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Lesson 5: Market Research

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Watch this with a 10-15 minute audiotrack at http://vimeo.com/novusprogram/lesson5

This lesson begins with a discussion of the difference between goods and services. It then goes into an overview of market research as it relates to deciding what goods or services a business should provide. It describes the difference between primary research and secondary research while providing the most common examples of both types. It concludes with a general description of the importance of using market research to guide a business’s strategy and how to apply it to increase the chance of success.

The Novus project is a combination of video tutorials designed to be used in conjunction with a free business simulation software program. The Novus Business and IT Program contains 36 business and IT training videos, covering basic finance, accounting, marketing, economics, business strategy, Word, Excel, and PowerPoint. Users will have an opportunity to apply the lessons in the Novus Business Simulator. Over six rounds, the user or teams will have to make decisions on capital purchases, financing, production, financing, and human resources for a microbrewery. This channel has arranged the 36 video lessons into the order in which they are meant to be used with the simulator. To watch this slideshow as a video, please go to our Vimeo page at: https://vimeo.com/novusprogram. To download our free business simulation software, please go to our SourceForge page at: http://sourceforge.net/projects/novus/.

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Lesson 5: Market Research

  1. 1. Market Research Objective: To understand the difference between goods and services, the importance of market research and main methods for implementation, and how to use research to improve your strategy.Novus Business and IT Training Program
  2. 2. Business Strategy• Businesses need to fill a customer need• Market research is a necessary tool for product developmentNovus Business and IT Training Program 1
  3. 3. Good, Service, or Both?• Businesses provide: – Goods: tangible items (cars) – Services: actions people do for you (haircuts) – Combination: good + service (café)• Products can be: – Existing – Modified – NewNovus Business and IT Training Program 2
  4. 4. What is Market Research• Market Research is the process of collecting and analyzing information about customers, competitors, and industries• Market Research  Informed Decisions• Types of Market Research: – Primary – SecondaryNovus Business and IT Training Program 3
  5. 5. Primary Market Research• Primary Market Research is done by you• Five steps for performing primary research: 1. Define the Goal 2. Design the Method • Surveys, interviews, focus groups, etc. 3. Implement the Methods 4. Analyze the Results • Quantitative information vs. Qualitative information 5. Make Better DecisionsNovus Business and IT Training Program 4
  6. 6. Secondary Market Research• Secondary Market Research is done by others• Sources of Secondary Market Research: – Articles – Market Research Reports – Internet• Need to consider quality and credibilityNovus Business and IT Training Program 5
  7. 7. Primary vs. Secondary Market Research• Key differences include: – Availability – Price – Relevance• Most businesses use both types of researchNovus Business and IT Training Program 6
  8. 8. Purpose of Market Research• Market Research focuses on: – Target Customers – Competition – • Competitive Positioning • Competitive Advantage – Specific Industry or MarketNovus Business and IT Training Program 7
  9. 9. Using Market Research• Consider the following with respect to your good or service: 1. Fit To Mission 2. Profitability 3. Accessibility 4. Competitive Advantage 5. Supplier Control 6. Customer Control 7. Scalability 8. DistributionNovus Business and IT Training Program 8

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