Market Research:

1. Market Research: Primary Data

2. Two Types • Qualitative Research • measures reactions, feelings – things that aren’t easily quantifiable • Quantitative Research • data that can be measured • collected by surveying a representative sample • predict results of entire market based on sample election polls

4. Gathering Primary Data • Test Marketing • Movies • Food

5. Internal Information Sources • Sales Records • Inventory • Production Records • Data Mining

6. Surveys • Planned set of questions used to gather data • Ways to administer surveys • Phone • Written • Web

7. Survey Questions • Closed ended questions • yes/no, mult. choice, rate on a scale • easy to answer, easy to score, easy to interpret data • Open ended questions • allow respondents to provide own response • time consuming to answer and interpret, difficult to extract meaningful data

8. Random Sample • Surveys must be from a random sample • every member of the target-market population must have the same chance of being selected for the survey • If the sample does not accurately represent the target-market, the results will be misleading and biased • If the results are truly random, then the results of the study can be projected on the entire market.

9. Observation • Recording a person’s actions in a particular scenario, without direct interaction • Can be more accurate than surveys • less outside influence • less self-consciousness • truer representation of the person’s attitudes • Eye-tracking Photography

10. Focus Groups • Small group discussion • Moderator • guides discussion