Unit 27-L.O.3 Use primary and secondary data to identify market potential

Course – Pearson BTEC Levels 4 and 5 Higher Nationals Diploma in Business

There are two common strategies that can help to identify market potential.

The first is an exploratory approach. For example, this might include conducting a “postal code survey.”

The second is the use of secondary data in order to analyze how competitive an industry is and the possible effect on revenue.

Using both primary and secondary data will result in more accurate predictions as it offers practitioners the opportunity to audit several perspectives of a given industry before committing monetary resources into such industries’.

This guarantees that you do not waste time and money investing in certain fields if they are unprofitable or unlikely markets for success. However, it’s important to note that examining these facets of a field should be done with caution as there may be external factors that play a major role in the overall success of a given industry, which can be misleading if not analyzed thoroughly.

Market research:

Primary and secondary research techniques for the investigating of new business ideas.

Primary research is the original data collected from respondents who are selected in a non-random manner. This can be by intercepting people on the street or door to door, interviewing them, or surveying them either one at a time or as a group to collect new opinions and attitudes for new business ideas.

Secondary research on the other hand collects previous work done by others which could include studies, reports, books, and journals about what products customers may want, how they might purchase, and why they don’t buy.

It should go without saying that primary research is more beneficial for your cause since it provides you with actual information firsthand without consulting other sources of literature. However secondary resources can act as an excellent addition to your base knowledge when you’re not sure of what you’re looking for.

When using secondary research, be selective with your source of literature and make sure it matches the research question that you have. You don’t want to get any information that is contrary to or not relevant to your topic so makes sure you can separate the two when reading over the material.

How to Identify, plan and undertake market research required?

Market research is the best way to identify trends in a particular industry or specific geographical area. It can be used just as an intelligence tool that feeds into general business strategy, or it can be used specifically for more detailed product development projects.

One example of market research would be Customer Development which seeks out prospective customers, talks with them take their feedback, and iterates the software until they’re ready to finally sell it!

The use of new technologies for audience research and analysis: use of big data to assess market trends, internet forums, and social media to test market responses and evaluation.

The use of new technologies for research and analysis is an ongoing trend that benefits from constant innovation. The ever-growing, diverse range of social media platforms allows companies to take advantage of specific user behaviors on specific networks for purposes such as equity marketing, campaign messaging, influencer targeting, and engagement.

Similarly, content distribution, performance analytics tools track the success of content in real-time so that brands can drive awareness with engaged audiences using relevant posts the first time they are online. This engages people more frequently with less repetition because they become personally invested in your brand when you become deeply part of their everyday lives.

Gap analysis:

Gap analysis to explain the gap in the market and the target customer group.

A gap analysis covers the differences between the current state of your product or service and what you have set as a desired future state. However, it is important to remember that it does not cover how you plan to get there. That’s where the strategy comes in.

Gap analysis is critical because growing – or even maintaining – market share requires knowing who your competitors are and what they offer customers (or who your potential new customers could be).

A gap analysis will tell you where there is a space for you in an overlapping area with a competitor. Understanding this overlap before launching into action gives you better leverage when negotiating deals, marketing strategies, pricing plans, and so on. It also helps ensure that each part of an overall branding and marketing plan will “fill the gap” to satisfy customers.

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