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Assessment Task 3 Test Paper: BSBRES401 Analyse and Present Research Information: Assessment Task 2 Q1. Explain the process of business research, covering steps from research need to outcomes, inyour own wordsIdentifying CompetitorsThe first step is identifying key competitors in the industry. One way to garner information on thecompetition is through secondary research. Secondary research information is data that are alreadyavailable about the industry: market share and total market sales. Secondary research may alsoprovide detailed information about competitors, such as number of employees, products they selland their key strengths. Secondary research can be obtained through various sources, depending onthe industry. For example, the NPD Group uses their CREST analysis for restaurants. Nielsen providesdata about consumer package goods.Studying CustomersThe process continues with a study of the consumer or business customer. It is important todetermine what the customer wants and needs before developing products to meet those needs.The consumer will usually dictate which products will sell. If consumers' needs are not met, they willusually buy competitive products. The best way to determine customer needs is through primaryresearch. Primary research includes phone surveys, personal interviews and even mail surveys. Withthese surveys, marketing research professionals will often test certain product concepts, measurecustomer satisfaction and determine the best features and prices for their products.SWOT AnalysisOnce detailed information on customers and the competition has been garnered, a SWOT analysiscan be used to study the company's strengths, weaknesses, opportunities and threats. A strengthmay be the company's market share or a good reputation among customers, according to "SWOTAnalysis" at quickmba.com, a popular business reference site. A weakness may be inexperiencedmanagement. Additionally, a company may have an opportunity to purchase another company.Threats may include new government regulation in the industry or a well-financed new competitor. Acompany uses the SWOT analysis to exploit its strengths via available opportunities. For example, acompany with strong financial backing could purchase another company to increase its distributionand market share. A business can also minimize its weaknesses against potential threats, for exampleby hiring more experienced marketing people to deal with an increase in competition.Studying the Target AudienceAt least part of the business research process should be devoted to studying a company's targetaudience--the customers who are most likely to purchase the company's products. For example, a