Download Market Research - LaPazChirripoColegio2016-2017

MARKET RESEARCH
Your how to guide for conducting effective
market research.
Market Research
• Refers to marketing activities
designed to discover the
opinions, beliefs and
preferences of potential and
existing customers.
Market Research
Change the way that you think!
• From: Thinking about what YOU
want.
• To: Thinking about what the
MARKET wants or needs.
Secondary Market Research
• Existing information
Government information
Trade Groups and Journals
Business Magazines and Reports
Local Community Resources
Secondary Market Research
Advantages
Disadvantages
Data or information that is already
available is generally cheaper and
faster to collect and analyze.
Secondary data is second-hand, so
the results might be outdated or can
become obsolete quickly.
Secondary research often provides an
insight into changes or trends in the
industry.
The data or information might be in an
inappropriate format for the market
researcher as it has been collected for
another purpose.
There is a huge range of sources that
the market researcher can use
especially with online sources.
Secondary research might only
provide partial information. Again
because it has been collected for
another purpose.
Findings are usually based on a large
sample size so the results are
statistically valid.
Unlike primary research, secondary
data and information is widely
available to competitors.
Primary Market Research
• Surveys: Document that contains a series of questions
used to collect data for a specific purpose.
• Interviews: 1 on 1 discussions with target customers to
get their opinions about a product or a service.
• Focus Groups: a small group selected from a wider
population and sampled for its members’ opinions about a
product or service
• Observations: watching customers perform certain
activities, recording relevant facts, actions and behaviors
Primary Market Research
Advantages
Disadvantages
Primary research is carried out for a
Can be time consuming to collect and
specific purpose, so directly addresses analyze data.
the questions that need to be
answered.
It is up to date information.
Collecting the data can be very costly.
The information is confidential and
unique.
Can not be sure of the validity as poor
questions could lead to biased results.
Challenges
What questions to
ask
Where to find
information
How to understand
and present
First Activity
• Groups:
Santiago, Marco P. Joustinne
Jade, Toño, Christine
Lily, Manuel, Randy
Melodie, Thomas
Chocolate Bar
• Develop a 6 question market
research survey to understand
what type of chocolate bar to sell
to students ages 14-18. Ask
questions that will help you
design a new product that people
in that age group will want to buy.
Understanding the entire package
• Remember that the product,
placement, price are all part of the
decision for why people buy. Do
not limit yourself only to product
when asking the questions.
How to frame the questions:
• Closed-ended questions that can be answered with a yes
or no response. (Quantitative)
• Open-ended questions allow you to obtain qualitative
answers like why someone prefers one brand over the
other.
• Ask them to rank in order of preference.
• Create sentence starter or fill in the blank sentence.
Market Research Activity for your project
• What industry is your product in?
• Who is the market that you are targeting?
• How large is the market?
• How can you find out more about the tourism and local
growth rate in Guanacaste?
• Who are the main competitors?
• What are the potential customers looking for?
• Where are the potential customers located?
Activity Sheet
Question
What industry is your
product in?
Who is the market that you
are targeting?
How large is the market?
How can you find out more
about the tourism and local
growth rate in Guanacaste?
Who are the main
competitors?
What are the potential
customers looking for?
Where are the potential
customers located?
Primary/Secondary
Where to find
information
Industry data
• From Global Industry Analysts, Inc.
http://www.strategyr.com/MarketResearch/infographTempl
ate.asp?code=MCP-6536
• Other web sites that show industry data.
www.ibisworld.com/industry