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Sonia’s smoothies 1) Nick calculated regarding 200 clients who finished the customer survey at the mountain festival, the mean era was 3. The age division conformed into a curve of normal circulation with a normal deviation of 5. Calculate the number of customers aged thirty-three and over who featured in Sonia’s survey (33-23)? your five = a couple of 2% of 200= some Answer= four 2) With reference to the record on the UK smoothie marketplace (appendix 2) analyse two limitations of using supplementary sources while the basis of Sonia’s decision making.
Secondary research is one that can be carried by a third party rather than yourself.
The knowledge is gathered as it may provide propose in the information you need even though it may have been gathered for a distinct research. There are however some constraints of Sonia using this supplementary research while making a decision about what smoothie flavours to bring out. Through this essay I will discuss these and give my estimation on if Sonia ought to or ought not to solely basic the decision about this information. The first restriction of using secondary studies that it may become several years older and may not reflect the current market conditions.
If this is the case for Sonia then it means that your woman may be publishing a flavour into a marketplace that no longer exists. This would mean that her product sales will not be as high as she would of hoped, it would also mean that her costs will go up as she’d be producing smoothies not aware that these are not likely to sell. The effect of quite a few things going on will result in Sonia losing earnings. This one example shows that intended for Sonia to solely base her decision on supplementary research it will not be good for her organization as the girl could lose out on a lot of potential customers.
The other limitation of using supplementary research is that it may not be accurate and reliable as it might be biased. If this does happen then it would mean that Sonia will be making a decision in information which is not 100% correct and accurate. This would be deceiving for her since she would be making a decision based upon something which will not benefit her at all. This will result in her again losing profits since her priced at will surge through producing the goods and sales being low. This kind of again displays us that if Sonia does make up your mind solely based upon the second research it could result in inability of the product she produces.
In conclusion I do believe that Sonia should work with secondary analysis as it gives her a basic thought about what is happening or has happened available in the market which will provide her a slight idea but it really should be used in conjunction with some primary analysis such as questionnaires so Sonia 100% exact data and knowledge. If this sounds done then it would ensure that the decision being made will be the appropriate one causing the success of the item she launches. 3) Discuss why chip might have advised that Sonia should not bottom any decisions on the rock festival study.
The rock and roll festival research is a type of principal research. Primary research is the one that is gathered by yourself. With this essay I will discuss the reasons why Nick may well have advised Sonia do not make decisions entirely based on the rock celebration research, I will then come to a summary as to what Sonia should do in order that the decision being created is the right one. Firstly simply by carrying out the rock festivity research it implies only aimed towards one group, therefore different groups including families and children would be missed away.
The consequence of Sonia making her decisions upon just the mountain festival research could be deceiving as she has not considered groups which may be her significant customers. Such as families could possibly be her significant target audience and if Sonia constitutes a decision based on a group other than the households she can release a non desirable taste. If this kind of does happen then it would mean that she could be releasing a flavour which is not in demand which would result in less product sales and this significantly less potential revenue.
It would likewise mean that her costs will rise through production and this would be squandered money while she might not be able to sell off these products. Second of all the response that Sonia may get in the people going to the mountain festival may not be 100% accurate as they may well not give the correct answers as they will want to take pleasure in the event on its own. For example Sonia may approach an attendee at the rock festival and have them questions but they might not exactly give planned answers because they are focusing on the background music itself.
In the event that this will occur and Sonia does make a decision within this information it may mean that she’s making a product which is based upon incorrect info which could impact her revenue which will make the released item less successful. I think that Sonia probably should not base her decisions only based on the rock festival. I even so do think using a method of major research is a good start to making a conclusion but your woman could have thought out where the questionnaires would be conducted a little better. For example the girl could have done it within a high street where there is a selection of people which will would give her better feedback.
For Sonia to foundation her decision solely about this it may bring about her having inaccurate effects which means that the merchandise released is probably not as powerful as it could be. I think that if Sonia wants to associated with product as effective as it can be she should take do the major research (questionnaire) in a more suited place like the high street.
By using both types details it will give her more of an understanding in regards to what a customer wishes and it might make her decision making procedure a lot more easy and accurate. 4) If Sonia decides to use a market research company to investigate the new smoothie flavors, analyse 2 different ways they might make use of a quota test. Quota sample is a sample created by simply gathering a predefined quantity of participants from each of several predetermined categories, such as choosing 25 people both equally from the groups male and female.
