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Market Research

Marketing research is the systematic collection, analysis, and interpretation of information crucial for developing effective marketing strategies. Unlike casual inquiries, true marketing research involves organized data collection and thorough analysis for informed decision-making. While secondary data can come from books, periodicals, and the Internet, it's vital for businesses to engage in systematic research, especially when expanding or launching new products. This guide explores the essence of marketing research, its significance, and how to effectively utilize secondary data sources for strategic advantages.

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Market Research

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  1. Market Research

  2. Market Research • Marketing Research: systematic collection, analysis, and interpretation of information used to develop a marketing strategy.

  3. Is This Market Research? • We want to discover if Mane and Tail is a good shampoo. • We ask Justin and Kurt whether or not it is good. • They BOTH answer YES • Have we performed true marketing research? • Woah! That’s Cowboy Magic!!!

  4. Um… NO. Why? • We didn’t collect our information systematically, in a methodical organized way • Analysis of the responses was minimal • Amount of information gathered was too limited

  5. What was it then? • The Information collected backed up our INTUITIVE decision – what we already suspected. • What marketing research does is provide HARD DATA – info based on supportable facts.

  6. When is Marketing Research needed? • A Baker does not need to perform research to discover that bread, muffins, and pastries are big sellers. However, if he/she wants to expand the business and make more money – research is needed. • What is the best location for a new store? • What new products should be baked? • Should he/she advertise?

  7. Gathering Secondary Data • Secondary Data: marketing research that has been collected and published by others • Secondary Research: involves search for this type of research, then analyzing and interpreting it.

  8. Why would companies use this type of marketing research?

  9. Sources of Secondary Data • Books • Periodicals • Indexes and Databases • The Internet • Consultants • Marketing Research Professionals

  10. Books • These are available in stores and libraries and everyone has access • Researching Canadian Youth: • Wise Up Teens by Peter Zollo • Creating Ever-Cool by Gene Del Vecchio

  11. Periodicals • magazines, journals, newspapers, and reports which all contain articles on a variety of topics.

  12. Indexes and Databases • These list all the articles that are published on a specific topic or by a period of time. Databases provide information organized by category.

  13. The Internet? • Google! Will provide websites containing useful secondary data. • The History of the Internet pt.1

  14. Consultants • Experts will often either have the information or obtain it for you.

  15. Marketing Research Professionals • These companies will often sell their data to you.

  16. A Case Study • Read p. 130-132 and summarize how Seaman’s could break into the Western Market

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