22220 E .I '5' [3' Question 4 Not yet answered Marked out of 1.00 \\V Flag question Determining Which Data is Being Collected Collecting the correct data to meet your objectives is vital for business success. Collecting the correct data to meet your objectives is vital for business success. Based on the objectives you wrote earlier, determine the data Nicola will need to collect. Consider: oThe sources of data (Primary and Secondary) oIf the data is quantitative or qualitative .15 the data going to be challenging to interpret? Task - for the research objectives you have written, decide what data you will need to gather in order to meet these research objectives. Write your answer in the text box below. B mylearning.bpc.ac.uk Private 22220 E . '5' [3' 1. To identify the top 5 qualities of chocolates that appeal to individuals with medical conditions such as diabetes, gluten intolerances and dairy intolerances using quantitative data. 2. Forecast sales income and expenses to estimate the profitability of selling high-quality chocolates to people with medical issues including diabetes, gluten intolerance, and dairy intolerance. 3. Develop and implement a marketing strategy for the new business. Market research is the methodical and time-consuming process of finding the most important characteristics of a market in order for a company to gather knowledge and use that knowledge to make better (and more successful) business decisions. While marketing research focuses on uncovering information about specific products and their pricing, promotions, and distribution channels, market research dives deep, seeking answers to questions about these topics, as well as trends, competitors, and consumer characteristics that influence the evolution of a market as a whole. The best way to ensure you're getting the most out of your market information is to define your research objectives and goals. B mylearning.bpc.ac.uk Private