Market Research July 2009

Market Research
CCIAP Inc Educational Series
6 July 2009
Presenter: Connie da Cunha
President CCIAP
Copyright
Prepared for the Chamber of Commerce and Industry Australia Philippines Inc.

Agenda
What is Market Research?
Why market research is important?
How to do market research on the cheap? Practical tips and tools.
So what? You got the data what now?
Q&A
Copyright Prepared for the Chamber of Commerce and Industry Australia Philippines Inc.

What is Market Research?
Is a process used by firms and/or individuals to be able to:
determine customer needs and wants and keep up with changes in customers’ behaviour;
understand the nature of competition.

Benefits of market research
Provide focus by identifying your target market
Better investment choices ($, time and effort)
Informed decision making
Tactical decisions (e.g. implementing a sales promotion)
Strategic Decisions (e.g. targeting market segments)
Investment decisions (e.g. investing on new equipment)

How to do market research on the cheap – practical tips and tools
But first understanding the types of data
Primary data – information gathered specific to need
Secondary data – information gathered for another purpose but can be used by a marketing decision maker

Primary data
Market research by personal observation or survey
Set your goal/s (think SMART)
Formulate your questions carefully
Use simple English
Limit your questions (8-10 is recommended)
Observe confidentiality at all times
Offer incentives
Go to places where your target market gather most or use on-line tools e.g. Survey Monkey

Secondary data
Statistics (Generally free or low cost)
Australian Bureau of Statistics (www.abs.gov.au)
Philippines National Statistics Office (www.census.gov.ph)
Dept of Trade & Industry Philippines (www.dti.gov.ph)
Office of the Economic and Statistical Research (www.oesr.qld.gov.au)
All Countries go to World Bank portal (www.worldbank.org)
Industry Reports (Prices vary)
Ibisworld (www.ibisworld.com.au)
Philippines Industry Reports (store.businessmonitor.com/products/list_all/industries/iq/philippines/)
Maximise the use of Business Resource Centres
Statistical information and industry reports (from $36 per report)
Detailed benchmarking data for your business type ($50 incl GST per type)

Understanding common market variables:
Demographic
Geographic
Psychographic
Consumer Behaviours

More Useful Websites
www.business.gov.au
www.business.qld.gov.au
www.nscb.gov.ph
www.business.gov.ph
www.surveymonkey.com
www.odesk.com

So what? You got the data. What now?
Use the market research data when:
Preparing business plans
identify your niche market
understand your competition
Preparing marketing plans
Marketing Mix (5 Ps: product, price, promotion, place, people,
Developing your products/services
Developing markets (geographical transfers)
Job hunting (ID big companies, nature of industries)
Career planning (“future proofing”)

Case study
A new business is planning to open a car spare parts store in South East Queensland, discuss:
what the owner should consider in his/her market research and why?
how the owner should conduct his/her market research?

Consider:
Investigate best location
Accessibility, rental cost, exposure
Demography
Population, age, lifestyle, income level
Customer buying behaviour
DIY, buying decisions
Competition
Number of competition, brand power, price of goods
How? ABS, OESR, Yellow Pages Directory, Observe.

Questions?

Thank You.

Market Research July 2009

by CCIAP on Aug 10, 2009

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