Market Research Introduction What is market research? Lesson’s Objectives To have an awareness of different types pf market research To understand the difference between Quantitative and qualitative analysis Purpose of market research Diamond rank cards Using the key purpose of Market research Decide which is the most to least important ‘purpose’ of market research Types of Research Market research is the collection of information or data to better understand what is happening in the market place. A firm's marketing department needs to know about economic trends, as well as consumers' views. Based on this information, they can put together a marketing plan, which will meet their own needs as well as those of their consumers. There are two general types of research: Primary or field research Secondary or desk research Primary or Field Research Obtaining new data for a specific purpose. The marketing department of a firm or a specialist research organisation can provide this. Typically, the data is gathered by face-to-face interviews, by telephone or by post, using questionnaires. This is called a survey. Sometimes potential consumers are asked to test products, and their responses are recorded. Field research has the advantage that the firm itself has control over the whole process. The disadvantages are that it takes longer, and costs more Secondary or Desk research This is the use of existing data that has already been collected. It can be anything from a company's own sales statistics to Department of Trade and Industry reports. Other secondary sources of information include journals, company reports, government statistics, and surveys published by research organisations. Traditionally, these have been paper-based, but more and more information is now available on CD-ROM or on-line through the Internet. Desk research has the advantages of being cheaper and quicker than field research. The disadvantages are not knowing if the findings are accurate, or how relevant they will be to your product. You decide: Which is desk and field research? Use your whiteboard Accounts Consumer panels Experiments Government statistics Group interviews High street surveys Internet results Loyalty cards Market research publications Observations On line surveys Sales record Write PRIMARY on one side Now create a list in yourAnd notes sorting these out into Primary SECONDARY & on the other… Secondary Field = Primary Desk = Secondary The results Primary Consumer panels Experiments Group interviews High street surveys Observations On line surveys Secondary Accounts Government statistics Internet results Loyalty cards Market research publications Sales record Quantitative research Statistical basis Gathers numerically measurable data Sampling plays a key role Data obtained through surveys Concerned with obtaining hard data Age? Gender? Income bracket? How often do you shop at X? Government statistics… More Government statistics UpMyStreet.com Qualitative research Subjective and personal Gathers “soft” data Main purpose is to understand consumer behaviour, attitudes and perceptions Obtained by methods designed to get detailed responses Research topics usually explored in some depth Psychological opinions How do you feel when you eat Haagen Dazs? Watch the DVD Best of working Lunch Clip 7 Researching the Market… Key concepts include… Consumer panel What is it? How does it operate? What are the limitations of a consumer panel? What is the difference between qualitative and quantitative? Which is better? How has ICT improved MR? What’s the best way to research consumer views on Would you use primary or LEGO? Zero Coke? Dulux Paint? Big Brother 2008? Ryan Air service Heathrow to Belfast? Capital Radio? Nuts magazine secondary research? Suggest 3 Qualitative Q’s & 3 Quantitative Q’s you’d use? What’s the connections? Failed market research Issues with Market Research and start up businesses? Can a start up business afford market research? Can you afford not to do any research? What are the consequences of not doing market research? What type of market research would a start up business use? Homework This Friday – INSET Revise for assessment…. Next lesson…. Monday Everything that we have covered with me this ½ term. Plenary What is the difference between desk & field research? Give me an example of a qualitative market research question? Give me an example of a quantitative market research question?
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