Understanding customer needs
- 2. Learning objectives understand that customer needs are central to starting a business understand how to collect and interpret primary and secondary market research understand the difference between qualitative and quantitative market research understand the value of market knowledge through direct customer contact
- 3. Customer needsCustomer needs There are really only three ways to start up a successful business: do something really new that people want do something that already exists, but do it better do something that already exists, but at a lower cost Whatever approach you take you need to know the wants and desires of your customers market research is the key to finding out the needs of your customers
- 4. What is market research?What is market research? Definition The process of gaining information about customers, competitors and market trends through collecting primary and secondary data Definition The process of gaining information about customers, competitors and market trends through collecting primary and secondary data
- 5. Task 1: What information?Task 1: What information? In your Project Teams, think about the product you have decided to produce what information would you need to make it a success? what type of thinking are you going to use? Record your ideas in the box on your worksheet and be prepared to feedback your ideas to the rest of the class.
- 6. How to gather the dataHow to gather the data There are two types of market research you could use to gather data Primary research gathering new data which has not been collected before Primary research gathering new data which has not been collected before Secondary research gathering data that already exists and has not been specifically collected for your use Secondary research gathering data that already exists and has not been specifically collected for your use
- 7. Task 2: What’s what?Task 2: What’s what? On your worksheet, decide whether each of the forms of market research listed is an example of primary or secondary market research in the table mark each method of market research P for primary or S for secondary
- 8. Types of dataTypes of data There are two types of data that can be collected from market research Quantitative data Data that can be expressed as numbers and analysed statistically Quantitative data Data that can be expressed as numbers and analysed statistically Qualitative data Information about opinions, judgements and attitudes Qualitative data Information about opinions, judgements and attitudes
- 9. Task 3: Firefly TonicsTask 3: Firefly Tonics As you watch the video, jot down answers to the questions on your worksheet
- 10. Before we move on to design a questionnaire which you can use to conduct market research for your product you need to check your understanding of the topic of market research Use the exam multiple choice questions in your worksheet to check that you have understood what we have introduced It’s OK to use your notes! Task 4: exam practiceTask 4: exam practice
- 11. Complete the extended writing task about Grace and Peter Fletcher by answering Questions 1 – 3. make good use of the technique tips provided and that your answers are fully EXPLAINED. HomeworkHomework