Market research

1. Market Research

2. What is Market Research
• Gather
• Record
• Analyse
• (Data)
• Regularly

3. What is Market Research
• Facts &opinions
• Objective
• What do people need and want?
• Outsource
• Get to know your market

4. Getting to know your
market
• target market (understand)
• Who?
• Where?
• What?
• Afford?

5. Getting to know your
market
• Good value?
• Competitors

6. Internal market research
• Regularly
• Goods returned
• Patterns
• Compare prices
• Watch customers

7. Internal market research
• Employees can keep track
• Talk to customers
• Analyse information
• lifestyle

8. External market research
• Secondary research
• Data/ statistics
• Trade magazines, newspapers, online.

9. Primary research
• First hand
• Questionnaires
• Interviews
• Up-to-date
• specific

10. A research instrument
• Questionnaire/ Interview
• Complete & accurate
• Decide
• Draw up a table
• Simple, clear, unambiguous questions

11. A research instrument
• Test it!
• How clear is it?
• Short, simple & easy to read.
• Clear instructions
• True reflection

12. Ethics
• Code of conduct
• Willing participants.
• Approved by the organisation.
• Do not influence opinions!
• Freedom to refuse.

13. Ethics
• No information should be disclosed.
• Reason
• Do not mislead anyone

14. Collecting data
• Identify
• Where
• Decide
• How many people?
• Polite
• Time limit

15. Sort and analyse
• Useful format
• Use that table*
• Identify trends
• Consider

16. Reporting
• Summaries
• Graphs
• Are there trends?
• Show needs and desires.
• Business opportunities
• Does a viable business opportunity exist.

17. Ethics
• Do not break the law!
• Or harm the ENVIRONMENT
• Safe
• Health

18. Presentation of
information

19. Preparing a business
report
• Overview
• Concisely
• Regular language
• Visual summaries (tables, graphs, diagrams, drawings)

20. • Edit (grammatical errors, spelling mistakes,
inaccuracies)
• Second opinion
• Visual summaries (effective)

21. Visual summaries

22. Class Activity
• Choose a possible business opportunity.
• Develop a research instrument in order to conduct
market research on your target market.
• Follow the steps given to you in these notes to draw up a
questionnaire.
• Include 7 or eight questions requiring a yes or no
response.
• Two open ended questions.