1. Market Research

2. Types of Market Research
Exploratory
Used when you know little or nothing about the subject
Look at industry publications (Books, Mags)
Talk to people in the field you are researching

3. Types of Research (con’t)
Descriptive
Used when you want to find the demographics of a certain group
Questionnaires, Interviews, Observation (People Watching)

4. Types of Research (Con’t)
Historical
Study past patterns to predict future

5. The Research Process 1—Look at your information needs
Find out what customers want
2---Start with Industry resources
Internet, Newspapers/Magazines
Look for all information on your industry
3---Collect Primary data
Notes taken from observation
Interviews and surveys

6. Research Process 4—Organize Data 5---Analyze Data
Set up charts and record results
5---Analyze Data
Is there a market for your product?

7. Generic Survey Age 14 15 16 17 18 Sex Male Female
Approx Income Under 20, ,000-35, ,000-60, Over 60,000
How often do you buy………… Mo 3-6Mo 6-12Mo 1-2Yr
How much are you willing to spend on… $20-40 $40-60 $60-80 $100+