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PowerPoint Presentation. Section 6.1 Pages 91-97. 6.1 Doing Market Research. What you’ll learn How to define an area of analysis for your research When to use different types of research How to develop an effective market research project. 6.1 Doing Market Research. Why it’s important

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  1. PowerPoint Presentation • Section 6.1 • Pages 91-97

  2. 6.1Doing Market Research What you’ll learn • How to define an area of analysis for your research • When to use different types of research • How to develop an effective market research project

  3. 6.1Doing Market Research Why it’s important • Not understanding the industry and the market is one of the biggest causes of business failure at start-up.

  4. 6.1Doing Market Research Why it’s important • Conducting effective market research before you start your business will increase its chances of success.

  5. 6.1Doing Market Research Key Terms industry market target market market segments demographics psychographics industrial markets

  6. 6.1Doing Market Research Key Terms (Cont.) marketresearch exploratory research descriptive research historical research secondary data primary data

  7. 6.1Doing Market Research I. DEFINING AREAS OF ANALYSIS A. A business must satisfy its customers to succeed and make a profit.

  8. 6.1Doing Market Research B. Conduct a thorough market analysis to find out who customers are and what they want.

  9. 6.1Doing Market Research C. Identify prospective customers and determine their buying habits. D. Analyze your field of endeavor or industry, and rate your prospects for success with it.

  10. 6.1Doing Market Research II. Industry A collection of businesses with a common line of products or services.

  11. 6.1Doing Market Research III. TARGET MARKET AND CUSTOMER A. A market is a group of people or companies that has a demand for a product and is willing and able to buy it.

  12. 6.1Doing Market Research B. The particular group a business is interested in, its target market, will be the focus of its efforts.

  13. 6.1Doing Market Research IV. MARKET SEGMENTATION A. Market segments are small groups of buyers with similar needs, broken down from the total market.

  14. 6.1Doing Market Research B. Consumer markets are usually segmented. 1. Geographics - region, state, country, city, or area

  15. 6.1Doing Market Research 2.Demographics - age, gender, family size, family life cycle, income, occupation, religion, race, nationality, or social class.

  16. 6.1Doing Market Research 3.Psychographics- personality, opinions and lifestyle elements, including activities and interests.

  17. 6.1Doing Market Research C. Customers who buy goods or services for business use make up the industrial market.

  18. 6.1Doing Market Research Market Segment Profiles

  19. 6.1Doing Market Research V. TARGET MARKETING The target market is a specific segment in which a business concentrates its efforts.

  20. 6.1Doing Market Research A. The market should be measurable. B. The segment should be large enough to be potentially profitable.

  21. 6.1Doing Market Research C. The segment should be reachable. D. The market segment should be responsive.

  22. 6.1Doing Market Research Discussion Starter Statistics show that more Americans are living alone. What businesses could benefit from this trend? ?

  23. 6.1Doing Market Research VI. CONDUCTING MARKET RESEARCH Investigation of the market is called market research.

  24. 6.1Doing Market Research VII. DEFINE THE RESEARCH QUESTION A. Focus research. B. Find data to support customer acceptance of your product or service.

  25. 6.1Doing Market Research VIII. TYPES OF MARKET RESEARCH Research designs are ways to structure your research.

  26. 6.1Doing Market Research A. Exploratory researchis used when little is known about a subject. B. Descriptive researchis done to determine the status of something.

  27. 6.1Doing Market Research C. Historical researchinvolves studying the past.

  28. 6.1Doing Market Research Critical Thinking In what type of situations might historical research be used? ?

  29. 6.1Doing Market Research IX. THE RESEARCGH PROCESS To successfully research an industry and market, it’s important to have a plan.

  30. 6.1Doing Market Research X. STEP 1: LOOK AT YOUR INFORMATION NEEDS A. Survey target markets. B. Gather information about competitors.

  31. 6.1Doing Market Research XI. STEP 2: START WITH SECONDARY RESOURCES A. Information that has already been collected is called secondary data.

  32. 6.1Doing Market Research B. Examples of secondary sources 1.The Wall Street Journal 2.Thomas Register 3. Securities and Exchange Commission 4. The Department of Commerce 5. CNN’s financial news.

  33. 6.1Doing Market Research XII. STEP 3: COLLECT PRIMARAY DATA A. Primary data is obtained for the first time and used specifically for your study.

  34. 6.1Doing Market Research B. Gather data through observation, interviews, and surveys.

  35. 6.1Doing Market Research XIII. STEP 4: ORGANIZE YOUR DATA Set up charts and record the results from the primary and secondary data.

  36. 6.1Doing Market Research XIV. STEP 5: ANALYZE YOUR DATA A.Is there a market for your product or service? B. How big is that market? C. Will the industry support a business like yours?

  37. 6.1Doing Market Research Reinforcement What traits and skills does someone who conducts market research as a career use? ?

  38. End of Section 6.1 6.1Doing Market Research

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