Market research:
- Primary and secondary research techniques for the investigating of new business ideas.
- Identify, plan and undertake market research required.
- The use of new technologies for audience research and analysis: use of big data to assessmarket trends, internet forums and social media to test market responses and evaluation.
Gap analysis: Template
- Gap analysis to explain the gap in the market and the target customer group.
Unit 27: Set Assignment / Scenario
As
a graduate you are seeking to set up your own start-up business. You have had
several ideas but only one can be viable. In preparing a pitch to present to
financial investors you will provide the background to your sources of
inspiration and the market research you have undertaken to support taking the
idea forward.
Use primary and secondary
data to identify market potential
P3. Present
data needed to support gap analysis in the evaluation of a specific
entrepreneurial idea.
P4. Interpret
data appropriately to provide evidence of market potential.
M3. Justify
specific sources and methods of data collection chosen and how data relates to
identifying market potential.
D3. Analyse
appropriate specific sources and methods of data to provide justified business objectives
and identify market potential.
