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Lesson 1.2

Lesson 1.2. Market Research. Market Research. A process designed to identify solutions to a specific marketing problem by systematically gathering and analyzing data. Before adding a new product you should conduct an analysis to minimize risk. Primary Data.

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Lesson 1.2

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  1. Lesson 1.2 Market Research

  2. Market Research • A process designed to identify solutions to a specific marketing problem by systematically gathering and analyzing data. • Before adding a new product you should conduct an analysis to minimize risk

  3. Primary Data • Information collected for the first time to analyze a specific situation. • The data can be subjective or measurable data • Subjective = useful, but cannot be statistically analyzed • Measurable = more reliable, because analysis can be conducted

  4. Guidelines to Developing a Survey • Keep it simple and easy to read • Ask closed-end questions • Get a large sample before tabulating results • Give respondents some kind of reward or incentive, such as a coupon, for completing your survey. • Construct the survey so that the results can be used in as many ways as possible. • Example-Names, addresses can be used for mailing list. Or ages can determine target customers age

  5. Primary Research Methods • Surveys • Personal interviews, phone interviews, and mail interviews. • You receive the most accurate info by speaking directly to the customer • Observation • Actions of people are watched and recorded. • Customers and their buying habits can be observed and recorded by store personnel, cameras, or scanners

  6. Primary Research Methods cont. • Experimental Method • Observe the results of changing one or more marketing variable while keeping other variables constant • For Example • If we created gift baskets to sell during Valentine’s Day and wanted to compare the effectiveness of two different packaging designs. • Show two similar groups of consumers the gift baskets containing the same products but with different packaging. Then measure results of groups responses.

  7. Secondary Data • Information that has already been collected for purposes other than your current research project. • Secondary Research Methods • Sales and Marketing Magazines – Obtain a survey already given out • The U.S department of Commerce – has a regional office that can provide you with pertinent information • Trade Associations – Serve specific industries and are great sources

  8. Secondary Data Cont. • Business publications – include newsletters and pamphlets • Other Sources – local chambers of commerce and marketing departments of local colleges • Internal sources – information found inside the school store. Sales staff, customer records, sales data, financial statements, inventory records, customer complaints

  9. The Research Process –Pg 14 • Goal: We need to develop a way to conduct some primary and/or secondary research to find out which food products to sell in the school store. • Step 1- Identify a need or define the stores problem • Step 2 – Obtain primary and secondary data • Step 3 – Organize data • Step 4 – Analyze your data • Step 5 – Recommend solutions • Step 6 – Implement plan of action

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