Example post
Jaron Warmack posted Feb 1, 2018 9:27 PM
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Primary or Secondary
Ranking
Market Research & Justification
s
1
5. Demographic breakdown of Scadona’s population by sex, age, gross income, education, disposable income, family size, and occupation (Cost = $2,000)
I chose this one as first because I think this is one of the most important items to consider before breaking into a market. The product is targeted towards a specific group, and if the population does not contain an adequate number of people then the venture is pointless. This information is secondary becuase this was pulled from outside resources.
s
2
7. Report of fifteen-year summary of economic trends in the area, shopping centers, occupations, disposable income, clothing sales, and specialty shops (Cost = $1,800)
Looking at trends in a specific area is very important when deciding to enter a market. This secondary source of information was able to be pulled without conducting specific research for this project, but is necessary in understanding if a new business could thrive in that market.
s
3
10. List of all current useable retail space openings in the area with rental rate per square foot, turnover rate for that spot and shopping center, population within one square mile with income ranges, housing values, occupations, ages and family sizes (Cost = $2,400)
Location is key in deciding where to put a new business, you want to be close enough to other businesses to drive competition, but not too close where you start cannibalizing a market. This secondary data research is considered as such because it is able to be gathered from outside specific reaserch.
s
4
1. A list of the gross sales figures of all existing women’s fitness spas in Scadona for the last two years (Cost = $400)
Understanding how profitiable like businesses can give you a taste to see if your business has the chance to be successful. This is secondary data because the information would be public record and is not specific to this exact project.
s
5
2. Map of the Scadona area showing major traffic routes, current shopping centers and types of stores, and locations of current fitness spas. (Cost = $1,500)
This secondary research goes back to the available locations point that was made earlier. Location is very important, especially when it comes to fitness clubs. You want to be in close proximity to both residential and work areas.
p
6
6. Mail survey of 300 subscribers to women’s magazines, questioning their fitness awareness, need for complete fitness services, amount of money spent on fitness activities annually, frequency of patronage of fitness spas (Cost = $5,000)
This piece of primary data can really get your customers invovled. You are asking women about their habits so that you can better customize an experience for a customer. This is primary because it is customized for this project with a specific objective.
p
7
4. Telepho ...
Example postJaron Warmack posted Feb 1, 2018 927 PMSub.docx
1. Example post
Jaron Warmack posted Feb 1, 2018 9:27 PM
Subscribe
Primary or Secondary
Ranking
Market Research & Justification
s
1
5. Demographic breakdown of Scadona’s population by sex,
age, gross income, education, disposable income, family size,
and occupation (Cost = $2,000)
I chose this one as first because I think this is one of the most
important items to consider before breaking into a market. The
product is targeted towards a specific group, and if the
population does not contain an adequate number of people then
the venture is pointless. This information is secondary becuase
this was pulled from outside resources.
s
2
7. Report of fifteen-year summary of economic trends in the
area, shopping centers, occupations, disposable income,
clothing sales, and specialty shops (Cost = $1,800)
Looking at trends in a specific area is very important when
deciding to enter a market. This secondary source of
information was able to be pulled without conducting specific
research for this project, but is necessary in understanding if a
new business could thrive in that market.
2. s
3
10. List of all current useable retail space openings in the
area with rental rate per square foot, turnover rate for that spot
and shopping center, population within one square mile with
income ranges, housing values, occupations, ages and family
sizes (Cost = $2,400)
Location is key in deciding where to put a new business, you
want to be close enough to other businesses to drive
competition, but not too close where you start cannibalizing a
market. This secondary data research is considered as such
because it is able to be gathered from outside specific reaserch.
s
4
1. A list of the gross sales figures of all existing women’s
fitness spas in Scadona for the last two years (Cost = $400)
Understanding how profitiable like businesses can give you a
taste to see if your business has the chance to be successful.
