Assess the likely reasons for Hot Chip using mainly quantitative market research data.
- Edexcel - A-Level Business - Question 1 - 2018 - Paper 1
Question 1
Assess the likely reasons for Hot Chip using mainly quantitative market research data.
Worked Solution & Example Answer:Assess the likely reasons for Hot Chip using mainly quantitative market research data.
- Edexcel - A-Level Business - Question 1 - 2018 - Paper 1
Step 1
Quantitative research data is numerical.
96%
114 rated
Only available for registered users.
Sign up now to view full answer, or log in if you already have an account!
Answer
Quantitative research is a method that involves the collection of numerical data, allowing for easier statistical analysis. This type of research is essential for businesses like Hot Chip, as it provides concrete evidence that can guide decision-making.
Step 2
Reasons based on Great Yarmouth market stalls.
99%
104 rated
Only available for registered users.
Sign up now to view full answer, or log in if you already have an account!
Answer
Research indicates that market stalls selling Hot Chip had up to 50% of their sales specifically for chips. This data likely suggested a strong demand for a chip-only fast food business.
Step 3
Customer feedback on toppings.
96%
101 rated
Only available for registered users.
Sign up now to view full answer, or log in if you already have an account!
Answer
Quantitative data gathered internal to Hot Chip might have shown that while chips were initially popular, customers increasingly requested more adventurous toppings. This data could reflect changing consumer preferences that Hot Chip aims to address.
Step 4
Potential counterbalance to quantitative data.
98%
120 rated
Only available for registered users.
Sign up now to view full answer, or log in if you already have an account!
Answer
While quantitative data is valuable, it often lacks the depth that qualitative research can offer. For example, insights gathered through focus groups could help identify specific tastes and preferences that numbers alone may not reveal.
Step 5
Judgment on the appropriateness of quantitative research.
97%
117 rated
Only available for registered users.
Sign up now to view full answer, or log in if you already have an account!
Answer
For a new business like Hot Chip, quantitative research is arguably the most straightforward and practical approach. It allows them to gauge the overall market landscape without incurring substantial initial costs associated with qualitative methods.
