MARKET RESEARCH IN
ACTION
Unit 22 Assignment 2
, Unit 22 Assignment 2
Contents
Introduction.................................................................................................................................. 2
Market Research Objectives........................................................................................................2
Secondary Market Research – Objective 1..................................................................................4
Secondary Market Research – Objective 2..................................................................................5
Secondary Market Research – Objective 3..................................................................................6
What data needs to be collected?................................................................................................7
Research Methods....................................................................................................................... 8
Budget for Market Research........................................................................................................9
Pilot Research........................................................................................................................... 10
Sampling Methods..................................................................................................................... 10
Questionnaire............................................................................................................................ 12
Questionnaire Results................................................................................................................ 14
Pilot Questionnaire..................................................................................................................... 16
Analysis of Secondary Research...............................................................................................17
Method 1: Competitor’s Data..................................................................................................17
Limitations and Recommendations for improvement.................................................................19
References................................................................................................................................ 21
Introduction................................................................................................................................ 3
Market Research Objectives.....................................................................................................3
Secondary Market Research – Objective 1..............................................................................5
Secondary Market Research – Objective 2..............................................................................6
Secondary Market Research – Objective 3..............................................................................7
What data needs to be collected?............................................................................................8
Research Methods..................................................................................................................... 8
Budget for Market Research...................................................................................................10
Pilot Research.......................................................................................................................... 10
Sampling Methods................................................................................................................... 11
Questionnaire........................................................................................................................... 13
Questionnaire Results............................................................................................................. 15
Pilot Questionnaire.................................................................................................................. 17
1
, Unit 22 Assignment 2
Analysis of Secondary Research...........................................................................................18
Method 1: Competitor’s Data..................................................................................................18
Method 2: Company Website.................................................................................................18
Limitations and Recommendations for improvement..........................................................20
References............................................................................................................................... 22
Introduction
Starting up a brand-new mobile coffee business comes with many opportunities, as well
as many challenges. Like any other business model, you will have to overcome
challenges to become successful.
The startup factors that you will need to consider are things like appliances, supplies,
permits, vehicle, insurance, advertising, counters, the paint job of the vehicle and many
more as well. You will need to research each of these factors as they will be needed for
the beginning of a brand-new mobile coffee business. The minimal startup budget for
this kind of business is around £5000-£10000, which will be used for both market
research and paying for supplies and insurance payments. This is a good budget as it is
not too much for the business to be spending at first as if the business idea fails then
not a lot of money is lost, but also it is not too little as if you need money to pay for your
vehicle, for example, you need to make sure you are not running short in payments, so
you do not end up in debts and taking out loans.
Market Research Objectives
Regarding market research, you will need to research conduct research on the nearby
coffee businesses to see how well they are doing as well as their strategies and how
much they are selling their products for, as well as assessing the public and researching
how many nearby residents buy a coffee. To do this, you will need a variety of market
2
ACTION
Unit 22 Assignment 2
, Unit 22 Assignment 2
Contents
Introduction.................................................................................................................................. 2
Market Research Objectives........................................................................................................2
Secondary Market Research – Objective 1..................................................................................4
Secondary Market Research – Objective 2..................................................................................5
Secondary Market Research – Objective 3..................................................................................6
What data needs to be collected?................................................................................................7
Research Methods....................................................................................................................... 8
Budget for Market Research........................................................................................................9
Pilot Research........................................................................................................................... 10
Sampling Methods..................................................................................................................... 10
Questionnaire............................................................................................................................ 12
Questionnaire Results................................................................................................................ 14
Pilot Questionnaire..................................................................................................................... 16
Analysis of Secondary Research...............................................................................................17
Method 1: Competitor’s Data..................................................................................................17
Limitations and Recommendations for improvement.................................................................19
References................................................................................................................................ 21
Introduction................................................................................................................................ 3
Market Research Objectives.....................................................................................................3
Secondary Market Research – Objective 1..............................................................................5
Secondary Market Research – Objective 2..............................................................................6
Secondary Market Research – Objective 3..............................................................................7
What data needs to be collected?............................................................................................8
Research Methods..................................................................................................................... 8
Budget for Market Research...................................................................................................10
Pilot Research.......................................................................................................................... 10
Sampling Methods................................................................................................................... 11
Questionnaire........................................................................................................................... 13
Questionnaire Results............................................................................................................. 15
Pilot Questionnaire.................................................................................................................. 17
1
, Unit 22 Assignment 2
Analysis of Secondary Research...........................................................................................18
Method 1: Competitor’s Data..................................................................................................18
Method 2: Company Website.................................................................................................18
Limitations and Recommendations for improvement..........................................................20
References............................................................................................................................... 22
Introduction
Starting up a brand-new mobile coffee business comes with many opportunities, as well
as many challenges. Like any other business model, you will have to overcome
challenges to become successful.
The startup factors that you will need to consider are things like appliances, supplies,
permits, vehicle, insurance, advertising, counters, the paint job of the vehicle and many
more as well. You will need to research each of these factors as they will be needed for
the beginning of a brand-new mobile coffee business. The minimal startup budget for
this kind of business is around £5000-£10000, which will be used for both market
research and paying for supplies and insurance payments. This is a good budget as it is
not too much for the business to be spending at first as if the business idea fails then
not a lot of money is lost, but also it is not too little as if you need money to pay for your
vehicle, for example, you need to make sure you are not running short in payments, so
you do not end up in debts and taking out loans.
Market Research Objectives
Regarding market research, you will need to research conduct research on the nearby
coffee businesses to see how well they are doing as well as their strategies and how
much they are selling their products for, as well as assessing the public and researching
how many nearby residents buy a coffee. To do this, you will need a variety of market
2
