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Market research

Market research. Why use market research. Descriptive Reasons What is happening in the market Predictive Reasons What is going to happen in the future Explanatory Reasons Explain trends Exploratory Reasons Investigating new possibilities. Areas of Market research. The Market

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Market research

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  1. Market research

  2. Why use market research • Descriptive Reasons What is happening in the market • Predictive Reasons What is going to happen in the future • Explanatory Reasons Explain trends • Exploratory Reasons Investigating new possibilities

  3. Areas of Market research • The Market • Competition • Promotion • The Product • Distributing the Product • Pricing the Product

  4. Primary Research • Information that does not already exist! How many different methods of primary research can you think of?

  5. Primary research • Questionnaires – different methods and open/closed questions • Interviews • Observation • IT Based • Focus Groups • Consumer Panels • Test Marketing

  6. Sampling Methods- HL only • Random • Quota • Cluster • Snowballing • Stratified

  7. Secondary Research (desk) • This is information which already exists in some form • Secondary research can be obtained from within the business or from an external source such as library, government organizations or research agencies.

  8. Secondary Resources within the business • Sales Figures • Annual Reports http://www.aboutmcdonalds.com/etc/medialib/aboutMcDonalds/investor_relations.Par.94405.File.dat/Full2008AnnualReport-FINAL.pdf • Research Reports

  9. Secondary sources outside the business • Competitors • Government Publications • International Organisations • Commercial Research Reports www.keynote.co.uk • Retail audits (epos) • Business Publications (hard copy and online)

  10. Quantitative or qualitative • Qualitative Research Attitudes, beliefs and intentions • Quantitative Research Statistical Data

  11. Market segments • Identifying groups with similar characteristics What's the purpose of this? How can you segment people?

  12. Types of Segmentation • Age (baby boomers) • Gender • Education • Occupation • Social Class, AB, C1, C2, D, E • Income • Religion • Ethnicity • Family Characteristics (dinky, empty nesters) • Geographical Region • Political Preference

  13. Student Tasks Analyze the advantages and disadvantages of: • Primary Research • Secondary Research Analyze the usefulness of: Market Segmentation

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