There are many advantages of using quota sampling among which is which it clearly shows the demand coming from each of the classes. Sonia might want to decide to use an industry research organization to investigate new smoothie flavours. I am going to analyse two main reasons why they may employ quota sample whilst carrying out the research to get Sonia. The first reason the market exploration agency could use quota sample is so that they may determine obviously what each group of people would like. For example as soon as the research has been done using the groups male and female they will determine what each group would like and can go through the rends. With this type of testing it would provide Sonia a concept of the wishes of each group and your woman can then make her decision based upon this. I think that this type of testing would be incredibly good for Sonia as the market she is getting into is one which is different in accordance to people’s personal preferences through understanding what every category wants she can make a decision in order that she can easily cater for every one of them. The second reason how come quota sampling may be carried out is because it is just a cheaper approach as opposed to taster sampling.
Taster sampling is when examples are given to be able to random consumers to obtain opinion about things, which means that the costs included are very large as items are actually distributed. By doing quota sampling it indicates that the cost of actually giving out products can be avoided, this could mean that the price that Sonia has to pay the firm will be significantly less meaning her costs will remain down. 5) Discuss ways of primary research the market research agency may well use to check out new smoothie flavours pertaining to Sonia’s smoothies.
Primary studies one that is completed and accumulated by yourself, principal research can be split into 3 categories, test out marketing, surveys and findings, these can be then split even further into the actual actions. There are many types of major research that could be undertaken and in this dissertation I am going to go over some the research organization may take up in order to look into new smoothie flavours pertaining to Sonia’s smoothies. The initially type of primary research you can do is questionnaires, these are types of surveys.
This method is an extremely good way of having back answers from the clients as it can be both qualitative info and quantative information. Questionnaires can be possibly done in person but can even be done through post. Forms are the most common type and i believe that pertaining to Sonia smoothies it would be an excellent method because she will get a lot of feedback via potential customers. this information would give her a very good idea of what the customers will want and it would support her associated with correct decision.
The correct decision will innere help her make revenue as the girl knows she has the right merchandise for the right market. However whilst doing forms they will have to make sure that they just do not annoy the actual customers by using a lot of calls etc because this could result in the business losing its status and potential sales. The 2nd type of principal research that the market research organization may embark on is customer panels. Someone panel is known as a group conference that is organised whereby queries are asked and mentioned to give the results.
The advantage of consumer panels would be that the information will probably be accurate as the people participating it will have considerable time to answer the questions meaning that they can extensively answer all of them. The disadvantage is the type of research is that it may be a little more costly since the building etc will have to be organised. This really is a very good sort of research as it allows qualitative information to be collected and also opinions nevertheless I do certainly not think that it is entirely ideal for Sonia smoothies as she does not always need conversations to take place as all your woman wants is opinions of flavours and what customers want.
I really think that this process is not really entirely suited to Sonia smoothies. Another type of principal research that may be undertaken is taster sample. This is when trials are given with the product and feedback is usually received by potential customers. This kind of method is incredibly good for a product that people will have different thoughts on mainly because it allows responses from all kinds of people. Although there is a short term cost of in fact producing these samples the long run affect it might have is a positive 1 as it means that the right product is being sold to the consumers thus raising sales and profits.
I think that this is an extremely suitable kind of research that you can do by the researching the market agency since it would not simply allow Sonia to acquire feedback for several flavours it will likewise increase manufacturer awareness which will would help her over time. Furthermore the marketplace research firm may ask supermarkets regarding the best selling smoothies in their stores. This is a procedure for primary study as it will probably be done by themselves. This is a reasonably cheap method of research because all it involves is definitely contacting the supermarket with what they need.
I do believe that this is an extremely good technique of research to get the market exploration agency for it will help Sonia identify which are the best selling types of products and she can use this information even though making hers. However Sonia wants to produce a new healthy smoothie flavour thus copying different flavours might not necessarily always be the best option. A system in which Sonia could prevent copying is always to maybe mixture the two best selling smoothies looking for example mango and peach flavoured healthy smoothie, this would be diverse and exceptional. As a whole I believe this method h fairly good in helping Sonia identify what flavours the client tend to purchase. As you can see there are many types or perhaps primary analysis methods the fact that market research firm can embark on for Sonia smoothies. I do believe Sonia will need to use a mixture of these. First of all she should use questionnaires to ask the actual customers what sorts of flavours that they can would like. When this is completed she can start to make the trials for fühler sampling that will then give her manufacturer reputation and also the opinion of customers. By doing this it will ensure that the research done is thorough supporting her generate her final decisions.
