Research

Using Research Over the past couple of classes – We have learned how to identify a trend Today – we will learn how to use research in order to identify opportunities and evaluate ideas

Research There are two types of research Primary Research – Interviewing customers and potential customers directly Secondary Research – Uses data that has already been collected by somebody else

Primary Research First-Hand collection of information Examples – Surveys – Focus Groups – Questionnaires Paper or Internet – Telephone Surveys – Personal Interviews

Primary Research Research Instrument – A tool for marketing research – You need to decide which one will give you the best information for decision making Cost of doing your own research is relatively cheap compared to secondary – Printing material for Questionnaires/Surveys Cheaper when online – Paying a small price for people to join a focus group

Secondary Research Somebody else has collected the information already Example: Someone uses data from USA and Canada Hockey to determine the potential of the women’s market

Secondary Research Can provide information about what has happened in the past – Example: the amount of money women hockey players have spent on hockey equipment in the past With the information you may be able to identify trends and make predictions – Example: You may see more and more money being spent on higher quality equipment vs. second-hand

Secondary Research If you are aware of it or not..... You are being monitored everywhere you go – Your Buying Habits – Your interests – Your Favourite Music – The Websites You Visit

Secondary Research There are a variety of ways to conduct secondary research – Read Trade Journals – Magazines – Newspapers – Studying Advertisements – Professional Companies The important part is summing up the information you are given in a meaningful way

Steps in Marketing Research 1)Identify Your Objectives – What do you want to know/find out? 2)Plan Your Research Program – Primary or Secondary 3)Select a Sample – Who’s opinions will you collect? How many people? 4)Collect the Data – How will you collect and organize the information you get?

Steps in Marketing Research 5)Analyze the Data – Do you see any trends? 6)Draw Conclusions – Summarize what your conclusions are 7)Decide How to Proceed – Do your findings call for immediate action? – Do you go back to the drawing board? – Do you start the whole research process over again?

Mistakes in Marketing Research IGNORING THE MARKET RESEARCH!!! – This is more common than you would think – “Well....I know more than these dummies!” Making all your decisions based on one piece of information Researching the wrong group of people – Asking loyal customers what you could do better Not knowing what you are looking for when you start – Simply looking at the data after and trying to find important information Not being aggressive in your research – Casually asking a few people....

Today’s Activity Organize Yourself into groups of 4-5 Your group will be given a business/scenario You are to: – Come up with 3 things that your particular business would be interested in finding out with marketing research – Finding a good source of secondary data (Online)