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Market research
This document provides an overview of market research and the steps involved in conducting it. It discusses gathering, analyzing, and recording data on people's needs and wants to better understand the target market. Both internal research like tracking customer purchases and external research like reviewing industry publications are covered. Developing an appropriate research instrument like a questionnaire and following ethical practices when collecting and reporting data are also outlined. The goal is to identify business opportunities and trends through systematically sorting and analyzing the information gathered.
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Market research
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- 2. What is MarketResearch • Gather • Record • Analyse • (Data) • Regularly
- 3. What is MarketResearch • Facts &opinions • Objective • What do people need and want? • Outsource • Get to know your market
- 4. Getting to knowyour market • target market (understand) • Who? • Where? • What? • Afford?
- 5. Getting to knowyour 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 • Firsthand • 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 ofconduct • Willing participants. • Approved by the organisation. • Do not influence opinions! • Freedom to refuse.
- 13. Ethics • No informationshould 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 notbreak the law! • Or harm the ENVIRONMENT • Safe • Health
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- 19. Preparing a business report •Overview • Concisely • Regular language • Visual summaries (tables, graphs, diagrams, drawings)
- 20. • Edit (grammaticalerrors, spelling mistakes, inaccuracies) • Second opinion • Visual summaries (effective)
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- 22. Class Activity • Choosea 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.