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.

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.