Market Information Andrew Ouellette, Tomas Miller, Jon Janney.

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Presentation transcript:

Market Information Andrew Ouellette, Tomas Miller, Jon Janney

Market Research is the activity of gathering information about customer’s wants and needs. Market Research allows companies to know what products to produce and target a specific market for the product. Market Research

1.Find the size of the market 2.Predict new trends 3.Locating a problem 4.Analyzing competition 5.A second opinion 6.Keeping up with technology 7.Developing new products 8.Testing Promotional material 9.Tracking your brand 10.Reassuring your gut feeling. Reasons for Market Research

Primary Research is research done by your company. Secondary Research is information gathered through other sources such as a government source. Primary vs. Secondary

Validity encompasses the entire experimental concept and establishes whether the results meet the requirements of the research method. Reliability is any significant results must be repeatable. Validity vs. Reliability

● Gender ● Grade Level/Age ● Sweatshirt Preference ● Club or activity involvement ● What products they typically buy ● What new products they want to see ● What benefits they want in a product Questions to ask

1.Define your objectives- what decisions are you trying to make 2.Work Backwards- What data do you need 3.Check for Bias- Don’t ask leading questions 4.Do a test drive- Proofread and send questions to friends. 5.Collect Results and Analyze Data- Make a decision based on results and data. 5 Tips for Writing a Survey

We received a good number of responses for our survey. A majority of them have visited the school store and purchased a product. Responders would like to see more newer clothing products as well as food and drinks in the school store. Most responders said they walk by the school store multiple times a day so the outdoor display is a excellent attraction for customers. The school store has attracted a lot more customers then it has the past couple of years. Survey Results