A03 - Research
1. Using PRIMARY research you need to collect and analyse the following information:
- Who is your target market?
- Who are the competition?
- Why to customers go to the competition?
- Promotional materials your target audience may read/watch/listen to?
- Price customers are willing to pay?
- How often will they purchase?
2. Using SECONDARY research you need to collect and analyse the following information:
- Strengths and weaknesses of your current competition
- What equipment/machinery competitors currently use?
- Different stages of production of competitors
- How is quality achieved by competitors?
- What are the expenses of a business like mine?
- Pricing grid analysing your competitors prices.
- Where can you obtain finance? How much will it cost?
- Employment/unemployment figures for area
- Average weekly wages
3. Marketing Tools/Planning
- Draw a SWOT and PEST analysis based on your research
- Draw an Ansoff, product life cycle and boston box illustrating your current competition.
4. Using all the data gathered above, prepare a report highlighting the key findings and summarising them under the following titles:
Marketing
Finance
Human Resources
Production
