Level 2

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90846: Conduct market research for a new or existing product

Updated April 2015. This document has been updated in its entirety to address new issues that have arisen from moderation.

Students may work individually or in groups. Assessors may choose to have certain aspects of the assessment, such as the evaluation, completed by individuals. This could be particularly useful to differentiate the grades of students in groups.

This standard contributes towards Level 1 numeracy. Students are required to demonstrate graphing skills in the presentation of their data and to refer to figures and percentages in their conclusion.

Step 1 – plan and design research

a) Decide whether to base the research on a product or service.

b) Identify a measurable and purposeful aim of the market research. For example, “conduct market research to decide if parents would prefer to buy a unisex polo shirt to reduce school uniform costs”.

c) Collect secondary data about the product/service and its potential competitors/market. Use this and relevant business knowledge to determine primary research methods, whether data will be qualitative/quantitative, and the sampling method to be used.

Step 2 – collect and record data

a) Collect and record primary data according to the research plan.

b) Collate data into appropriate formats.

Step 3 – present research findings

a) Present the research data using two or more appropriate methods. Follow correct conventions such as titles, labels (data series and axes), and formulas.

b) Explain the significance of the research findings.

c) Integrate business knowledge by using appropriate research terminology and concepts.

Step 4 – evaluate

a) Draw a conclusion from the research.

b) Explain the strengths and/or weaknesses of the market research process. This could relate to any part of the process, such as planning, collection or collation.

c) State the strengths and/or weaknesses of the market research process. For Merit, provide reasoned explanations of how these have impacted on the validity of the research findings and conclusion.

d) For Excellence, discuss and justify ways to improve the market research process.

At all stages, relevant business knowledge should be incorporated. Using the evaluation stage as an example, the student might identify that qualitative data should also have been gathered (evidence for Achieved). An explanation of why qualitative data would have been beneficial would contribute to Merit. Linking business knowledge in the conclusion to other parts of the research process would provide evidence towards Excellence.

 
 
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