Business Studies Assignment Sample

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Introduction

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Using market research, a company may learn how its current and future consumers perceive it, as well as where there may be room for improvement. When putting up a marketing plan, this knowledge is invaluable (McDaniel Jr and Gates, 2018). When it comes to making critical business choices, having strong market knowledge reduces the likelihood of making a mistake. Marketing strategy may greatly benefit from market research, since it provides valuable information and insights to the company. It may help one learn more about their customers and the competition (Tulung and Ramdani, 2018). Investing in market research will provide a better idea of who is purchasing their product or service, who isn't, what drives them, and whether or not they are loyal to their brand.

The following report identifies methods of primary and secondary research that could be used to research the market for the new flavoured potato chips of Tudor Ltd, a producer of potato chips (crisps) for its 50th year anniversary. Therefore, the chosen new flavour includes the Mexican Chilli which will be used as the new flavour for the company’s new launch of crisps in the UK market. Primary research mainly a survey will be conducted to analyse the market demand for the Mexican Chilli flavour in the UK market.

“Discussion of methods of primary and secondary methods which could be used for research the market for the new flavoured potato chips”

Primary research:

A survey has been conducted among fifteen random customers using Google form to analyse the customer preference of flavours of crisps:

Q1. What is your age?

When the question was asked to the participants regarding their age group, it was found that 46.7% is aged between 15-25, 20% is aged between 25-35, 26.7 % is aged between 35-45 and the rest 6.7% is aged above 45. Thus, the majority of the participants that prefers to consumes chips is aged between 15-25.

Q2. What is your Gender?

When the question was asked to the respondents regarding their gender, it was noted that 53.3% of the participants were male, 40% of the respondents were female and the rest 6.7% of the participants refused to not disclose their gender. Thus, male population is the majority among chips buyers.

Q3. What is your Occupation?

When the question was asked to the respondents regarding their occupation, it was found that 40% are student, 33.3% are employed and the rest 26.7% were unemployed. Thus, the results of the survey reveal that students are the major target market for chips products.

Q4. Which company’s chips do you prefer to buy the most?

When the question was asked to the respondents regarding which company’s chips do they prefer to buy the most, it was noted that 26.6% of the participants were Lays, 40% of them preferred Walkers, 20% prefers Monster Munch and the rest 13.3% of the participants prefers Pringles.

Q5. What is your favourite flavour while buying chips?

When the question was asked to the participants regarding their preference of flavours while buying chips, it was found that 13.3% prefers Wasabi and Beef, 20% prefers Bolongese and Parmesan, 13.3% prefers Indian Tandoori, 46.7% prefers Mexican Chilli and the rest 6.7% prefers other variants.

Secondary Research

As of 2020, the worldwide potato chip industry is expected to be worth $31.2 billion USD. It is predicted that by 2026, the market would be worth $39,8 billion USD (Gonçalves et al., 2020). Since there are still many questions about COVID-19, we are constantly monitoring and studying its direct and indirect effects. It's no secret that potato chips are a popular snack item all around the world. After being fried to a crisp, these potato slices are seasoned with salt and pepper. The yellowish-brown colour of potato chips is caused by the combination of the sugar in potatoes with amino acids during the frying process. The processing and storage of potato chips ensures that they are impervious to microbial deterioration, chemical and enzymatic activity, and moisture or other vapour migration.

The graph below displays the total amount of potato chips manufactured and sold in the UK between 2008 and 2020(Statista, n.d.). About 186 thousand tonnes of potato chips will be sold in 2020. Despite the interruptions in the potato supply chain, the worldwide forced lockdown and prolonged work from home situation actively boosted home food consumption as well as growth in snack goods, which in turn increased the market for chips. Private companies have emerged in the market to provide the increased demand for potato chips due to the COVID-19 epidemic. As a result of the pandemic, consumers' internet buying habits have changed in ways that are useful for long consequences. Because of this, the growth in online sales of potato chips is likely to be more rapid (Statista, n.d.). Deep-fried or baked till crisp, potato chips are small slivers of the root vegetable. They may be served as a snack, appetiser, or side dish. Product type, taste, distribution channel, and region all have a role in the potato chips industry. Depending on the sort of goods. Fried and baked are the two main categories on the market. The market has been divided into plain and salted chips and flavoured chips based on their taste profile. The market analysed may be divided into hypermarkets/supermarkets, convenience shops, internet channels, and other distribution channels based on the distribution channel used to sell the product.

