Chapter 16 – Market Research Market Research is: A systematic procedure used to develop and analyse new and existing information. This analysis helps businesses.

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Chapter 16 – Market Research Market Research is: A systematic procedure used to develop and analyse new and existing information. This analysis helps businesses make decisions relating to the market place and satisfy the needs of both potential and existing customers VCE Business Management Year 11

Chapter 16 – Market Research Why is Market Research Needed? Market research is needed to: -Reduce the level of risk or uncertainty attached to introducing a new product or service -Assess the current products, advertisements and forms of packaging, and determine whether changes need to be made -Predict future changes or trends in a product or service There are many ways to do market research and can be done simply and low cost as customer feedback, keeping an eye on the competition or industry trends. Any business undertaking market research must ensure they do so in an ethical manner and do not infringe on the privacy of the person giving the information VCE Business Management Year 11

Chapter 16 – Market Research What can be discovered through market research? Market research can be used to find the answers to the question about: -Market size -Consumer like and dislikes -Product positives and negitives promotion effectiveness -Packaging effetiveness -Degree of threat from competitors -Distribution – how customers like to get the product VCE Business Management Year 11

Chapter 16 – Market Research What can be discovered through market research? Since opening it first Australian store in 1971 McDonalds has placed great emphasis on market research. In line with it vision ‘to be the best quick service restaurant in the world’, it has always undertaken and responded to information gained from its market research. On a daily basis it gains feedback by speaking to customers. For strategic purposes it also carries out specific market research using formal quantitative and qualitative research methods. It has responded to its research by changing its menu and extending it it range to include the successful McCafe. VCE Business Management Year 11

Chapter 16 – Market Research Systematic Approach to Market Research A systematic approach to market research constitutes the following six (6) step. 1.Define the problem and establish the objectives 2.Determine the research design 3.Identify and assess information types and sources 4.Design data collection approaches, forms and sample sizes 5.Collect and analyse data 6. Prepare and present final report VCE Business Management Year 11

Chapter 16 – Market Research Systematic Approach to Market Research A systematic approach to market research constitutes the following six (6) step. 1.Define the problem and establish the objectives Student to complete the detail (page 287) VCE Business Management Year 11

Chapter 16 – Market Research Systematic Approach to Market Research A systematic approach to market research constitutes the following six (6) step. 2. Determine the research design Student to complete the detail (page 287) VCE Business Management Year 11

Chapter 16 – Market Research Systematic Approach to Market Research A systematic approach to market research constitutes the following six (6) step. 3. Identify and assess information types and sources Student to complete the detail (page 288) Complete Activity 16.1 VCE Business Management Year 11

Chapter 16 – Market Research Systematic Approach to Market Research A systematic approach to market research constitutes the following six (6) step. 4. Design data collection approaches, forms and sample sizes Student to complete the detail (page 289) VCE Business Management Year 11

Chapter 16 – Market Research Systematic Approach to Market Research A systematic approach to market research constitutes the following six (6) step. 5. Collect and analyse data Student to complete the detail (page 292) VCE Business Management Year 11

Chapter 16 – Market Research Systematic Approach to Market Research A systematic approach to market research constitutes the following six (6) step. 6. Prepare and present final report Student to complete the detail (page 292) VCE Business Management Year 11

Chapter 16 – Market Research Complete Chapter Summary Questions 1 (a, b, c, e, g) Additional questions Extensions question (Page 295) VCE Business Management Year 11