Market Research July 2009

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Market Research for Chamber of Commerce and Industry Australia Philippines Incorporated

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Market Research July 2009

  1. 1. Market Research<br />CCIAP Inc Educational Series<br />6 July 2009<br />Presenter: Connie da Cunha<br />President CCIAP<br />Copyright <br />Prepared for the Chamber of Commerce and Industry Australia Philippines Inc.<br />
  2. 2. Agenda<br />What is Market Research?<br />Why market research is important?<br />How to do market research on the cheap? Practical tips and tools.<br />So what? You got the data what now?<br />Q&A<br />Copyright Prepared for the Chamber of Commerce and Industry Australia Philippines Inc.<br />
  3. 3. What is Market Research?<br />Is a process used by firms and/or individuals to be able to:<br /> determine customer needs and wants and keep up with changes in customers’ behaviour;<br />understand the nature of competition.<br />Copyright Prepared for the Chamber of Commerce and Industry Australia Philippines Inc.<br />
  4. 4. Benefits of market research<br /><ul><li>Provide focus by identifying your target market
  5. 5. Better investment choices ($, time and effort)
  6. 6. Informed decision making
  7. 7. Tactical decisions (e.g. implementing a sales promotion)
  8. 8. Strategic Decisions (e.g. targeting market segments)
  9. 9. Investment decisions (e.g. investing on new equipment)</li></ul>Copyright Prepared for the Chamber of Commerce and Industry Australia Philippines Inc.<br />
  10. 10. How to do market research on the cheap – practical tips and tools<br />But first understanding the types of data<br />Primary data – information gathered specific to need<br />Secondary data – information gathered for another purpose but can be used by a marketing decision maker<br />Copyright Prepared for the Chamber of Commerce and Industry Australia Philippines Inc.<br />
  11. 11. How to do market research on the cheap – practical tips and tools<br />Primary data<br />Market research by personal observation or survey<br />Set your goal/s (think SMART)<br />Formulate your questions carefully<br />Use simple English<br />Limit your questions (8-10 is recommended)<br />Observe confidentiality at all times<br />Offer incentives<br />Go to places where your target market gather most or use on-line tools e.g. Survey Monkey<br />Copyright Prepared for the Chamber of Commerce and Industry Australia Philippines Inc.<br />
  12. 12. Secondary data<br />Statistics (Generally free or low cost)<br />Australian Bureau of Statistics (www.abs.gov.au)<br />Philippines National Statistics Office (www.census.gov.ph)<br />Dept of Trade & Industry Philippines (www.dti.gov.ph)<br />Office of the Economic and Statistical Research (www.oesr.qld.gov.au) <br />All Countries go to World Bank portal (www.worldbank.org)<br />Industry Reports (Prices vary)<br />Ibisworld (www.ibisworld.com.au) <br />Philippines Industry Reports (store.businessmonitor.com/products/list_all/industries/iq/philippines/)<br />Maximise the use of Business Resource Centres<br />Statistical information and industry reports (from $36 per report)<br />Detailed benchmarking data for your business type ($50 incl GST per type)<br />Copyright Prepared for the Chamber of Commerce and Industry Australia Philippines Inc.<br />How to do market research on the cheap – practical tips and tools<br />
  13. 13. Understanding common market variables:<br />Demographic<br />Geographic<br />Psychographic<br />Consumer Behaviours<br />Copyright Prepared for the Chamber of Commerce and Industry Australia Philippines Inc.<br />How to do market research on the cheap – practical tips and tools<br />
  14. 14. More Useful Websites<br />www.business.gov.au<br />www.business.qld.gov.au<br />www.nscb.gov.ph<br />www.business.gov.ph<br />www.surveymonkey.com<br />www.odesk.com<br />Copyright Prepared for the Chamber of Commerce and Industry Australia Philippines Inc.<br />
  15. 15. So what? You got the data. What now?<br />Use the market research data when:<br />Preparing business plans <br />identify your niche market<br />understand your competition<br />Preparing marketing plans<br />Marketing Mix (5 Ps: product, price, promotion, place, people,<br />Developing your products/services<br />Developing markets (geographical transfers)<br />Job hunting (ID big companies, nature of industries)<br />Career planning (“future proofing”)<br />Copyright Prepared for the Chamber of Commerce and Industry Australia Philippines Inc.<br />
  16. 16. Case study<br />A new business is planning to open a car spare parts store in South East Queensland, discuss:<br /> what the owner should consider in his/her market research and why?<br /> how the owner should conduct his/her market research?<br />Copyright Prepared for the Chamber of Commerce and Industry Australia Philippines Inc.<br />
  17. 17. Consider:<br />Investigate best location <br />Accessibility, rental cost, exposure<br />Demography<br />Population, age, lifestyle, income level<br />Customer buying behaviour<br />DIY, buying decisions<br />Competition<br />Number of competition, brand power, price of goods<br />How? ABS, OESR, Yellow Pages Directory, Observe.<br />Copyright Prepared for the Chamber of Commerce and Industry Australia Philippines Inc.<br />
  18. 18. Copyright Prepared for the Chamber of Commerce and Industry Australia Philippines Inc.<br />Questions?<br />
  19. 19. Copyright Prepared for the Chamber of Commerce and Industry Australia Philippines Inc.<br />Thank You.<br />

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