AS Business Studies: Conducting Market Research for Start-ups

Hey, here are some revision notes for the AQA AS Business Studies Unit 1 exam, but it can be sued for other exam boards too. I hope this helps you to revise! Please rate and comment on how to improve :D

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  • Created by: I P B
  • Created on: 24-11-10 16:48

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Market Research for

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Conducting Start-up Market Candidates should be aware of the
Research relative value of different
· methods of primary and approaches to market research.
secondary market Methods of sampling should include:
research random, quota and stratified.
· qualitative and quantitative Candidates should be aware that the
research available finance, the…

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Market Research
Market research = "The process of identifying, anticipating (predicting) and
satisfying customer needs profitably"

The entrepreneur has the business idea, or perhaps has narrowed the choice
down to a few business ideas. She/he may know which market the new business
wishes to enter.

Now they must undertake market…

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Finding a Niche
A Niche market is a small segment of the market.

The purpose of market research for a start-up is the find a position in a niche
market that will enable the business to charge a reasonable price and to earn
reasonable profits once the business has been…

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Primary (Field) Research
Primary (or Field) Research/Data = This is research that collects primary data.
This is data or information collected first hand and does not already exist. It is
carried out by market research companies or the business itself

In most cases, a start-up will still have gaps in…

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Main Sources of Primary

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Main Sources of Primary

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Advantages and
Disadvantages of Primary
Advantages Disadvantages
First hand information Money can be wasted if the research is
not carefully targeted.
Can be highly focussed and relevant Results can be hard to analyse, especially
where open questions are used.
Tailored to the needs of the business Large samples are…

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Secondary (Desk)
Secondary (or Desk) Research/Data= the collection of data that is already in
existence that has not been collected specifically for the purposes of the

For a start-up, it is most likely that secondary research will be the main source of
market research. This is because it…

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Methods of Secondary
Google Start here! Effective searching on Google quickly identifies the data
that can speed up the research process
Government Office of National Statistics provide detailed insights on the UK
sources economy and society; individual departments provide reports on
many industry sectors
Trade Industry (or trade) associations…


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