Primary & secondary market research

Secondary market research Data that OTHERS have collected that you use in order to create your marketing strategy. You will use secondary market research to aid the creation of your marketing mix (how you will market your product/service).

Secondary market research Methods: Websites (e.g. Google or Browns Bay Market website) Newspapers/magazines Library The competition (brochures or seeing what they do)

Secondary market research You will use this method to find information on things such as: Costs Competition Packaging ideas Equipment needed Supplier(s)

Primary market research Data that YOU have collected DIRECTLY from the market (people). You will use primary market research to decide what to sell, for how much, and how.

Primary market research Methods Surveys/questionnaires Telephone interviews Internet surveys Focus groups Observations Surveys/questionnaires probably the easiest and the best for you.

Surveys/questionnaires Important to think about the questions you want answered. Need to be specific to get all the data you need. Keep reasonably short otherwise people wont want to do it. Aim for a maximum of 10 questions.

Surveys/questionnaires You should survey at least 50 people. Where are you going to conduct your research? Would surveying everyone in Yr 12 be a good idea?

Surveys/questionnaires Most likely want to know about: Are they interested in your product(s)/service(s)? Ensure you test for a variety of products/services so you know which would be best to sell. How many they would buy at different prices? So you know what you might charge. If they wouldn’t buy any, why? Would they if something was changed? Specific flavours/variants/sizes/colours of your product? Anything else you might find useful e.g. Maybe questions on packaging or other things they’d buy along with your product/service etc. Demographics (age, income, gender, etc. – to help narrow your target market and promotion)