Unit type: Internal
Guided learning hours: 60
Unit in brief
Learners explore the different aspects of market research used by start-up businesses. They will undertake a research project for a start-up business, and interpret and analyse their findings.
Market research is critical to the development and continuation of organisations. The marketing industry has seen huge growth, with a wealth of data-collection, management and analytical tools being developed and improved, providing deeper and richer understanding of audience demographics, psychographics, habits and intentions. All of this gives a fascinating insight into customers and users, and into the ability of organisations to make more strategic decisions in terms of their offering.
In this unit, you will develop your research skills and your understanding of the role that market research information plays in identifying and satisfying customers’ needs. You will gain an insight into the importance of collecting and interpreting market research information as a tool for making wider business decisions. You will explore the purpose and type of market research undertaken for a start-up business, and consider the objectives of the research and the processes followed. You will plan and undertake a research activity using appropriate design and sampling methods. You will analyse and interpret market research data and present your findings. You will use this knowledge to make recommendations for a selected start-up business.
This unit will help you to progress to employment in specific market research and analysis roles that may or may not be marketing related. The unit will also help you to progress to further study in higher education or professional qualifications in marketing or social sciences.
In this unit you will:
A. Examine types of market research used by start-up businesses to inform decision making
B. Implement market research activities to meet a specific start-up business’ marketing objectives
C. Review market research findings and make recommendations for a start-up business.