Market Research BBI2O. Market Research The collection and analysis of information to help solve marketing problems –Who is my target market? –How do I.

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Presentation transcript:

Market Research BBI2O

Market Research The collection and analysis of information to help solve marketing problems –Who is my target market? –How do I reach them? –How much should I sell my product for? –What new products should I develop? –What changes should I make to my existing products? –What’s the best way to promote this product?

Types of market research Consumer Research Competitive Research

Ways to gather market research Primary data –Data you collect and analyze yourself –Pros: more reliable, specific, up to date –Cons: takes a lot of time and money Secondary data –Data that’s been collected/analyzed by others –Pros: cheaper, quicker –Cons: may be out of date, too unrelated, less reliable

Primary Data Survey –A set questions designed gather specific data –May use open-ended or closed-ended questions –Polls a representative sample and extrapolates the results to make assumptions about the larger population Focus Group –An interactive group session designed to go more in depth Observation –Watching consumers without their knowledge –Most honest/reliable

Secondary Data Media Research –Internet –TV –Books –Magazines Purchase data from a research firm Online databases (like StatsCan)

Types of market research Consumer Research Competitive Research Advertising Research

Consumer Research What products do consumers want? Who is my target market? How big is my target market? What motivates consumers to purchase my product? How much are people willing to pay for my product?

Competitive Research Who are my main competitors? What indirect competitive is there for my product? What are the strengths/weaknesses of my competition?

Advertising Research What type(s) of advertisement is most effective for my product/service/target market? How effective is my current advertisement?

Scenario You are thinking of opening a clothing store in the Ottawa area –What types of marketing questions would you want to answer? –How would you gather data to help answer those questions?

Survey Activity Prepare a short (3-4 questions) survey for your classmates about their preferences and buying habits related to their consumption of soft drinks, chips, or some other snack food Use only closed-ended questions What information does your data provide?