This is secondary data because the information would be public
record and is not specific to this exact project.
s
5
2. Map of the Scadona area showing major traffic routes,
current shopping centers and types of stores, and locations of
current fitness spas. (Cost = $1,500)
This secondary research goes back to the available locations
point that was made earlier. Location is very important,
especially when it comes to fitness clubs. You want to be in
close proximity to both residential and work areas.
p
3. 6
6. Mail survey of 300 subscribers to women’s magazines,
questioning their fitness awareness, need for complete fitness
services, amount of money spent on fitness activities annually,
frequency of patronage of fitness spas (Cost = $5,000)
This piece of primary data can really get your customers
invovled. You are asking women about their habits so that you
can better customize an experience for a customer. This is
primary because it is customized for this project with a specific
objective.
p
7
4. Telephone survey of 500 randomly selected households in
the area designed to determine consumers' familiarity with your
company name, interest in spas like this, and awareness of other
spas and their advertising (Cost = $5,000)
This is primary research because it is customized to this project.
It is slightly more personal and allows you to get an
understanding of brand awareness and penetration in a market.
p
8
8. Focus group report of twelve people concerning attitudes
toward prices of fitness services, services expected of a spa,
appropriate atmosphere, type of personnel, and seasonal
changes (Cost = $2,800)
These types of primary reaserch are important to really
understand your target market and their needs. In focus groups
you can ask specific questions and get real time answers. You
can also tailor follow-ups to these participants. It also gives
these potential customers a first glimpse at the product and get
4. them excited and spread the news about the new business.
s
9
3. Color-coded map of the area showing home and commercial
property values (Cost = $1,000)
This is secondary data because it is easily accessed by the
public. I think it is important because you can better gauge
areas of prosperity.
s
10
9. List of all organizations, clubs, and restaurants that cater
to the in-crowd and their manager's names (Cost = $800)
While I ranked this last, I do think there is value in this
secondary reasearch. Word of mouth marketing is very
important, especially with the strong prescense of social media.
When the public is informed about a new service and can
experience it to its fullest they will share their experiences with
their friends which can drive more business. THis is secondary
becuase it is not specific to this project and can be pulled from
outside sources.
I think doing this exercise was very interesting and important
for a few reasons. First, before I started I thought that my most
important rankings would be primary resources, but as I was
going through the research I kept putting the secondary first.
Secondly, cost is a huge difference between primary and
secondary research. Primary is much more expensive, but that
makes more sense because these types of research are more
tailored for a specific end use.
less
What are the purpose and functions of human resource
45. Table 1
1. A list of the gross sales figures of all existing women’s
fitness spas in Scadona for the last two years (Cost = $400)
2. Map of the Scadona area showing major traffic routes,
current shopping centers and types of stores, and locations
of current fitness spas. (Cost = $1,500)
3. Color-coded map of the area showing home and commercial
property values (Cost = $1,000)
4. Telephone survey of 500 randomly selected households in
the area designed to determine consumers' familiarity with your
company name, interest in spas like this, and awareness of other
spas and their advertising (Cost = $5,000)
5. Demographic breakdown of Scadona’s population by sex,
age, gross income, education, disposable income, family size,
and occupation (Cost = $2,000)
6. Mail survey of 300 subscribers to women’s magazines,
questioning their fitness awareness, need for complete fitness
services, amount of money spent on fitness activities annually,
frequency of patronage of fitness spas (Cost = $5,000)
7. Report of fifteen-year summary of economic trends in the
area, shopping centers, occupations, disposable income,
clothing sales, and specialty shops (Cost = $1,800)
8. Focus group report of twelve people concerning attitudes
toward prices of fitness services, services expected of a spa,
appropriate atmosphere, type of personnel, and seasonal
changes (Cost = $2,800)
9. List of all organizations, clubs, and restaurants that cater
to the in-crowd and their manager's names (Cost = $800)
10. List of all current useable retail space openings in the
area with rental rate per square foot, turnover rate for that spot
and shopping center, population within one square mile with
income ranges, housing values, occupations, ages and family
sizes (Cost = $2,400)