Classroom Rules
Be on time and be
always prepared for
your class. Bring your
laptop in class.
Keep your mobile
phone switched off
or in a silent mode.
Ask only relevant
questions during
teaching time.
Do not interfere with
the teaching and
learning of your
colleagues.
Be polite and
respectful of the
teacher, yourself,
your classmates and
your institution.
Always do your best.

Foundation Year Project
Week 2 – Day 1: Stakeholders. Marketing
Research.
Session Overview
By the end of this session students will be able to:
1. Revise the Stakeholder analysis and apply it to their own
business idea.
2. Understand the basic concept of marketing research,
customers’ needs, wants and demands.
3. Learn about market mapping to identify a gap on the
market and apply this idea to their own business research.
Assignments
Review
Table of content (Optional: list of
figures, list of tables, list of appendices)
Assignment One – Business Research
Project
Title Page
Introduction (150 words)
Stakeholder analysis (350 words)
Market research (300 words)
PESTLE analysis (200 words)
Recommendation (150 words)
Conclusion (150 words)
Reference list (see Reading list to link
to theory) – 10 minimum
Business strategy (200 words)
Appendices (optional)
Stakeholder
Analysis
Material from Module 3 Week Two
What Is A Stakeholder?
A stakeholder is a
person, group or
organization that has
interest or concern in
another organization
(Boutilier, 2012).
(Mark-Herbert & von Schantz, 2007)
Eden and Ackerman (2013)
Image: SME Strategy
Stakeholder Analysis
Questions to help you understand your
stakeholders:
1.What drives them to your business?
2.What is their interest in your business?
3.What are they trying to get out of the
cooperation with you?
4.What is their motivation?
5.What is their current understanding of your
business?
6.If you can’t win their support, what can you
do to stay in opposition and work towards one
goal?
7.Is their Influence on your business can affect
another fellow stakeholder?
8.What can you do to keep them interested?
Marketing Research
Marketing
(Kotler, 2016)
• Marketing is the term used
to describe collectively
those business functions
most directly concerned
with the demand
stimulating and demandfulfilling activities of the
business enterprise (Cundiff
and Still, 2012).
• Marketing is making business
decisions with the customer
in mind.
• Customers are attracted and
retained when their needs are
met (Kotler, 2016).
• Marketing research is the
systematic gathering,
recording and analyzing of
data about problems
relating to the marketing of
goods and services.
• Market research will give
you the data you need to
identify and reach your
target market at a price
customers are willing to pay.
(Kotler, 2007)
Marketing Research
Marketing research focuses and
organizes marketing information.
It permits entrepreneurs to:
1) Spot current and upcoming
problems in the current market.
2) Reduce business risks.
3) Identify sales opportunities.
4) Develop plans of action.
Marketing Research
Examples of marketing research
activities:
• Analysing internal data
(customer records and
purchases; historical trends)
• Marketing intelligence
• Measuring of market potentials
• Market-share analysis
• Studies of business trends
• Short-range/long-range
forecasting
• Testing of existing products
• Competitive product studies
(Kotler, 2016)
Image: Lion Spirit Media (2023)
• Successful marketing requires timely
and relevant market information.
• Marketing research is not a perfect
science. It deals with people and their
constantly changing feelings and
behaviors, which are influenced by
countless subjective factors.
• To conduct marketing research, you
must gather facts and opinions in an
orderly, objective way to find out what
people want to buy, not just what you
want to sell them.
Market research
• Market research will identify trends that
affect sales and profitability:
• Population shifts
• The local economic situation should
be monitored to quickly identify
problems and opportunities
• Questionnaires/surveys can uncover
dissatisfaction or possible new
products or services.
• Keeping up with competitors’ market
strategies also is important.
(Luck et al, 2002)
Group activity (25 minutes)
Choose one of the following business
sectors on the right and discuss:
1. If I open this business, who will be my
customers and potential customers?
2. What kind of people are they?
3. Where do they live?
4. What is their income?
5. Can they afford and will they buy my
product?
6. What do they like doing/hobbies?
7. Are there competitors that offer the
same product/service?
Choose ONE per group:
1. Luxury Tours Operator
2. Jazz festival organizer
3. Visitor’s bureau
4. Cruise ship
5. Theme park
6. Wedding organizer
• Analyze returned items.
• Ask former customers why they have
switched.
• Look at competitors’ prices.
• Market research can be simple or
complex.
• Simple: Questionnaire in your
customer bills to gather demographic
information about your customers.
• Complex: Hiring a professional market
research firm to conduct primary
research to aid in developing a
marketing strategy to launch a new
product (Craig, & Douglas, 2001).
Examples of market research
Image: Product Coalition, 2018
Some
combination of
tangible
products,
services,
information, or
experiences that
are offered to
the market.
Market Offerings
People choose
products that
produce the
most satisfaction
for their money.
When backed by
buying power,
wants become
demands.
Demands
Wants are how
people
communicate
their needs.
People have
almost unlimited
wants but limited
resources.
Wants
Human beings have many
complex needs:
• basic physical needs for
food, clothing, warmth,
and safety;
• social needs for belonging,
affection, fun, and
relaxation;
• esteem needs for prestige,
recognition, and fame;
• individual needs for
knowledge and selfexpression.
Needs
Needs, Wants and Demands (NWD)
(Kotler, 2016)
I am hungry I am hungry Need (example)
I am hungry
I am hungry Want (example)

