Task 2 - Market Research

Task 1b

In this task students will be asked to refer back to the aims of the business from their introduction to Task 1a and consider how the skills and characteristics of the entrepreneurs help their selected business achieve it's aims. They must write about two skills and two characteristics and provide evidence of how the skill/characteristic has helped the business be successful, for example a quote from the entrepreneur, or a screenshot from the company website/a review site.

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ComputingUpper Secondary (Key Stage 4)BTEC

This lesson contains 103 slides, with interactive quizzes and text slides.

Lesson duration is: 50 min

Items in this lesson

Task 1b

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1. How many staff in a medium enterprise?
2. Describe the 'Flips' business model?
3. Name one financial aim of a business.

Slide 2 - Open question

Learning Objectives

Conquer - Understand the reasons why entrepreneurs start their own enterprise.

Aspire Higher - Examine the impact of the skills and characteristics of the entrepreneur in helping to support the aims of enterprises.

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Link to the coursework

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timer

0:20

Why might someone start a business?

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What is the impact of good time management on your success in school?

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1. Why would Rina set up her own business?
2. What skills will help her business be successful?

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How do Annie's skills/characteristics help her satisfy customers and make a profit?

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How do Abosede and Zhu's skills and characteristics compare for running a car garage?

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1. Name three potential aims of a business.
2. How many employees in a small business?
3. Define market research.

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Link to the coursework

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Your chosen business

Primary Research

Luxe - Booking system for reviews, Secret shopping on other salons, Observations of treatments

Lucky Duck - NPS Scores, Retrospectives and Talking to customers

JDF - Visiting customer sites and asking them what they want, Plumbers merchants, Surveys on Instagram

Kind Financial - Fact Finding Meeting, Calling other advisers, Reviews/Chats

Secondary Research

Luxe - Industry magazines, Professional Facebook groups

Lucky Duck - Internet searches on directory websites like clutch and Award sites and Business books

JDF - Internet Searches on Checkatrade and social media, Plumbers merchants brochures, Market Reports Checkatrade

Kind Financial - Competitor websites, Market reports (Twenty7tec and Nationwide), Mortgage Solutions

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Types of data

Quantitative Data - Is usually numerical data. Could be collected using closed questions, such as 'yes' or 'no' responses, multiple-choice options or a rating system.

Qualitative Data - All about opinions. Normally text based, the information cannot be counted easily using numbers.

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Types of Primary Research

Questionnaires and surveys
Visits and observations
Interviews and chats
Focus Groups

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Advantages of primary research

Up to date information.
The data is unique, only your business will have access to it.
Some data can be collected quickly, if certain methods such as opinion polls are used.
The information collected is specific to your business.

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Disadvantages of primary research

1. Can be time consuming to complete.

2. Can be expensive.

3. Can be hard to find people to take part in the research.

4. Can be hard to interpret qualitative data.

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Customer Needs

1. Price

2. Choice

3. Convenience

4. Quality

5. Status

6. Taste

7. Health

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