Business Research Methods – PDF

Final Research Project Report + PPT

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
MAIN BODY..................................................................................................................................1
Questionnaire...............................................................................................................................1
Discussion....................................................................................................................................5
Market research...........................................................................................................................5
Description of business................................................................................................................6
Factors to be considered while starting business.........................................................................6
REFERENCES................................................................................................................................8
APPENDIX......................................................................................................................................9

INTRODUCTION
As a Business Entrepreneur it is very much important that they are able to expand or
launch their operations into other areas of country or world which will be helping them in ruling
out the marketplace (Bell, Bryman & Harley, 2018). So the current report is based on launch of
new business idea which is supermarket chain in planning to do the same into Baku, the capital
of Azerbaijan. The idea and planning will be mainly depend upon market research that would be
helping in knowing the need of customers in this respect. For this about 8 customers are taken for
conducting market research so that their need, market trend could be known.
MAIN BODY
Questionnaire
Theme 1: Need of supermarket in Baku
Particulars Respondents
Yes 5
No 3
Figure 1: Need of supermarket in Baku
Theme 2: More money on monthly grocery items
Particulars Respondents
Yes 6
No 2
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Figure 2: More money on monthly grocery items
Theme 3: Responsible for doing grocery shopping
Particulars Respondents
Yes 6
No 2
Figure 3: Responsible for doing grocery shopping
Theme 4: Prefer online grocery shopping
Particulars Respondents
Yes 4
No 4
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Figure 4: Prefer online grocery shopping
Theme 5: Daily grocery shopping
Particulars Respondents
Yes 7
No 1
Figure 5: Daily grocery shopping
Theme 6: Do not prefer shopping at expensive supermarket
Particulars Respondents
Yes 3
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No 5
Figure 6: Do not prefer shopping at expensive supermarket
Theme 7: No need to go to grocery shopping into supermarket
Particulars Respondents
Yes 2
No 6
Figure 7: No need to go to grocery shopping into supermarket
Theme 8: Supermarket is not near to house or office
Particulars Respondents
Yes 2
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No 6
Figure 8: Supermarket is not near to house or office
Discussion
From the above questionnaire and market research it could be concluded that most of the
customers are doing their daily or monthly grocery shopping with use of supermarket chain
within the main market area of Baku. It was also analysed that customers are demanding that the
supermarket chain must be providing them cheaper items as they would not like to spend more
amount of their money or budget only grocery and food items. With this business could plan to
provide cheaper but goods and commodities of good quality only.
Most of the customer’s also included that the present grocery supermarket chains are far
away from their home or offices (Schaper, Weber & Gibson, 2014). So the company which is
planning to start their business in Baku must be starting it into some residential or market area
with the help of which customers of that area are easy to access the supermarket. Further it could
also be noted that the supermarket after specified point of time could be planning to start their
online application as well.
Market research
This is the most important part of business planning which includes researching on what
their customers are demanding, what are the market trend and analysing competitors of market.
Market research is aimed at understanding whole market and reason behind customer purchasing
the product of company (Market Research for Your Business Plan, 2018). There are many reason
behind this will be related to consumer behaviour like how the society, cultural and personal
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factor will be influenced with the behaviour of customer. With the help of market research it will
be easy for company to analyse that whether they need to plan for starting their business into that
market area or not. From the primary market research which was conducted in Baku it was
analysed that company could plan further for their grocery stores and supermarket in city. While
from certain secondary market research it was analysed that there are certain other supermarkets
which are operating into Baku like that of City Market, Continental, Migros Turk and Ameli.
While it was also noted that all of them are providing costly products to their customers and far
from the residential area (Brace, 2018). This require that firm should be planning to start their
related to setting up their business into that area which is close to residential area of customers.
Description of business
BMQ supermarket is planning to launch its very first outlet into main residential area of
Baku which is capital city of Azerbaijan (Peng, 2017). It is considered from the above included
questionnaire and market research that customers are demanding a kind of supermarket which is
different from that of other existing one.
Factors to be considered while starting business
So there are many type of consideration which would need to be considered at time of
starting up the business in any particular area or region.
Size of population-
The potential customers for BMQ supermarket will be of all age group as generally into
supermarket there is number of products that too for all type of customers belonging to all age
group (Hair Jr, Samouel & Page, 2015). But for this also BMQ need to include to size of
population to whom they are attracting for sale of product.
Level of competitors-
The level of competitors in retail industry within Baku is moderate as there is not more
number of supermarket chains within city. The top competitors of BMQ would be Fresco,
Neptun, New World Market, City Market, Continental, Migros Turk and Ameli (Hannington,
2016). This means that there is not more number of competitors into market so BMQ could be
able to establish itself into market with having potential growth factor.
Market demand for product-
This is another factor that needs to be considered at time when company is planning to
operate into market which includes identification of demand of product and services. From the
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market research which was conducted for finding out what customer need and preference are it
was included that customers are demanding a low price and high quality supermarket in Baku.
BMQ could be planning for gaining more demand of customers in regard to their product and
service as there would be many different class and type of customers.
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REFERENCES
Books and Journals:
Bell, E., Bryman, A., & Harley, B. (2018). Business research methods. Oxford university press.
Brace, I. (2018). Questionnaire design: How to plan, structure and write survey material for
effective market research. Kogan Page Publishers.
Hair Jr, J. F., Samouel, P., & Page, M. J. (2015). Essentials of business research methods.
Routledge.
Hannington, T. (2016). How to measure and manage your corporate reputation. Routledge.
Peng, S. (2017). Developing business plan for summer and winter schools for the Chinese
market.
Schaper, M. T., Weber, P. C., & Gibson, B. (2014). Entrepreneurship and small business.
Wilson, J. (2014). Essentials of business research: A guide to doing your research project. Sage.
Online:
Market Research for Your Business Plan. 2018. [Online]. Accessed through:
<https://www.entrepreneur.com/article/241080>.
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APPENDIX
Q1. Do you feel the need of supermarket chain in Baku?
Q2. Do you spend more money on monthly grocery items?
Q3. Are you only responsible for doing the grocery shopping within household?
Q4. Do you prefer online shopping of grocery?
Q5. Do you daily do the grocery shopping?
Q6. Do you prefer shopping at an expensive supermarket?
Q7. Do you often buy daily need items through supermarket?
Q8. Is the supermarket near your house or office?
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