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Transcript
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 Secondary data is second-hand, so the results might be outdated or can become obsolete quickly.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