1. Market Research:
Types of Data
Mr. Singh

2. What is Market Research?
Market research is the collection, analysis, and interpretation of information used to develop a marketing strategy or to solve a marketing problem
This research provides hard data (information based on supportable fact)

3. What isn’t Market Research?
Mr. Singh asks a few friends what they think of his new Jordan’s
Not systematic (not in an organized way)
Minimal analysis
Very limited amount of data
Mr. Singh has made an intuitive decision
A decision based on feelings and prior knowledge, made automatically and instinctively

4. Who does Market Research?
Marketing research firms are hired to collect, analyze, and interpret the data that is relevant to a specific business’s marketing effort
These companies work with two types of information:
Secondary data
Primary data

5. Primary & Secondary Data
Primary Data
Unanalyzed, current information collected by a researcher for a specific purpose
Secondary Data
Information collected and published by others
Secondary Research:
searching for secondary data, then analyzing and interpreting it

6. Sources of Secondary Data
Books
Periodicals
Indexes
Databases
Internet
Consultants
Market Research Professionals

7. Books

8. Periodicals Magazines Newspapers Journals Reports
These are all examples of periodicals

9. Indexes and Databases
Indexes – Articles published about a specific topic over a particular period of time
Databases – List of information organized by category
CanCorp
provides financial and management information extracted from the corporate documents of over 13,000 Canadian companies

10. Internet Search Engines
Listserv - An list that sends information to all the people who subscribe

11. Consultants
Experts or consultants provide secondary data to businesses
Most consultants cost money, but some departments in the government and financial institutions are free
Marketing – Research Professionals - they sell data they have gathered on specific markets
Example: Netflix

12. Test Marketing
Companies produce a limited quantity of the product and introduce test markets (Apple)
Ontario is a popular location for test markets because its demographic profile is a typical Canadian city
Test Markets are used for soup, toothpaste, cereal, and even movies
Normally the test market is kept a secret to make sure consumers are performing as normal

13. Primary Data Two types of primary data:
Qualitative Research – used to measure people’s reaction, responses, or feelings toward a given subject or problem
Examples – Blind taste tests, Opinion polls
Quantitative Research – involves collecting data by surveying a representative sample of a target market population
Examples – Test Marketing, internal information sources, surveys, observation, etc

14. Internal Information Sources
Companies can look at their own data
Sales records provide data about the popularity of products
Advertising and Promotional records contain data about how successful an specific advertisement was, or coupon, contests, sampling etc.
Production records show peak ordering periods and downtimes

15. Surveys Carefully planned questions that are used to gather data
Surveys can be done over the phone, in person, through mail or on the internet
Closed-ended questions – people have to select one answer from choices (multiple choice)
Open-ended questions – people can write an answer and express their opinions
Which one is normally used? Easier to analyze?

16. Focus-Group Interviews
A small group of people brought together to discuss a particular product or problem
This method combines features of an interview with observation
Example: A marketer of a new video game- game could put year old males who own a video-game system

17. Observation
Collecting information by recording the actions of a person being observed without interacting or communicating with that person
You want to see how people behave
This method can be more accurate and less biased than surveys
This method tends to be more expensive

18. In class activity
Using one of the strategies discussed in class, gather primary data for something you’re interested in?
Also, gather secondary data for thing you’re interested in
Mr. Singh will be around to check