1.0 Introduction Objectives of chapter: * to discuss the concept of market research * to discuss why market research is needed * to explain the concepts.

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Presentation transcript:

1.0 Introduction Objectives of chapter: * to discuss the concept of market research * to discuss why market research is needed * to explain the concepts of market intelligence and market research * to discuss issues of research versus non-research * to discuss whether research is really needed

Expected results: ▪ understand what is market research; ▪ reason out why market research is conducted; ▪ differentiate between market intelligence and market research; ▪ argue the relevance of market research in property business.

Key words Research Scientific process Market intelligence

Content Market research defined Why conduct market research? Intelligence vs. research Research vs. non-research General research mechanism Areas of market research Is market research needed?

Market research defined A scientific process of collecting, organising, maintaining, analysing and presenting data for the purpose of maximising the capabilities, technologies, and competitive forces of the marketplace to meet an organisation's needs for products or services.

Why conduct market research Supports property business sub-functions Reduces information imperfections Increases competitiveness Understand consumers more Increase marketability of product Helps project-approving authority in property development

Intelligence vs research Market intelligence * day to day data gathering * Not specific to problems * General in use Market research * Planned/ad-hoc * Specific to problem * Specific in use

Research vs non-research Puzzling issue Answers cannot be found by routine data gathering Specific solution is required E.g.?

General Research Mechanism

Areas of market research Key market phenomena such: demand, supply, absorption rate, price, rental, market competition. Marketing – 4P Sales Consumers Government policies Macroeconomic situations

Is market research really needed? How much you want to be intelligent? How much do you face puzzling problems? How much do you want to utilize specific information to solve a problem? How much do you use the information for decision-making process? Do you need it at all?

Questions 1.What is market research? 2.What does a market research attempt to do? 3.What is the main difference between a market research and an academic research? 4.Why do you conduct a market research in real estate?

Thank you!