market research introduction. what is market research?
TRANSCRIPT
Market Research
Introduction
What is market research?
Lesson’s Objectives
To have an awareness of different types pf market research
To understand the difference between Quantitative and qualitative analysis
Purpose of market research
Diamond rank cards
Using the key purpose of Market research
Decide which is the most to least important ‘purpose’ of market research
Types of Research
Market research is the collection of information or data to better understand what is happening in the market place. A firm's marketing department needs to know about economic trends, as well as consumers' views. Based on this information, they can put together a marketing plan, which will meet their own needs as well as those of their consumers.
There are two general types of research: Primary or field research Secondary or desk research
Primary or Field Research
Obtaining new data for a specific purpose. The marketing department of a firm or a specialist research organisation can provide this. Typically, the data is gathered by face-to-face interviews, by telephone or by post, using questionnaires. This is called a survey. Sometimes potential consumers are asked to test products, and their responses are recorded.
Field research has the advantage that the firm itself has control over the whole process. The disadvantages are that it takes longer, and costs more
Secondary or Desk research
This is the use of existing data that has already been collected.
It can be anything from a company's own sales statistics to Department of Trade and Industry reports. Other secondary sources of information include journals, company reports, government statistics, and surveys published by research organisations.
Traditionally, these have been paper-based, but more and more information is now available on CD-ROM or on-line through the Internet.
Desk research has the advantages of being cheaper and quicker than field research. The disadvantages are not knowing if the findings are accurate, or how relevant they will be to your product.
You decide: Which is desk and field research? Accounts Consumer panels Experiments Government statistics Group interviews High street surveys Internet results Loyalty cards Market research publications Observations On line surveys Sales record
Field = Primary
Desk = Secondary
Use your whiteboard
Write
PRIMARY on one side
And
SECONDARY on the other…
Now create a list in your notes
sorting these out into Primary
& Secondary
The results
Primary Consumer panels Experiments Group interviews High street surveys Observations On line surveys
Secondary Accounts Government statistics Internet results Loyalty cards Market research
publications Sales record
Quantitative research
Statistical basis Gathers numerically
measurable data Sampling plays a key role Data obtained through
surveys Concerned with obtaining
hard data
Age?Gender?
Income bracket?How often do you
shop at X?
Government statistics…
More Government statistics
UpMyStreet.com
How do you feel when you eat Haagen Dazs?
Qualitative research
Subjective and personal Gathers “soft” data Main purpose is to
understand consumer behaviour, attitudes and perceptions
Obtained by methods designed to get detailed responses
Research topics usually explored in some depth
Psychological opinions
Watch the DVD
Best of working Lunch
Clip 7 Researching the Market…
Key concepts include…
Consumer panel What is it? How does it operate? What are the
limitations of a consumer panel?
What is the difference between qualitative and quantitative?
Which is better?
How has ICT improved MR?
What’s the best way to research consumer views on LEGO? Zero Coke? Dulux Paint? Big Brother 2008? Ryan Air service
Heathrow to Belfast? Capital Radio? Nuts magazine
Would you use primary or secondary research?
Suggest 3 Qualitative Q’s & 3 Quantitative Q’s you’d
use?
What’s the connections?
Failed market research
Issues with Market Research and start up businesses? Can a start up business afford market
research? Can you afford not to do any research? What are the consequences of not doing
market research? What type of market research would a
start up business use?
Homework
This Friday – INSET
Revise for assessment…. Next lesson…. Monday
Everything that we have covered with me this ½ term.
Plenary
What is the difference between desk & field research?
Give me an example of a qualitative market research question?
Give me an example of a quantitative market research question?