Chapter Name: Market research
Description:The "Market Research" module focuses on the techniques and tools used to gather and analyze information about the market, customers, and competitors to support business decision-making. It covers key market research methods such as surveys, focus groups, data analysis, and competitor analysis. Students will learn how to design and implement market research projects, interpret findings, and use the insights gained to inform strategies for marketing, sales, and business growth. The module also highlights the role of market research in identifying opportunities, understanding customer needs, and making informed decisions.
Purpuse:The purpose of this module is to provide students with the skills to conduct effective market research that will help them understand customer behaviors, market trends, and the competitive landscape. It aims to teach students how to collect, analyze, and apply market data to drive strategic decisions for business expansion, product development, and marketing efforts.
Rational:The rationale for this module is based on the fact that market research is essential for making informed business decisions and gaining a competitive edge in the marketplace. In the dynamic and competitive environment of franchise management, understanding customer preferences, market trends, and competitor activities is crucial for identifying opportunities for growth and mitigating risks. By learning how to conduct and analyze market research, students can ensure that their franchise strategies are data-driven and tailored to meet market demands, ultimately leading to better decision-making and sustainable business success.
Chapters Topics
Methods for conducting market research
Methods for conducting market research focuses on the various strategies and tools businesses use to gather information about their target markets, customer preferences, and competitive landscapes. It outlines both qualitative and quantitative research methods. Qualitative methods, such as focus groups, interviews, and customer feedback, help businesses understand customer attitudes, motivations, and opinions. Quantitative methods, such as surveys and data analysis, provide measurable insights into market trends, demographics, and consumer behavior. The chapter also discusses the use of secondary research, such as industry reports and publicly available data, to gain a broader understanding of the market. Additionally, competitive analysis is emphasized, where businesses study competitors' strengths, weaknesses, and strategies to identify opportunities for differentiation. Finally, the chapter highlights the role of social media and online tools in collecting real-time data and gaining insights into customer preferences and market dynamics.
Types of surveys
Types of surveys outlines various survey methods used to collect data, each with its own advantages and limitations. Questionnaire surveys are typically structured and can be distributed online, by mail, or in person, offering both quantitative and qualitative insights. Telephone surveys allow for direct interaction, though they may have lower response rates. Face-to-face surveys provide detailed feedback and the opportunity for follow-up questions but can be costly and time-consuming. Online surveys are cost-effective and can reach a broad audience quickly, although they may not represent all demographics. Mail surveys offer anonymity and detailed responses but have slower response times and lower participation rates. Mobile surveys leverage smartphone technology for real-time data collection, but the question format is often limited.