MARKET RESEARCH What is it? What is collected? Market research companies Types of information Methods of gathering Timely information Activities

What is it? DATA Collection Evaluation

What is it? Information Managers Decision Making Before During After

What is collected? ORGANIZES YOUR DATA COLLECTION FOCUS – Market Mix – 2 Cs & 4 Ps CONSUMER COMPETITION PRODUCT PRICE PROMOTION PLACE ORGANIZES YOUR DATA COLLECTION

Market Research Companies Leading Research Companies Ipsos Canada Canada’s Market Intelligence Leader A.C. Nielsen Decima Research

2 Types of information 1. Secondary – from other gatherers of consumer information e.g. yellow pages, Statistics Canada, survey companies http://www12.statcan.ca/census-recensement/2011/dp-pd/prof/details/page.cfm?Lang=E&Geo1=CSD&Code1=3519046&Geo2=CD&Code2=3519&Data=Count&SearchText=aurora&SearchType=Begins&SearchPR=01&B1=All&Custom=&TABID=1

2 Types of information 2. Primary – direct from the consumer Test marketing Internal information sources – e.g. data mining Some methods hidden observations focus group survey, interview

TIMELY INFORMATION Marketing Research Set Objectives Identify Class of Information needed Select Marketing Research Methods and gather data Sort data Analyze data Provide recommendations

TIMELY INFORMATION Measureable feedback Is it effective Need to change or modify Sales – changes (stages of adoption process) Coupons Special phone number/check list Posts - Polls, observations, focus groups, surveys and interviews

YOUR COMPANY Some questions you want answered before starting your company – 2 Cs and 4 Ps Consumer 1. What is the potential size of my market? Secondary data School office staff (males, females, total – and by grades) 2. Which gender will be my market? 3. Which grades will be my market? 4. Any special groups that will be my market? 5. Who will be my main/stereotypical consumer?

YOUR COMPANY Competition 5. What competition is there for my product? 6. What product will the market buy? 7. What features of the product will the market want? 8. How many will each consumer buy? 9. How often will each consumer buy? YOUR COMPANY

YOUR COMPANY Price 1o. What price can I charge? 11. What price is competitive? 12, Will the price allow me to make a profit? Promotions 13. What marketing channels do my markets use and when should they be used? 14. What promotions will be effective?

YOUR COMPANY Place 15. Which channels of distribution should I use? 16. What is the best time to sell the products? How can you gather the data to answer your questions? Primary data Surveys Focus groups Interviews Observations

GATHERING INFORMATION AND FEEDBACK SURVEYS

OBJECTIVES What are the objectives? Who are the targets What you want to know Who are the targets Market segment - part of the overall market with similar characteristics. Market niches - a section of the market in which a product dominates and into which few competitors enter. Sample size and Randomness Responses for all niches Not biases or over represented Time and reward

Sample Survey Access http://www.custominsight.com/survey-question-types.asp 1. How are the questions set up? Use of numbers 2. How are the answers set up? Multiple Choice, check off list Why do you think there are few/no “open” type questions? Need to identify the question and quantify the answers What do you think is meant that the answers should be “quantifiable”?

RESEARCH ACTIVITY WORK IN YOUR SAME MARKETING GROUPS Your group is planning to sell a product/service to your peers. In order to do this you need to conduct primary research. Create six close-ended questions that address the 2 Cs and 4 Ps of marketing Upload your questions to the Moodle (one per each group) Questions will be shared with the class at the beginning of Friday’s class.

Homework Use pages 262 – 265 from your textbook to answer to complete the handout given in class.