Market Research Lesson 6. Objectives Outline the five major steps in the market research process Describe how surveys can be used to learn about customer.

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Presentation transcript:

Market Research Lesson 6

Objectives Outline the five major steps in the market research process Describe how surveys can be used to learn about customer behaviors and competition Analyze the results from a market research survey, and explain how data may affect your business plan Compare and contrast qualitative and quantitative research Calculate the percentage of responses to a specific survey question Compute the cost associated with a market research survey

What is Market Research? Market Research: – The process of gathering, recording, analyzing, and reporting information regarding customers or potential customers Uses of Market Research: – Need information about the products they offer and the products that the customers want

Market Research Process 1.Identify the Problem: – State the problem and information needed to solve it 2.Obtain Data: – Primary: Facts collected for the first time for the problem under study – Surveys: » A series of questions asked to a select and representative group of people – Observation: » Gives information about what people do, but not about why they do it

– Focus Group: » A small group of 8-15 people who provide qualitative data through their opinions about a business, its products, or other issues – Secondary: Facts that have been collected previously fro a purpose other than the problem being studied 3.Analyze Data: – Data is compiled, studied, and interpreted

4.Choose the Best Solution: – After data is analyzed conclusions can be drawn 5.Follow up on the Results: – Evaluate against the marketing results

Types of Market Research Qualitative Research: – Used to discover information whose validity can then be assessed with quantitative research questions Generally begin with “how” and “why” Quantitative Research: – Used to answer questions about quantities and amounts using a large sample of consumers Generally begin with “how many” and “how much”

Key Math Concepts Converting Numbers to a Percentage of Responses: – Percentage of Responses to a Specific Question = Number of Responses to Specific Question / Total Number of Responses Finding the Average or Mean of a Group of Numbers: – Add the numbers together and divide by the amount of numbers added