All together I think to increase effectiveness Sonia should make use of a combination of analysis methods to have a lot of lenders opinions. 6) Evaluate the importance of market research pertaining to Sonia’s smoothies LTD to make decisions over expansion. Market research is a methodical, objective collection and evaluation of data about a particular market. There are many strategies to carry out researching the market. In this essay I will evaluate the importance of Sonia’s smoothies employing market research and can give my opinion of how it should be carried out.
Sonia smoothies features three person ways that she has identified in order that the business can expand further, these are, increasing geographically, by seeking to disperse through a wider range of outlets and lastly broadening the range of flavours they own. Firstly I will talk about the importance of employing market research for the third purpose of expanding its range of flavours. I think it is vital for Sonia smoothies to work with market research because the smoothie market is one which is ever changing through new flavours and changing external factors including health issues.
By doing market research prior to releasing the merchandise it would help the business be familiar with current market to ensure that when they perform release the newest products they know that it is going to operate this market. By ensuring that the product being released is definitely current it might help them increase their sales and profits, intern this would in addition have a knock in effect on aiding them to achieve their 1st aim of expanding geographically because they will now have the money to do so. Subsequently having the arket research can not only be a way for the corporation to release new products but it may also greatly increase brand recognition as undertaking things like fühler research could make people even more aware of the organization. If this happens it could help these their sales as persons would be more aware and will also be more confident in ordering the product because they have already tasted it. By increasing the brand name awareness it will mean that the sales will increase thus supporting their earnings. As you can see researching the market has more purpose for Sonia smoothies than helping these to release new releases.
It is very important that Sonia’s healthy smoothie takes out the required research so that they are effective in achieving their seeks. Although researching the market brings a short term expense in the long run these costs will probably be covered by the achievements of the product according to how very well the research is carried out. Secondly can be Sonia smoothie’s aim of distributing their products through a wider range of outlets than health foods shops and events. There are plenty of ways that researching the market will permit Sonia smoothies whilst making a decision as to what suppliers to choose.
Firstly market research may help them to select the most effective shop. for example it can be used to see which will shop gets the least competition in this. By using market research to look at may be then it may help the success of the item as they will know that they you don’t have a lot of competition and therefore their method more likely to become successful. This type of researching the market is vital as the market is always changing plus the competition is usually changing so for Sonia smoothies to possess a competitive edge they will need to ensure that they may have more sales.
This is very important mainly because if there are a great number of competitors it would reduce product sales and innere decrease the sum of profits that are made. The second way the market research can be utilized for this purpose is to look at what suppliers sell the most smoothies. Searching at this it will eventually ensure that the smoothies that are performed have the important demand. This will be significant as it would ensure that revenue can be manufactured. Increased sales means bigger earnings. however even though doing this they will have to go through the level of competition.
As you can see researching the market is once again very important in helping Sonia smoothies in their purpose of expanding the amount of retailers that they can sell in. by elevating this it could help them maximize brand recognition which will this kind of increase the product sales and income. An increase in revenue will help the business as it would mean that it will make them with their first aim of increasing geographically. Last but not least Sonia smoothies has a aim of expanding the geographical region in which the smoothies are sold.
This is linked to the second aim of selling through more retailers because that could make them do this. Researching the market again plays a vital role for making the decision about where to grow. For example researching the market can be used to see where there are available is the largest number of children for example (using children since Sonia smoothie’s main customers) by doing this it could give them a great perspective about where there can be described as large number of their very own target audience. With a lot of people they can sell to it will enhance their sales that may intern increase their profits.
Researching the market is very important in using this while the market is usually ever changing and there is no stage of geographically expanding in to an area in which the sales aren’t likely to be high as it might be a waste of money. In conclusion the value of market research is very excessive as it may help the business attain all of their seeks that they have established. All the aims are interlinked for example increasing the range of flavours and selling these kinds of flavours through more merchants would mean increased sales, increased sales could result in bigger profits which could then be used to fund intended for the geographical expansion.
Because of this Sonia smoothies will have to ensure whilst carrying out the market study that it is done thoroughly, however they also have to keep an eye on the cost of the market research as they do not might like to do it in this depth wherever it costs them too much. If Sonia smoothies removes the necessary researching the market then it may help them achieve all of their objectives of expansion, without market research the business are unable to achieve their particular aims as effectively.
