Market research is the process of determining the viability of a new service or product through research conducted directly with potential customers.
Market research allows a company to discover the target market and get opinions and other feedback from consumers about their interest in the product or service.
There are four key types of research a business can use….
Immediate first hand accounts of information
This is information you have conducted before anyone else
Second hand information that pre-existed
This is information that someone else has already collected
- Focus Groups
- 1:1 Interviews
Helps you gain more emotive feedback
- Data Collection
Helps you gather more numerical data and statistics
Your Go! Carry Out Your Own Market Research
You now have the opportunity to undertake your own mini market research activity. This can be qualitative or quantitative. You’ll have 10 minutes to design your questionnaire or qualitative activity, 15 mins to carry it out and 5 mins to briefly look over the results. If your target demographic is not represented in the college, you can undertake online research on pre-existing data. Once complete, submit a summary of your findings below and keep hold of the raw data collected – you should use this in your final pitch presentation.
Pick Your Legal Structure
Choosing the right legal structure is a necessary part of running a business. Whether you’re just starting out, or your business is growing, it’s important to understand the options.
It is also often called a ‘business ownership structure’ or ‘business form’.
The main types are:
- sole trader
- limited company
- business partnership
As part of this session, you’ll evaluate the benefits and drawbacks of each of the three main legal structures. Having evaluated the options, decide in your teams which legal structure your business would use, and submit your answer and reasons why below!