Please solve questions by writing out what needs to be wrote down for each section:

Required information Outline: Introduction: Defining Market Research Practice Activities: 1. Identify the elements of SWOT A Closer Look: VoluntripA History of Voluntrip 2. Create a SWOT Analysis. INTRODUCTION: Defining Market Research Market research is commonly confused with marketing research. Market research is the information systematically gathered about specific market industries, competitors, target markets, and customers. It is the data gathered from the researching process Marketing research is the process of conducting research, or gathering information and data. Market research is one ofthe key factors in sustaining competitive advantage. Many small businesses tend to forego the process of gathering research because it can be both costly and time consuming to do. There are two types of market research: primary and secondary. Primary research is research that is collected by a company itself to fulfill a specific need, for example, to identify the number of competitors, customers, market demographics, and so forth. Secondary research is research collected by a source otherthan the company and can be used for purposes that do not always align with that company's interests Examples of secondary research include US. labor statistics, government census, industry statistics, and trade association research. When developing a business plan, it is critical for business owners to conduct various types of research including market, economic, industry, competition, product, customers, pricing, and business. Business research may be internally or externally conducted. When a business conducts internal research, this is referred to as a SWOT analysis. The SWOT analysis is a structured tool for evaluating the four key components of a business: its strengths (5), weaknesses (W), opportunities (0) and threats (T). It is instrumental in specifying projected goals and objectives, as well as in identifying internal and external factors that benefit or hinder a company's market success Specifically, . Strengths are internal characteristics ofthe business that give it an advantage over other businesses in the same market or industry. . Weaknesses are internal characteristics of the business that place the business at a disadvantage relative to other businesses in the same market or industry. . Opportunities are external elements in the market or industry that can serve as a competitive advantage. . Threats are external elements in the market or industry that can be problematic for the business Strengths and weaknesses are specific to a business (internal), whereas opportunities and threats influence or affect the business's success in the marketplace (external). WHY THIS MATTERS: The identification of SWOT is important to a business as each item should be assessed in line with stated company goals and objectives. Additionally, SWOT can be used in the planning process (strategic, tactical, and operational). Utilizing the SWOT analysis, business owners and decision makers of the company are then able to assess whether a goal or objective is attainable. If the goal or objective is not attainable, then the goal or objective must be reassessed and removed from the business's strategic vision. Strengths and weaknesses are internal to the company and can be directly managed by the company, while opportunities and threats are external and can only be anticipated and reacted to by the company. A comprehensive SWOT analysis helps a business understand what they are doing well (strengths), identify the areas in which the business can improve (weaknesses), and identify where the business fits in the competitive landscape (opportunities and threats). YOUR TASK: Demonstrate your understanding ofthe different elements ofa SWOT analysis and how it is used as a tool for marketing research by completing the activities that follow. 2. PRACTICE: Creating a SWOT Analysis INSTRUCTIONS: Read about the history of Voluntrip and what makes it such a unique business. Create a SWOT analysis that highlights the company's understanding of its market positioning and competitive threats. Refer to the list of Guiding Questions to help you identify the company's strengths, weaknesses, opportunities, and threats.VoluntripA History of Voluntrip Voluntrip was founded in 2016 by three individuals who had each traveled extensively throughout the world. They were strangers when they met in Vietnam but became fast friends. Eventually they decided to start a business together Ari, Luiz, and Sarita envisioned a business that would appeal to clients interested in sustainable tourism in both domestic and global regions of the world. They each agreed to invest $5, 000 from their personal nances to start the business. Each founding owner of Voluntrip brings a unique set of experiences and skills that are critical to the business's success. Ari is an English language teacher committed to creating an active learning experience for her students and provides them with ample opportunity to engage in conversational English. She possesses excellent organizational and timemanagement skills, as well as strong leadership and communication skills. When asked to describe her strengths as a business owner, she reects on her extensive travel experience and her passion to help those in need. Luiz has more than 10 years' experience in the tourism industry As a tour organizer and tour leader, Luiz is adept at creating personalized experiences for travelers throughout multiple cities and countries. As a business owner Luiz is focused on setting up quality homestays, wherein travelers can stay with local families, giving them the opportunity to engage with and learn more about the local cultures. He leads \"rough guide\" tours, taking travelers to lesserknown attractions, and providing them with a brief history of each site he tours. Sarita, an environmental engineer, has extensive experience working with local engineers in primarily river communities. Most recently, she worked with engineers and builders in Vietnam to construct an irrigation system that would bring fresh water to local villages along the Mekong River. She takes great care to learn about local construction ordinances, always obtaining the necessary permits to plan and build sustainably. Sarita's ability to communicate with local governments makes her an asset to a business like Voluntrip, which relies on the support of the local businesses and communities in order to survive. Voluntrip is categorized as a Travel Agency, operating in the Travel and Tourism industry, which already comprises more than 20,000 businesses and maintains a market worth of more than $7 trillion annually Key players in the industry have evolved from traditional brickandmortar locations to wholly online services. The major online competitors are Priceline and Expedia, while AAA and smaller travel planners occupy the local market. Despite the competition, the owners of Voluntrip believe their company will provide a unique service and ll the market gaps, serving segments that are not currently being served today. The owners plan to conduct further research to identify their exact target market, market value, and market growth for its service. As the Tourism & Travel industry is already serviced by more than 200, 000 agents, brokers, and agencies, Ari, Luiz, and Sarita want to make sure that Voluntrip provides travel products and services that are superior, yet affordable, for their unique clientele. The following are some of their popular core products and services: Core products: . Travel Planning Consultant . Personalized Tour Guide Services . Humanitarian Project Travel Product services: . Customized travel itineraries . Travel concierge services (point-to-point) . Online customer account management . Currency conversion and currency exchange services . Convenient payment options . AAA, military, AARP discounts . Extended Customer Service HoursAs you work on your SWOT analysis. consider these guiding questions: - What does the company do better than any other company? - What unique resources does the company have? - What competitive advantage does the company have? - What environmental factors impact the business (positive and negative)? - What market presence do competitors maintain? - What products and services are consumers demanding? - How do the company's products/services meet consumer demand? STRENGTHS WEAKNESSES OPPORTUNITIES THREATS