Demand (example)
Oh well, I can’t afford
the restaurant. I will
buy in a shop and
cook myself
Demand: what you
can afford
Market mapping
Market mapping, also known
as perceptual mapping, is the
process of plotting competitor
products on a graph to visually
illustrate a sector.
It does this by comparing two
competitive factors. The graph
maps your competitive
position and can reveal gaps in
the market and how to
position the product.
(Jones, 2015)
Market map of airlines
(Image: Weebly, 2023)
Market map of car brands, by price-quality Market map of car brands, by perception
(Bellanger, 2014)
Market mapping
Market mapping can help
business to:
• Estimate future market
• Identify close competitors
• Assist with valuation analysis
• Determine business strategy
• Identify potential partners or
acquisition targets
• Recognize gaps in the
market
(Jones, 2015)
(CB Insights, 2015)
Case Study
U.S. programmer outsources own job to China, surfs cat videos
Call it an amazing example of entrepreneurship or a daring play of
deceit.
After a U.S.-based “critical infrastructure” company discovered in
2012 its computer systems were being accessed from China, its
security personnel caught the culprit ultimately responsible: Not a
hacker from the Middle Kingdom but one of the company’s own
employees sitting right at his desk in the United States.
The software developer is simply referred to as “Bob,” according to a
case study by the U.S. telecommunications firm Verizon Business.
Bob was an “inoffensive and quiet” programmer in his mid-40’s,
according to his employee profile, with “a relatively long tenure with
the company” and “someone you wouldn’t look at twice in an
elevator.”
Case Study (25 minutes)
Those innocuous traits led investigators to initially believe the
computer access from China using Bob’s credentials was
unauthorized – and that some form of malware was sidestepping
strong two-factor authentication that included a token RSA key fob
under Bob’s name.
Investigators then discovered Bob had “physically FedExed his RSA
token to China so that the third-party contractor could log-in under
his credentials during the workday,” wrote Andrew Valentine, a
senior forensic investigator for Verizon.
Bob had hired a programming firm in the northeastern Chinese city
of Shenyang to do his work. His helpers half a world away worked
overnight on a schedule imitating an average 9-to-5 workday in the
United States. He paid them one-fifth of his six-figure salary,
according to Verizon.
Case Study (continued)
And over the past several years, Bob received excellent performance reviews of his “clean, well
written” coding. He had even been noted as “the best developer in the building.” A forensic
image of Bob’s workstation revealed his true work habits and typical day:
9:00 a.m. – Get to work, surf Reddit, watch cat videos
11:30 a.m. – Lunch
1:00 p.m. – Ebay
2:00 p.m or so – Facebook and LinkedIn
4:30 p.m. – Send end-of-day e-mail update to management
5:00 p.m. – Go home
The Verizon investigation suggested Bob’s entrepreneurial outsourcing spirit stretched across
several companies in his area – netting him several hundred thousand dollars a year as he paid
out about $50,000 a year to his China-based ghost writers, according to hundreds of PDF
invoices also discovered on his work computer. Verizon’s Valentine told CNN via e-mail that Bob
“was in fact terminated at the conclusion of the investigation.”
(Inocencio, 2013)
Case Study (continued)
Academic Misconduct
(GBS, 2022)
Academic Misconduct
No formal penalty

Retake the Module
Withdraw
(Adapted from GBS, 2022)
• Eden, C., & Ackermann, F. (2013). Making strategy: The journey of strategic management. London:
SAGE.
• Mark-Herbert, C., von Schantz, C. (2007) Communicating Corporate Social Responsibility–Brand
management. EJBO Electronic Journal of Business Ethics and Organization Studies, 12.
• Kotler, P. (2016) Marketing for Hospitality and Tourism. 7 edn. Pearson.
• Bellanger, S. (2015) Marketing Audit of Renault and Volkswagen. Available at:
https://rockstarsbm.wordpress.com/2014/11/23/perceptual-maps/. (Accessed: 8 January 2023).
• Inocencio, R. (2013) ‘U.S. Programmer Outsources Own Job to China, Surfs Cat Videos’. CNN Business.
Available at: https://edition.cnn.com/2013/01/17/business/us-outsource-job-china/index.html
(Accessed: 25 November 2022).
• GBS (2022) Academic Good Practice and Academic Misconduct Policy and Procedure. Available at:
https://globalbanking.ac.uk/media/ffflpuys/gbs-academic-good-practice-and-academic-misconduct-policyand-procedure-bs-rm-dp-v3-0-vfinal.pdf (Accessed: 25 November 2022).
• Craig, C. S., & Douglas, S. P. (2001). Conducting international marketing research in the twenty-first century,
International Marketing Review, 18(1), 80-90.
References