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Market Research:

Market Research:. Types of Data. What is Market Research?. Market research is the collection , analysis , and interpretation of information used to develop a marketing strategy or to solve a marketing problem This research provides hard data (information based on supportable fact).

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Market Research:

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  1. Market Research: Types of Data

  2. What is Market Research? • Market research is the collection, analysis, and interpretation of information used to develop a marketing strategy or to solve a marketing problem • This research provides hard data (information based on supportable fact)

  3. What isn’t Market Research? • Asking your friends or relatives what they think of your idea • Not systematic • Minimal analysis • Very limited amount of data

  4. Who does Market Research? • Marketing research firms are hired to collect, analyze, and interpret the data that is relevant to a specific business’s marketing effort • These companies work with two types of information: • Secondary data • Primary data

  5. Primary Data • Unanalyzed, current information collected by a researcher for a specific purpose • Pros vs. Cons • More on this later...

  6. Secondary Data • Information collected and published by others • Secondary Research: • searching for secondary data, then analyzing and interpreting it • Pros vs. Cons

  7. What kind of Data? • Recall friday’s class: • Conduct a Survey • Conduct a Focus Group • Purchase Data from a Research Firm • Hire Consulting Firm • Watch the media

  8. Sources of Secondary Data • Books • Periodicals • Indexes • Databases • Internet • Consultants • Market Research Professionals

  9. Books

  10. Periodicals

  11. Indexes and Databases • CanCorp • provides financial and management information extracted from the corporate documents of over 13,000 Canadian companies • http://www.lib.uwo.ca/business/cancorpdesc.html

  12. Internet • Search Engines • Listservs • http://www.ualberta.ca/~slis/guides/market/guide.htm#Listservs/Newsgroups • Problems with info from web?

  13. Consultants

  14. Market Research Professionals

  15. Review • What are 5 sources of secondary data? • Why is secondary data useful as a marketing research tool? • What are its limitations?

  16. Article • What service does GutCheck offer? • What kind of research does it specialize in? • What kind of research is it not geared towards? • What is a focus group? • What demographic aspects can the user select for participants with GutCheck?

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