Market Research

Types of Market Research Exploratory Used when you know little or nothing about the subject Look at industry publications (Books, Mags) Talk to people in the field you are researching

Types of Research (con’t) Descriptive Used when you want to find the demographics of a certain group Questionnaires, Interviews, Observation (People Watching)

Types of Research (Con’t) Historical Study past patterns to predict future

The Research Process 1—Look at your information needs Find out what customers want 2---Start with Industry resources Internet, Newspapers/Magazines Look for all information on your industry 3---Collect Primary data Notes taken from observation Interviews and surveys

Research Process 4—Organize Data 5---Analyze Data Set up charts and record results 5---Analyze Data Is there a market for your product?

Generic Survey Age 14 15 16 17 18 Sex Male Female Approx Income Under 20,000 20,000-35,000 35,000-60,000 Over 60,000 How often do you buy…………. 1-2 Mo 3-6Mo 6-12Mo 1-2Yr How much are you willing to spend on… $20-40 $40-60 $60-80 $100+