6 Red – Wednesday 3rd June

Good morning Six Red! It’s Wednesday…. halfway through the week!! Doesn’t time go fast when your having fun! Hope everyone is safe and well.

So to continue with our entrepreneur week, yesterday Mrs Hurt set you the challenge to research the company McVities. One of the UK’s leading suppliers of biscuits and cakes. Establishing a successful business like McVities takes a lot of hard-work over a long period of time. Before a business decides on their final “product”, market research is conducted to see if there is a gap in the market for that product.

Can you explain what market research is?

Why is it vital for a business to conduct market research before launching their product or service?

36 thoughts on “6 Red – Wednesday 3rd June

  1. Q1) First we need to see witch product are going to good after that we have to see which people are going to come and afterwords need to need to check our product. Market research allows a company to discover the opinions and other feedback from consumers about their interest in the product or service research allows a company to discover the opinions and other feedback from.
    Q2) I think because if you launch your product or service before you conduct market research then you will not know if your potential customers like or dislike your product or service. If they do not like your product or service then you will not know and you will not make a prophet as customers will not buy your product.

  2. Can you explain what market research is?
    This means that when you are selling your product, you need to check if someone else is selling the product. They also need to gather as much as information about their product.
    If someone is selling the same product, :
    How much is it to buy that product?
    What is it made out of?
    What are their selling platforms?
    Who is customer base?
    Why is it vital for a business to conduct market research before launching their product or service?
    You need to do market research before launching your product. This is because:
    Who is your competition.
    You are more prepared.
    Connecting with your customers to see what they want.

  3. Market research is?
    Market research is when a company gathers information about the customers’ needs and preferences.
    Why is it vital for a business to conduct market research before launching their product or service?
    Companies must do market research to find out what their customers need and want so that they become popular and needed.

    • Hello Ayaan, it’s lovely to hear from you!

      What type of market research could you undertake to find out if your product will be a success?

  4. Market research is the gathering and evaluation of data regarding consumers’ preferences for products and services.
    It is vital for a business to conduct market research before launching their product or service because they need to know what people want to buy.

  5. Market research is an organized effort to gather information about target markets or customers. It is a very important component of business strategy.

  6. Market research is when you gather informations about the customers preferences and needs.they do not know what the customers and they can not accommodate there product and services

  7. Market research is an organized effort to gather information about target markets or customers. It is a very important component of business strategy.
    The importance of market research should never be underestimated, especially for those starting a new business.From getting to know your target audience to exploring potential competitors, market research gives businesses a competitive edge, allowing them to thrive in new environments.

  8. Market research is when you sell a product you don’t want and when you have the product you do research about it and sell it to the customer

    The importance of market research
    1.) Identify potential new customers.
    2.) Understand your existing customers by market research.
    3.) Set realistic targets for your business.
    4.) Develop new,effective strategies by understanding your market
    5.) Solve your biggest business challenge.
    6.) Prepare for possible business expansion by getting the right data.

  9. Marketing research is the process or set of processes that links the producers and customers.
    The importance of market research should never be underestimated, especially for those starting a new business.

  10. Good morning Miss Kaur, how are you today.
    Can you explain what market research is?
    Market research is the operation of regulating the attainability of a new service or product via research. The research comes from potential customers. They do this because based on the feedback that you get from your potential customers you can improve your product. This will ensure that your customers will buy your product and that you will make a prophet.
    Why is it vital for a business to conduct market research before launching their product or service?
    It is vital for a business to conduct market research before launching their product or service. This is because if you launch your product or service before you conduct market research then you will not know if your potential customers like or dislike your product or service. If they do not like your product or service then you will not know and you will not make a prophet as customers will not buy your product. Therefore, it is vital for a business to conduct market research before launching their product or service.

  11. Market researching is doing something for your customers needs or preferences.
    Yes because they don’t know what the people want and they not going to get anywhere.

  12. Market research is when you gather information about the consumers preferences and needs. It is important because their money in making the product would just go to waste if no one used it so therefore there would be a loss in their money.

  13. I tried not to copy so here is my explanation.
    I think market teaser has is before the shop opens it maybe means that you should research about the process of the shop meaning in how it will work or the foods. I hope this is correct.

    • Hi Yosif it’s lovely to hear from you .

      Market research is when a business completes surveys/ questionnaires/ research to find out if there is a need for their product or service.

      What method of market research could you use to find out if your business plan will be successful?

  14. Market research is when you gather information about the needs and preferences about the consumer.It is vital for a business to do market research before they launch a product or service because they do not know what the consumers want and they can not adjust there product or service towards it.

  15. Market research is the process of determining the viability of a new service or product through research conducted directly with potential customers. Market research allows a company to discover the target market and get opinions and other feedback from consumers about their interest in the product or service

    • Good morning Luiza. Lovely to see you on the blogs bright and early.

      Luiza you have been told not to copy from the internet. You can use the internet to help you research and then you must put your answer in your own words. Please re-write your answer in your own words again.

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