BTEC level 3 Diploma in Business Name: Daniil Chernat
Unit number: Unit 10 Unit ttle: Market research in business
D2: Evaluate the fndings from the research undertaken.
All business may have to conduct primary and secondary research in order to identiy new markets ior
new products. This iniormaton collected can be quite valuable as it outlines the potental ior new
business. There can be constrains in conducing primary and secondary research.
Limitaton oi research
Constrains oi research can include the costs. This process can be very expensive, especially ii it involves
primary research. In additon to that, primary research can take long tme to complete and this means
by the tme you receive the fnal analyzis the data might be out oi date. The research that I conducted
was based on primary and secondary research. The primary research was a questonnaire and the
secondary research was based on using the internet. Both oi these pieces oi research didn’t cost me
anything, as the internet connecton at OTC is iree ior students and the questonnaires were also printed
ior iree at OTC.
Time constraining
Generally, organizatons will take a long tme to conduct and create a detailed analyzis oi the research
plan. The reason ior that is because it is important to receive the right results within the set amount oi
tme in order to make the research reliable and as accurate as possible. The research that I conducted
was limited to three weeks. That included planning, carrying out the research and making a iull analyzis.
I think the fnal results might not be accurate, as the primary research was limited in tme and I didn’t
have enough tme ior detailed secondary research.
Reliability oi the data
It is very important to cover all oi the target market when arranging a research sample. The reason ior
that is because the sample should be representatve oi the populaton. In the case oi my research, the
majority oi my respondents were Chinese students. Although this was a useiul sample, it was not
representatve oi the iull target market ior the AoAo business. Thereiore, the data might be unreliable
and inaccurate. This would not be good ior my business planning, as the data is limited.
Bias
Ii there is bias in the design oi the market research, then the outcomes might not be reliable/robust.
The bias in this research about the AoAo business was mainly to do with how the questons within the
questonnaire were structured and the sample group. As I didn’t have that much tme to conduct
primary and secondary research, I could not make my questonnaire as afectve as necessary. In
additon to that, the best thing ior me to do in iuture would be to ask people irom outside oi the college
to take part in the research.
Recommendatons
My recommendatons would be ior conductng beter research (primary and secondary) beiore opening
a new business and I would also recommend the conductng oi research on my compettors in order to
identiy how to become successiul in this market.
It is uncertain whether or not I should change my marking mix based on this research. The reason ior
that is because this research was inaccurate and it dint make me ieel confdent about how to open the
new business.
Unit number: Unit 10 Unit ttle: Market research in business
D2: Evaluate the fndings from the research undertaken.
All business may have to conduct primary and secondary research in order to identiy new markets ior
new products. This iniormaton collected can be quite valuable as it outlines the potental ior new
business. There can be constrains in conducing primary and secondary research.
Limitaton oi research
Constrains oi research can include the costs. This process can be very expensive, especially ii it involves
primary research. In additon to that, primary research can take long tme to complete and this means
by the tme you receive the fnal analyzis the data might be out oi date. The research that I conducted
was based on primary and secondary research. The primary research was a questonnaire and the
secondary research was based on using the internet. Both oi these pieces oi research didn’t cost me
anything, as the internet connecton at OTC is iree ior students and the questonnaires were also printed
ior iree at OTC.
Time constraining
Generally, organizatons will take a long tme to conduct and create a detailed analyzis oi the research
plan. The reason ior that is because it is important to receive the right results within the set amount oi
tme in order to make the research reliable and as accurate as possible. The research that I conducted
was limited to three weeks. That included planning, carrying out the research and making a iull analyzis.
I think the fnal results might not be accurate, as the primary research was limited in tme and I didn’t
have enough tme ior detailed secondary research.
Reliability oi the data
It is very important to cover all oi the target market when arranging a research sample. The reason ior
that is because the sample should be representatve oi the populaton. In the case oi my research, the
majority oi my respondents were Chinese students. Although this was a useiul sample, it was not
representatve oi the iull target market ior the AoAo business. Thereiore, the data might be unreliable
and inaccurate. This would not be good ior my business planning, as the data is limited.
Bias
Ii there is bias in the design oi the market research, then the outcomes might not be reliable/robust.
The bias in this research about the AoAo business was mainly to do with how the questons within the
questonnaire were structured and the sample group. As I didn’t have that much tme to conduct
primary and secondary research, I could not make my questonnaire as afectve as necessary. In
additon to that, the best thing ior me to do in iuture would be to ask people irom outside oi the college
to take part in the research.
Recommendatons
My recommendatons would be ior conductng beter research (primary and secondary) beiore opening
a new business and I would also recommend the conductng oi research on my compettors in order to
identiy how to become successiul in this market.
It is uncertain whether or not I should change my marking mix based on this research. The reason ior
that is because this research was inaccurate and it dint make me ieel confdent about how to open the
new business.
