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Market Research

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

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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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