2. Market Research and Resource Assessment L 3 B Ing. Jiří Šnajdar 2016

3. DEFINITION OF MARKET RESEARCH “The systematic gathering, recording and analysing of data about problems relating to the marketing of goods and services.” American Marketing Association. “Market research is the means used by those who provide goods and services to keep themselves in touch with the needs and wants of those who buy and use those goods and services.” Market Research Society

4. DEFINITIONS OF PRIMARY AND SECONDARY DATA Simple definitions: Primary data = data collected for the first time Secondary data = existing data

5. SECONDARY DATA Size of market (volume, value) Trends and projected growth Main PESTE (political, economic, social/cultural, technological, ecological) factors impacting on marketplace Customer analysis & buying behaviour (location, earnings, preferences, spending patterns) Competitor analysis (number, ease of entry, substitutes, product and service offerings, brand image, supplier relationships, etc.)

6. SECONDARY DATA Suppliers Product research (design, modifications, brand positioning, etc.) Pricing Promotion Distribution Legal – employment law, health & safety, VAT, PAYE, contract law, environmental law Other - financial, property, operational, start-up costs – will depend entirely on the idea

7. LIMITATIONS OF SECONDARY DATA Collected for some other purpose No control over the data collection May not be very accurate May not be reported in the required form May be outdated May not meet data requirements A number of assumptions have to be made

8. EXTERNAL SECONDARY SOURCES: Business Gateway Commercial databases Consumer surveys and reports The library Trade associations, journals and directories Trade shows and conventions The media The www.

9. EXTERNAL SECONDARY SOURCES: Business Directories National and local government statistics Government publications

10. BUSINESS GATEWAY Business information Business start-up Business growth Increasingly delivered by web-based solutions

11. STATISTICS WEB SITES Office of National Statistics has census data, population demographics, income levels, social and regional trends. Many of the sites are regional – i.e. England, Czech Republic… Business news Updating services on topics of your choice