1 / 14

Market Research

Market Research . Market Research Process. Define problem Put together research plan Primary data - Questioning/Observation Secondary data Gather information Analyze and interpret. Problem Statements: Questions you must answer for your business plan.

burton
Download Presentation

Market Research

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Market Research

  2. Market Research Process • Define problem • Put together research plan • Primary data - Questioning/Observation • Secondary data • Gather information • Analyze and interpret

  3. Problem Statements: Questions you must answer for your business plan Focus on defining your target market and learning about them so you can build strategy and marketing mix to meet customer needs • Who is your customer? • Why do they buy? • What do they buy? • How do they buy? • Where do they buy? • When do they buy? • How often do they buy? • How many customers that meet your target characteristics are located in the geographic area that you serve?

  4. Make the case that there is an opportunity for your organization • What is the trend for your target market and industry? • Who are your direct and indirect competitors? How do they compare to you? • What are the economic conditions of your market?

  5. Children’s Museum • Use demographics to determine if your community can support a children’s museum? What scope/ size ? • Evaluate the offerings in other family oriented facilities, both non-profit and for profit, in your marketing radius to determine competition, and what specific offerings are not currently available to families or specific ages of children. • Identify industries, physical characteristics and other unique features of your city or region that could be expressed in your exhibits and programs and would resonate with visitors. • Identify local resources, including other institutions, that might aid you in your effort to open a children’s museums. (Colleges, schools, Head Start, hospitals, other NFP child oriented institutions.) • Use other children’s museums and ACM resources to compare your collected information with other children’s museums to test your assumptions.

  6. Research Plan:Sourcesof market research information • Customer Information • Get out there and talk to people • Sample surveys/suggestion boxes • Library • Web search • Department of Commerce • Census Bureau • USA Counties

  7. Internal records • warranty cards • coupon returns • Suppliers for trends • Employees for issues with customers • Accounting records for sales • Customer focus groups

  8. Industry Information • North American Industry Classification System (NAICS) • Standard Industrial Classification Codes (SIC) • Trade publications • Trade organizations (industry associations) • Restaurant Industry information • Wisconsin Bed and Breakfast Association

  9. General Economic/Area information • County Workforce Profiles of Wisconsin • Trade Stats

  10. Faith Popcorn Author of Future Trends • Read as many currency publications as possible • Watch the top 10 television shows • See the top ten movies • Talk to at least 150 customers a year about what they guy and why • Talk with the 10 smartest people you know

  11. Market Research for Doggie DayCare • Market segment served • Households with dogs • Income > $50,000 per year • Owner working • Geographically: Within 10 miles of Wisconsin Rapids

  12. Search on “dog ownership by state” • http://www.avma.org/reference/marketstats/ownership.asp • Scroll down to see 2 calculators relating to ownership

  13. Community population • Census

  14. Customer Information • Search “demographics of doggie day care” • http://www.pawsdogdaycare.com/Start-Up-Services/Dog-Daycare-Demographics.htm

More Related