Chapter Name: Conduct market research
Description:This module focuses on the techniques and strategies used to conduct effective market research within the franchise system. It covers the processes of gathering and analyzing data related to market trends, customer preferences, competitive landscape, and industry dynamics. Franchise managers will learn how to identify and interpret key data points that impact the franchise's decision-making and strategic direction. The module emphasizes the importance of both qualitative and quantitative research methods, such as surveys, focus groups, interviews, and data analytics. It also covers how to use the insights gained from market research to identify growth opportunities, improve marketing strategies, and enhance the customer experience, ensuring that the franchise remains competitive and responsive to market needs.
Purpuse:The purpose of this module is to provide franchise managers with the skills and tools needed to conduct comprehensive market research. This research helps franchise managers understand the market environment in which their franchise operates, including customer needs, competitor activities, and emerging trends. By conducting effective market research, franchise managers can identify new opportunities, optimize existing offerings, and improve customer satisfaction. The module aims to empower managers to make informed decisions based on solid data and insights, ensuring that the franchise system stays aligned with market demands and maintains its competitive edge. Ultimately, it enables franchisees to develop targeted strategies that drive growth and profitability.
Rational:The rationale behind conducting market research lies in the need for franchises to stay relevant and responsive in a constantly evolving market. Without regular research, a franchise risks missing critical shifts in customer behavior, new market opportunities, or emerging competition. Market research enables franchise managers to gather valuable insights that inform strategic planning and decision-making. It helps identify areas where the franchise can innovate, improve service offerings, or better meet customer demands. Additionally, market research helps franchisees anticipate changes in the market, allowing them to adapt quickly and remain competitive. In the long term, a franchise that consistently conducts market research is better equipped to navigate challenges, capitalize on new opportunities, and achieve sustained growth.
Chapter Assessment
Expected Supporting Evidence:
Portfolio of Evidence 1: Record signed by supervisor - Supervisor-verified documentation showing the learner was responsible for or participated in conducting market research or competitor analysis.
Portfolio of Evidence 2: Report on findings - A research report outlining market trends, customer insights, and analysis outcomes, supporting strategic decisions or product development.
Workplace Activities
Activity 1: Report on findings
Collect market data (e.g., customer feedback, trends, competitor info) and prepare a report summarizing key insights. Present your findings clearly using visuals like graphs or tables if appropriate.
Activity 2: Conduct competitor analysis
Research competitors’ products, pricing, marketing, and strengths/weaknesses. Create a detailed comparison that highlights your business's competitive position.
Activity 3: Observe the evaluation of new sites
Join a team or shadow a professional during a site evaluation. Pay attention to the factors considered such as location, foot traffic, zoning, and market demand. Record observations in a structured format.