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Planning and Conducting Market Research for a New Business Idea

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This assignment involves planning and carrying out primary and secondary market research to support the launch of a new business idea. It includes a clear explanation of the business concept, the purpose of the research, and the methods chosen (e.g., surveys, interviews, focus groups). The learner justifies the choice of data collection methods, explains how the data will help understand the target market, and shows how the research supports business planning. The research must be relevant, practical, and aligned with business goals.

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Unit 22
Assignment 1
Activity 1:....................................................................................................2
Section 1:....................................................................................................2
1.1 Primary research approaches:............................................................2
a) Questionnaires and surveys:.............................................................2
b) Taste testing and focus groups:.........................................................2
1.2 Secondary research methods:...............................................................3
a) Competitor profiling and SWOT analysis:.............................................3
b) Market data and industry reports:........................................................3
Conclusion:..................................................................................................3
Section 2: How market research affects business decision making............3
2.1 Enhancing consumer and trend insights............................................3
Market research helps the snack box business by:................................3
2.1 Real life examples:.............................................................................3
a) Graze.................................................................................................3
b) Snack.................................................................................................4
Section 3: Specialist Market Research Firms' Role.......................................4
3.1 specialised agencies and functions:...................................................4
a) Mintel.................................................................................................4
b) Ipsos..................................................................................................4
c) Kantar................................................................................................4
3.2 Why use specialist agencies:..............................................................4
Specialist agencies:...............................................................................4
Conclusion:..................................................................................................5
Activity 2:....................................................................................................5
Section 1: Secondary research report.......................................................5
Summary:....................................................................................................5
Section 2: Primary research plan..............................................................6
Section 3: Full Research Implementation..................................................7
Reflection and Evaluation.......................................................................10
Effectiveness of Research Plan and Execution.....................................10

1

, Pilot Research Influence.......................................................................10
Recommendations for Future Research...............................................10




Introduction:




Activity 1:

Section 1:
1.1 Primary research approaches:
a) Questionnaires and surveys:
Online surveys allow Snack-Box to ask prospective clients for their
favourite snacks, dietary needs (e.g. vegan, gluten-free), anticipated
prices and delivery preferences.

Example: Google form survey on Instagram asking followers to respond
with their favourite snacks that they would want to discover in the box.
b) Taste testing and focus groups:
Getting a small panel to taste a series of snack pairings and provide
feedback which refines the final product on launch day.

Example: A one-time sampling event where people get a taste of three
different snack box samples and vote for their favourite one.




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