Copyright 2006 – Biz/ed Unit 2 Quiz will be Wed March 26 America the Beautiful Assignment was due Monday.
Copyright 2006 – Biz/ed Market Research
Copyright 2006 – Biz/ed Secondary Research
Copyright 2006 – Biz/ed Secondary Research Secondary research (desk research) involves the summary, analysis and/or synthesis of existing research (rather than primary research) There are two types of sources for secondary research: –Internal source –External source
Copyright 2006 – Biz/ed Internal Sources Company Accounts (the company you are working for) = Other teams of the company Internal Reports and Analysis For example, you want to develop new flavor of coffee for Tim Horton’s marketing department. If another sales team in Alberta has done similar market survey then you can use that data.
Copyright 2006 – Biz/ed Internal Sources Stock Analysis Retail data - loyalty cards, till data, etc. For example, eveyone must buy COSTCO membership card. Every time you purchase at Costco, Costco can see what you are purchasing. They can see your spending pattern, (retail data) which they can use the information to develop new product or to stop carrying certain products.
Copyright 2006 – Biz/ed External Sources Government Statistics (ONS) – Office for National Statistics (UK)and Statistics Canada Trade publications – magazines Commercial Data - Gallup, Mintel, etc. Gallup, Inc., is a research-based, global performance-management consulting company. Founded by George Gallup in 1935, the company became famous for its public opinion polls, which were conducted in the United States and other countries.
Copyright 2006 – Biz/ed External Sources Magazine surveys Other firms’ research –can you always trust this? Research documents – publications, journals, etc.
Copyright 2006 – Biz/ed Sampling Methods
Copyright 2006 – Biz/ed Market Research There are many different kinds of sampling Methods: Random Samples – Marketer chooses samples randomly. –equal chance of anyone being picked –May select those not in the target group – indiscriminate –Sample sizes may need to be large to be representative –Can be very expensive
Copyright 2006 – Biz/ed Market Research Stratified or Segment Random Sampling –Samples on the basis of a representative strata or segment –Still random but more focussed –May give more relevant information –May be more cost effective
Copyright 2006 – Biz/ed Market Research Quota Sampling –Again – by segment –Not randomly selected –Specific number on each segment are interviewed, etc. –May not be fully representative –Cheaper method
Copyright 2006 – Biz/ed Famous Market Research Activity Get into groups of 3 Research and share your “famous market research” which a company used to develop new product or to expand their product line and made lots of $!