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• Explain The Difference Between Primary And Secondary Research

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Explain the market research jim carried out before setting up his business. Jim travelled to Australia where he fell in love with a particular type of coffee, when he returned he discovered that wherever he looked he could not find an iced coffee the same as what he had in Australia. Jim after looking around instore and online found that there was a gap in the market which eventually led him to develop his own brand of iced tea. Jim in the begining discovered the market gap using secondary research ( desk research ) through looking at the products retailers stock in that market. Explain the difference between Primary and secondary research. Primary research is new research that is completed in order to answer specific questions. It usually involves a more hands on approach, such as going out and asking people through questionnaires. Secondary research incorporates research carried out for alternative reasons. This form of research is more of a …show more content…

The brother and sister borrowed £140,000 from their parents and raised an extra £160,000 through a Virgin crowdfunding website. The benefits of borrowing from family are; it is often more relaxed and does not involve signing equity over towards a bank or another party. This keeps the business family run, giving Jim more time to focus on developing a brand rather than repay his debts. Using Crowdfunding is also an excellent way to raise capital without giving away equity. Using crowdfunding is also an unparallelled way of assessing market demand for a product. As people will only donate to the cause if they feel that there is a genuine market need for the product and they would purchase it themselves. This decreases the risk of product failure as there is more support behind the company from consumers, therefore changing the business dynamic of the company to a product/consumer oriented

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