Market analysis – gathering relevant information that helps determine the potential of a market
PAGE 52-53 Polleverywhere – what is the correct order?
Reliability & validity In group order them in right order – 30 seconds
Consumer analysis Opening a tea shop story
Exploratory research Situation analysis Funnelling – why you do secondary before primary Secondary data collection Secondary data collection PRISZM + pg 56 figure 3.3 Advantages / disadvantages of secondary figure 3.4
Primary research Sample design, data collection methods, methodology – pg 58 figure 3.5 Focus group – granola bars Look at package – scribble words / pictures that you think of Look at package – discuss ideas / thoughts What's your fav colour? Take one bite – immediate thoughts – one word only? What would you do differently? Pros / cons of primary vs secondary research – paper to walls Secondary data offers the marketing organization several advantages and disadvantages. Some advantages include: available at low or no cost; readily available and regularly updated (e.g. census data and economic forecasts); often the only source for some information (e.g. federal census); useful for analyzing information in the exploratory stage of a project. Some disadvantages include: data does not resolve a specific problem reliability and accuracy of the data are questionable information can be outdated and therefore not suitable for decisions in a rapidly changing marketplace.
Qualitative vs quantitative
Mark101 slidedeck - research
Market Research& Segmentation Presented by Lindsey Fair