Marketing: Research Mr kuhn

Conducting Market research Market Research is the collection of information aimed at understanding the behaviour of consumers in a certain market Market Research can be used to identify potential markets, analyze demand, forecast sales, and make other important decisions Market Research is the same whether you are doing research for an existing business or a new adventure

Types of research Before deciding on what type of research you are going to do, you must first decide what you are going to focus on When this is done decide what type of research you will explore from the following three: Exploratory Research: Used when you know very little about subject, will form the foundation of later research The internet and government sources are a good place to start Descriptive Research: Used to determine the status of something such as a customer profile. In this example you would research the gender, occupation, age, income, and buying habits of potential customers Historical Research: Involves studying trade and economic circumstances of the past. Helps study areas when you are moving into a similar area

Research Process: Step One Identify your information needs Before collecting data you must identify the kinds of information you will need Ask yourself the following three questions: How will the data be used? What data needs to be collected? What methods of analysis will be used?

Research Process: Step TWO Obtain secondary resources Research that has already been conducted is known as a secondary resource The internet is a place to find reliable, free information. But not all of it is, think critically. The Canadian government website is a good place to find reliable information in nearly all aspects When collecting secondary data, keep these questions in mind: What are the demographics of the customer? How large is the market? Is it growing or shrinking? Is your market affected by geography? How can you reach your market? How do other competitors reach your market? What market strategies have worked for your competitors?

Research process: step three Collect Primary Data Primary Data is information you collect personally Different ways in which primary data is collected includes observation, interviews, and surveys While all of these are useful, variety is key Questions to keep in mind when collecting primary data: What are the demographics of your customer? Would potential customers purchase your product or service? How much would customers purchase? When would customers purchase? How would customers like to get these products? What do customers like about your competitors products and services?

Research process: Step Four 1 Categorise the data based on the research it answers 2 With each answer, ask your self how they supported conclusions or did not 3 Create charts and graphs to depict your research 4 If you decide to start your venture this information can be added on to later

Research process: step five Analyze the Data Now that the information has been organised, ask yourself the following questions to help you judge your chances of having a successful business: Is there a market for the product or service? How big is the market? Will the industry support such a business? What do substitute products/services reveal about demand for the product/service? What do customers, end users, and intermediaries predict the demand will be?

What are you doing today? Creating a Google Form survey to collect data on your business To do so google “Google Form” and click on the link In your groups decide what information you would like to collect about your product? Examples include what price is fair, would you use this service, which of our competitors do you use, ect… Create at least fifteen questions After survey is complete, click send in the top right and then click on the paperclip Email the link to me at bryan_Kuhn@sd33.bc.ca I will put your link on the class website It is required of everybody in this class to complete every groups survey (each individual should complete 9-10 surveys)