Session 7 conducting start-up market research - moodle

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  • Essential: Demand for product or service, identify customers/ target market, idea is viable, correct price.Downsides: Costly, accuracy, bias
  • Available finance – Research is expensive! The entrepreneur may not have the funds available. The nature of the product – New or innovative are less likely to have any secondary research available. Level of risk – The greater the risk the more important need for research.The target market – If have a clearly defined market it is easier target your sample.
  • ExpensiveDifficult to carry out accuratelyInaccurate – Business may make poor decisions (mention Census)Entrepreneurs may lack skill, knowledge or time to carry out primary research.
  • Session 7 conducting start-up market research - moodle

    1. 1. Do Now!What is market research?Why is it essential for anew business orentrepreneur to carry outmarket research?Are there any downsidesto carrying out marketresearch?
    2. 2. Market Research Module 2
    3. 3. Learning ObjectivesBy the end of this lesson you should be able to:1. Identify and explain the different methods of primary and secondary research.2. Explain the difference between quantitative and qualitative research data.3. Apply market research to a real life situation.4. Apply understanding of market research to a case study.
    4. 4. Start-up Market Research Market research – essential in gathering data on the buying habits, usage and attitudes of actual and potential customers. PRIMARY SECONDARY • Collected by entrepreneur • Data already exists • Paid to have collected • Collected for another purpose • Does not already existLO1) Identify and explain the different methods of primary and secondary research.
    5. 5. Secondary ResearchLO1) Identify and explain the different methods of primary and secondary research.
    6. 6. Primary ResearchLO1) Identify and explain the different methods of primary and secondary research.
    7. 7. Primary Research Who shall I collect the information from? Random Sample Quota Sample Potentially each Characteristics of a member of a group market are mirrored has an equal chance of in a sample being in the sample. i.e. – target 50 males between 20 and 25.LO1) Identify and explain the different methods of primary and secondary research.
    8. 8. Do you know your Primary research from your Secondary research?LO1) Identify and explain the different methods of primary and secondary research.
    9. 9. Primary Research What should a firm consider when choosing a sample? Available finance The nature of the product Level of risk The target marketLO1) Identify and explain the different methods of primary and secondary research.
    10. 10. Primary Research Discuss…. What are the disadvantages of primary research?LO1) Identify and explain the different methods of primary and secondary research.
    11. 11. Quantitative and Qualitative Research Although research can be primary or secondary in origin, there are also categories for the type of data that is collected. Quantitative Qualitative • Refers to numerical information • Refers to information about attitudes, feelings and opinions • Establish key information about a • More revealing and useful but business/ market expensive to collect Examples: Examples: • Questionnaire • In-depth interview • Telephone survey • Group discussions • Online surveyLO2) Explain the difference between quantitative and qualitative research data.
    12. 12. Quantitative and Qualitative Match the question to the correct category: Quantitative QualitativeLO2) Explain the difference between quantitative and qualitative research data.
    13. 13. Focus Group Research Which product do you prefer?LO3) Apply market research to a real life situation.
    14. 14. Focus Group Research Experience Review What type of research was collected in this experience? What kind of data was collected in this experience? How do you think that firms would analyse these results?LO3) Apply market research to a real life situation.
    15. 15. Market Research at Blandonmore Read the case study and answer questions 1, 2 and 3.LO4) Apply understanding of market research to a case study.
    16. 16. FinallyName fourkeywords identifiedin this lesson.Can you definethem?
    17. 17. Re-cap Learning ObjectivesYou should now be able to:1. Identify and explain the different methods of primary and secondary research.2. Explain the difference between quantitative and qualitative research data.3. Apply market research to a real life situation.4. Apply understanding of market research to a case study.

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