Marketing Research

Yesterday I asked you to complete a survey of the class on 4 different topics (over 15 minutes) – Favourite subject, food – Colour of eyes – Age Our results – Who got the class complete? – An entire category complete?

YOU FAILED!!!! Now the question is why?

I did pretty well..... I collected complete data for nearly half the class in less than 5 minutes The question is.....why was I so efficient?

Research There are two types of research Primary Research – Interviewing customers and potential customers directly – Like the data we were collecting and will for the school store Secondary Research – Uses data that has already been collected by somebody else

Primary Research Cost of doing your own research is relatively cheap compared to secondary – Printing material for Questionairs/Surveys Cheaper when online – Paying a small price for people to join a focus group

Secondary Research Can be a complete list of consumers and their interests – CREZ Basketball Can provide information about what has happened in the past – Example: what other schools have done in the past with their school store With the information you may be able to identify trends and make predictions – Example: You may see less and less money is being spent on paper due to the green trend

Secondary Research If you are aware of it or not..... You are being monitored everywhere you go – Your Buying Habits – Your interests – Your Favourite Music – The Websites You Visit

Mistakes in Marketing Research IGNORING THE MARKET RESEARCH!!! – This is more common than you would think – Well....I know more than these dummies! Making all your decisions based on one piece of information Researching the wrong group of people – Asking loyal customers what you could do better

Mistakes in Marketing Research Not knowing what you are looking for when you start – Simply looking at the data after and trying to find important information Not being aggressive in your research – Casually asking a few people....

Today’s Assignment You need to make groups of 2-3 As a class we need to discuss a topic that we will research the student body on to help us with “business decisions” – School Store? – Business Classes? – Student Council Events? – Mustang Days? – You come up with ideas!

Today’s Assignment You are going to – Set an objective for collecting data – Decide how we can collect information – Set the selection sample Be specific – Come forward with a plan for collecting data – Brainstorm questions that we would be interested in asking the selection sample

Steps in Marketing Research 5)Analyze the Data – Do you see any trends? 6)Draw Conclusions – Summarize what your conclusions are 7)Decide How to Proceed – Do your findings call for immediate action? – Do you go back to the drawing board? – Do you start the whole research process over again?