be able to interpret research findings

Assignment title: Market Research in Business

Vocational Scenario or Context

You work in a marketing department for leading firm in technology filed as a researcher. The top management sent you a request as it is planning to introduce a new technology in town (Muscat). The new technology is home automation system. As a research specialist, your manager sent you a request to do the research on behalf of the company and show the results to help making the right decision.

Task 1

The first task you are going to do is to describe types of market research. You will Identify the main types of market research – primary/secondary, and qualitative/quantitative. Then, you will give examples of each type and briefly outline the benefits of using them. Then, you will provide examples of ways in which market research methods -choose any three methods- could be used to identify the target market, what customers are looking for and whether demand would be sufficient. Justify the use of each method in terms of the sorts of results that it could provide.

Unit/Criteria

reference To achieve the criteria, you must show that you are able to:

P1. A describe types of market research

M1. A explain, with examples, how different market research methods are appropriate to assist different marketing situations

Task 2

You are going to give three examples of research methods that could be implemented in this research paper. Then, explain why and how these methods of market research would be helpful in identifying whether there would be a market for the home automation system in town.

You must explain in detail the proposed system; what is it? What are its features? Benefits? Price? Etc.

Checklist of evidence required  Written Report

Criteria covered by this task:

Unit/Criteria reference

To achieve the criteria you must show that you are able to:

P2. A explain how different market research methods have been used to make a marketing decision within a selected situation or business

Task 3

You are going to set out stages of planning the market research for the home automation system. The plan should be clear using clear heading of each stage. You should choose three main methods – primary & secondary- that you are going to implement for this research and clarify them in the stages.

Make sure that you explain clearly why the methods you have chosen are likely to produce valid data, explain how the methods complement each other for the home automation system and are likely to provide additional insight into the research topic.

Checklist of evidence required  Marketing Plan

Criteria covered by this task

Unit/Criteria reference

To achieve the criteria you must show that you are able to:

P3. B plan market research for a selected product/service using appropriate methods of data collection

M2. B explain the reasons for choosing the particular method of data collection for a selected product/service

Task 4

You are going to employ the (three) research methods that you justified in your earlier plan (task 3). You may want to adjust these as a result of any pilot research that you carry out. Make sure that you carry out the research in a systematic way.

Then, you will explain what are the sampling methods that you are going to use for the research. It is very important that you clarify why you chose the sample and the effect that this has on enabling you to produce reliable results that are representative of the target population.

Checklist of evidence required  Written Report

Criteria covered by this task:

Unit/Criteria reference

To achieve the criteria you must show that you are able to:

P4. C conduct primary and secondary research for a selected product/service making use of identifiable sampling techniques

Task 5

You will make sure that you have clear visual aids that clearly demonstrate appropriate use of graphical techniques and sampling methods. You need to focus on key aspects of the data that you generated from your research. Structure it in an appropriate way and explain what it means.

Use charts and diagrams to illustrate the key points.

Your supporting written report should demonstrate ways in which

the analysis of your data backs up the recommendations that you are making for the organization researched to improve its marketing strategies, including elements of the marketing mix.

Checklist of evidence required  Numerical and graphical images to justify judgments

Criteria covered by this task:

Unit/Criteria

reference                  To achieve the criteria you must show that you are able to:

interpret findings from the research presenting them clearly in an appropriate

P5. D

format

M3. D                        analyse the research findings and make recommendations on how marketing strategies could be adapted or implemented

Task 6

Lastly, You have to compare the research methods that you have used for your research with those used by a specific organization. this could be an organization that has been covered as a case study

in your taught sessions, one that you have read about in a marketing journal such as Marketing, or one that you have researched on the Internet.

You will make it clear how your findings provide supporting evidence for the recommendations and conclusions that you have drawn from your research. Then, you will make it clear what the strengths and

weaknesses of your research methods, data collection and analysis have been, and what improvements you would make if you were to conduct the research again.

Checklist of evidence required  Written report

Criteria covered by this task

Unit/Criteria reference

D1

To achieve the criteria you must show that you are able to:

evaluate the market research method used by a selected organisation

D2 evaluate the findings from the research undertaken

Sources of information to support you with this Assignment

Sources of information

TEXTBOOKS:

BTEC Business Level 3 Handout (Unit 10 portion) Handout PowerPoints

WEBSITES

https://scientect.com/uncategorized/591674/diy-home- automation-systems-market-overview-dynamics-segments- size-and-scope-by-2026-impact-of-covid-19-pandemic/

Other assessment materials attached to this Assignment Brief


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