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Market Research

Market Research. Lesson 6. Objectives. Outline the five major steps in the market research process Describe how surveys can be used to learn about customer behaviors and competition Analyze the results from a market research survey, and explain how data may affect your business plan

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Market Research

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  1. Market Research Lesson 6

  2. Objectives • Outline the five major steps in the market research process • Describe how surveys can be used to learn about customer behaviors and competition • Analyze the results from a market research survey, and explain how data may affect your business plan • Compare and contrast qualitative and quantitative research • Calculate the percentage of responses to a specific survey question • Compute the cost associated with a market research survey

  3. What is Market Research? • Market Research: • The process of gathering, recording, analyzing, and reporting information regarding customers or potential customers • Uses of Market Research: • Need information about the products they offer and the products that the customers want

  4. Market Research Process • Identify the Problem: • State the problem and information needed to solve it • Obtain Data: • Primary: • Facts collected for the first time for the problem under study • Surveys: • A series of questions asked to a select and representative group of people • Observation: • Gives information about what people do, but not about why they do it

  5. Focus Group: • A small group of 8-15 people who provide qualitative data through their opinions about a business, its products, or other issues • Secondary: • Facts that have been collected previously fro a purpose other than the problem being studied • Analyze Data: • Data is compiled, studied, and interpreted

  6. Choose the Best Solution: • After data is analyzed conclusions can be drawn • Follow up on the Results: • Evaluate against the marketing results

  7. Types of Market Research • Qualitative Research: • Used to discover information whose validity can then be assessed with quantitative research questions • Generally begin with “how” and “why” • Quantitative Research: • Used to answer questions about quantities and amounts using a large sample of consumers • Generally begin with “how many” and “how much”

  8. Key Math Concepts • Converting Numbers to a Percentage of Responses: • Percentage of Responses to a Specific Question = Number of Responses to Specific Question / Total Number of Responses • Finding the Average or Mean of a Group of Numbers: • Add the numbers together and divide by the amount of numbers added

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