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Published byCrystal Rich Modified over 9 years ago
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Market Research
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Overview Market Research The collection and analysis of information that is relevant to the marketing strategy Types include: Consumer, market, motivation, pricing, competitive, product and advertising research
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Types of Data Primary Current information that researchers collect and analyze for a specific purpose Collected in a number of ways including test marketing, internal information sources, surveys, observation and focus groups
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Types of Data continued… Secondary Information that has been collected by others Sources include websites, books, professionally prepared research reports It is free Disadvantage is that data wasn’t collected specifically for you so it may not meet all your needs e.g. Statistics Canada
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Sources of Primary Data Test Marketing Introducing a product to a specific area in small quantities Area is usually selected based on demographics Very expensive so must be done carefully if results are to be used e.g. Scotiabank – tested the chip card in this area
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Internal Information Sources Using information generated by the business and analyzing it Can help identify who purchases what and when Can also be shared with suppliers e.g. Air Miles – can track where you buy and can partner with other companies to send you coupons and information
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Surveys A set of carefully planned questions that are used to gather data Most surveys use closed-ended questions Questions that require the respondent to select an answer from two or more choices e.g. Yes/No, Agree/Disagree, Select a, b, c, d Questions are easy to answer and easy to score
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Surveys continued… Open-Ended Questions More complicated Require respondents to develop their own answers Difficult to answer and analyze
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Observation Watching the behaviour of others e.g. using two-way mirrors Goal is to observe how people react in certain situations
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Focus Groups A company-arranged meeting of potential consumers One of the most popular forms for consumer research Usually an incentive for consumers to participate such as: Free meal, money, samples of product
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