*Timestamps 📍* 0:25 - The Purpose of Market Research 1:30 - Identifying Customer Needs 3:22 - Identifying Gaps In The Market 5:09 - Reducing Risk 6:26 - Making Better Business Decisions
Great video, students are always engaged and curious to find out more after watching these - where do I find your video on primary and secondary research methods? I was hoping to use this as revision with our Yr.11's keep up the good work (teaching Cambridge National Enterprise and Marketing as an NQT after a 20 year career in Fashion Retail)
Thankyou Alison, really appreciate you saying so. The video based on Primary Market Research has just been uploaded, here's the link: ruclips.net/video/bpIrEiKjnyE/видео.html. The Secondary Market Research video is currently being created and should be uploaded in 2 weeks time. Hope that helps, Alex.
Absolutely does Maryam, knowing who your competitors are will help you with the other core purposes such as reducing risk and making better business decisions.
Primary research and secondary research are two different approaches to gathering information and conducting research. Here's a summary of each: Primary Research: Primary research involves the collection of new data directly from original sources. It is conducted with the purpose of addressing specific research objectives or questions. Some common methods of primary research include surveys, interviews, observations, and experiments. Primary research allows researchers to obtain firsthand information tailored to their specific needs. It can be time-consuming and may require resources to gather and analyze data, but it provides fresh insights and a more personalized understanding of the research topic. Secondary Research: Secondary research involves the use of existing data and information that has already been collected by someone else. This data can be found in various sources such as books, research papers, government reports, industry publications, online databases, and other publicly available information. Researchers analyze and interpret this existing data to gain insights, draw conclusions, or support their own research objectives. Secondary research is often quicker and more cost-effective compared to primary research, but it may be limited by the availability and quality of existing data. 👍
Brilliant - thank you for the videos and activity sheets - just brings a different level of interest to the lesson.
You're very welcome! That's great to hear, really appreciate you saying so.
Thank you what a great video, this is very much interesting and engaging for my level 3 btec students! Fantastic resource.
Thank you 🙏🏻 really glad it helped your students 😄
*Timestamps 📍*
0:25 - The Purpose of Market Research
1:30 - Identifying Customer Needs
3:22 - Identifying Gaps In The Market
5:09 - Reducing Risk
6:26 - Making Better Business Decisions
Thank you Adrian, I'm sure this will be very useful for our viewers. Much appreciated.
Great video, students are always engaged and curious to find out more after watching these - where do I find your video on primary and secondary research methods? I was hoping to use this as revision with our Yr.11's keep up the good work (teaching Cambridge National Enterprise and Marketing as an NQT after a 20 year career in Fashion Retail)
Thankyou Alison, really appreciate you saying so. The video based on Primary Market Research has just been uploaded, here's the link: ruclips.net/video/bpIrEiKjnyE/видео.html. The Secondary Market Research video is currently being created and should be uploaded in 2 weeks time. Hope that helps, Alex.
this is so much help through gcse thank you
Really glad we could help and best of luck with your GCSE 👍
thank you for your informative vidseo
Glad it helped 👍
thank you for this! watched this video for gcse business (:
Best of luck with your GCSE’s 👍
How did they go?
@hamzahali5229 could've went a lot better tbh, I stressed out a lot so I couldn't focus too well but I managed to get a 5 !!
What is Viability in the market plan?
Viability refers to the likelihood that a product, service, or business model will be successful and profitable in a specific market.
market research helps us to identify our competitors as well.
Absolutely does Maryam, knowing who your competitors are will help you with the other core purposes such as reducing risk and making better business decisions.
ok but what is the primary and secondary market?
👌👌👌👌👎👍👍👍👍☝☝☝
Primary research and secondary research are two different approaches to gathering information and conducting research. Here's a summary of each:
Primary Research:
Primary research involves the collection of new data directly from original sources. It is conducted with the purpose of addressing specific research objectives or questions. Some common methods of primary research include surveys, interviews, observations, and experiments. Primary research allows researchers to obtain firsthand information tailored to their specific needs. It can be time-consuming and may require resources to gather and analyze data, but it provides fresh insights and a more personalized understanding of the research topic.
Secondary Research:
Secondary research involves the use of existing data and information that has already been collected by someone else. This data can be found in various sources such as books, research papers, government reports, industry publications, online databases, and other publicly available information. Researchers analyze and interpret this existing data to gain insights, draw conclusions, or support their own research objectives. Secondary research is often quicker and more cost-effective compared to primary research, but it may be limited by the availability and quality of existing data.
👍
Thanks
You are welcome 👍
Fire viz
Thanks Mr Sparks 👍
hi oscar
Hiiii zlata
Hi 👋