1. Market Research:
Types of Data
Mr. Singh

2. What is Market Research?
Market research is the collection, analysis, and interpretation of information used to develop a marketing strategy or to solve a marketing problem
This research provides hard data (information based on supportable fact)

3. What isn’t Market Research?
Mr. Singh asks a few friends what they think of his new Jordan’s
Not systematic (not in an organized way)
Minimal analysis
Very limited amount of data
Mr. Singh has made an intuitive decision
A decision based on feelings and prior knowledge, made automatically and instinctively

4. Who does Market Research?
Marketing research firms are hired to collect, analyze, and interpret the data that is relevant to a specific business’s marketing effort
These companies work with two types of information:
Secondary data
Primary data

5. Primary & Secondary Data
Primary Data
Unanalyzed, current information collected by a researcher for a specific purpose
Secondary Data
Information collected and published by others
Secondary Research:
searching for secondary data, then analyzing and interpreting it

6. Sources of Secondary Data
Books
Periodicals
Indexes
Databases
Internet
Consultants
Market Research Professionals

7. Books

8. Periodicals Magazines Newspapers Journals Reports
These are all examples of periodicals

9. Indexes and Databases
Indexes – Articles published about a specific topic over a particular period of time
Databases – List of information organized by category
CanCorp
provides financial and management information extracted from the corporate documents of over 13,000 Canadian companies

10. Internet Search Engines
Listserv - An list that sends information to all the people who subscribe

11. Consultants
Experts or consultants provide secondary data to businesses
Most consultants cost money, but some departments in the government and financial institutions are free
Marketing – Research Professionals - they sell data they have gathered on specific markets
Example: Netflix