Understanding Understanding customer needscustomer needs

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

Customer needsCustomer needsThere are really only three ways to start up a

successful business:do something really new that people wantdo something that already exists, but do it

betterdo something that already exists, but at a

lower costWhatever approach you take you need to

know the wants and desires of your customersmarket research is the key to finding out

the needs of your customers

What is market What is market research? research?

DefinitionThe process of gaining

information about customers, competitors and

market trends through collecting primary and

secondary data

DefinitionThe process of gaining

information about customers, competitors and

market trends through collecting primary and

secondary data

Task 1: What Task 1: What information?information? In your Project Teams, think about the product

you have decided to producewhat 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.

How to gather the dataHow to gather the dataThere are two types of market research you

could use to gather data

Primaryresearch

gathering new data which has not been

collected before

Primaryresearch

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

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

Types of dataTypes of dataThere 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

Task 3: Firefly TonicsTask 3: Firefly TonicsAs you watch the video, jot down answers to

the questions on your worksheet

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

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