Figure 1: “Sales volume of potato chips manufactured in the United Kingdom (UK) from 2008 to 2020”

(Source: Statista, n.d)

“Analysis of findings of primary market research to identify the flavour of crisps”

The findings of the survey, as well as consumer feedback, have led Tudor Ltd to choose Mexican Chilli as the new flavour for its 50th anniversary launch, which will be launched in conjunction with the survey. According to the results of a survey, 13.3 percent of participants choose Wasabi and Beef, 20 percent prefer Bolongese and Parmesan, 13.3 percent prefer Indian Tandoori, 46.7 percent prefer Mexican Chilli, and the rest 6.7 percent prefer different types when it comes to buying chips. As a result, the flavour preference for Mexican chilli was the highest, and as a result, this flavour was chosen above the others for introduction into the UK market. Because of this, secondary data showed that about 186 thousand tonnes of potato chips will be sold in 2020, demonstrating the overall preference of consumers for crisps in the UK market. Furthermore, according to the results of the poll, students aged 15 to 25 will be the target market for Tudor's new flavour, with 46.7 percent of those who took part in the survey falling within this age range. However, despite the interruptions to the potato supply chain, the worldwide forced lockdown and extended work from home conditions served to actively encourage household food consumption and snack item growth, which in turn increased the demand for potato chips (Statista, n.d). As a consequence of the COVID-19 epidemic, private companies have joined the potato chip industry in order to accommodate the rising demand for potato chips.

“Recommendation of appropriate above-the-line and below-the-line methods of promotion for the launch into the market of the chosen flavour of chips”

Using promotional tactics like television or print advertising, which the corporation selling the product or service cannot directly control, is known as "above-the-line marketing." Therefore, the following above-the-line promotion methods are suggested for Tudor’s new flavour launch:

Internet Advertisement:
Despite the fact that social media advertising is always developing, it remains one of the most important techniques of above-the-line marketing for small companies (Mookerjee, Kumar, and Mookerjee, 2017). Therefore, the company's new Mexican chilli taste will be marketed on social networking sites such as Facebook, Instagram, and so on.

Using Radio Ads for Promotion:
It is possible for small businesses to save money by using radio commercials as a kind of above-the-line advertising. In part, this is due to the fact that radio is a portable medium that accompanies potential consumers everywhere they go (Tiwari and Yadav, 2017). If an above-the-line commercial on TV does indeed reach more people, it also costs more money and lacks the regularity with which an above-the-line commercial on the radio may air. Thus, Tudor's new Mexican chilli crisp will be promoted using this type of advertising.
Below are the below-the-line promotional methods that the company will use for promotion:

Direct mail:
Using a list of known consumers, direct mail delivers promotional information to people at their homes or workplaces, based on their location (Shen and Shi, 2021). Because most individuals just throw away items, they don't find useful or interesting, this is commonly referred to as "junk mail." Direct marketers, on the other hand, may greatly lower the likelihood of mail being thrown away if they target the right clients with products and services, they are probably interested in. Promotional mail will be employed by Tudor's Ltd.

Digital media:
The design of a company's website is critical to attracting new consumers. On the company's website, one may expect to find a wide variety of content that promotes the company and its goods and services as well as its narrative, as well as information on how customers can profit from them (Mookerjee, Kumar, and Mookerjee, 2017). As a result, Tudor's website will prominently feature the new Mexican Chili taste on its main page, so encouraging visitors to make a purchase.

Conclusion

To sum up, it can be stated that Market research can be extremely beneficial to a company's marketing strategy, since it gives useful information and insights. Getting to know the clients and the competitors is one of the benefits of this method. For Tudor Ltd, a maker of potato chips (crisps) for its 50th year anniversary, the methodologies of primary and secondary research outlined in this report were utilised to explore the market for the new flavour of potato chips. As a result, the Mexican Chilli has been selected as the new flavour for the company's new crisps launch in the UK market. An informal poll of 15 people was used to gauge interest in Mexican Chili flavour in the UK market.