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This lesson outlines the essential processes involved in market research aimed at identifying solutions to marketing problems through systematic data collection and analysis. It emphasizes the importance of conducting thorough primary and secondary research before launching a new product, minimizing risks associated with market entry. Key components include guidelines for developing effective surveys, methods of data collection including surveys and observations, and defining the research process steps. Following this guide can help businesses understand customer preferences, optimize product offerings, and enhance marketing strategies.
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Lesson 1.2 Market Research
Market Research • A process designed to identify solutions to a specific marketing problem by systematically gathering and analyzing data. • Before adding a new product you should conduct an analysis to minimize risk
Primary Data • Information collected for the first time to analyze a specific situation. • The data can be subjective or measurable data • Subjective = useful, but cannot be statistically analyzed • Measurable = more reliable, because analysis can be conducted
Guidelines to Developing a Survey • Keep it simple and easy to read • Ask closed-end questions • Get a large sample before tabulating results • Give respondents some kind of reward or incentive, such as a coupon, for completing your survey. • Construct the survey so that the results can be used in as many ways as possible. • Example-Names, addresses can be used for mailing list. Or ages can determine target customers age
Primary Research Methods • Surveys • Personal interviews, phone interviews, and mail interviews. • You receive the most accurate info by speaking directly to the customer • Observation • Actions of people are watched and recorded. • Customers and their buying habits can be observed and recorded by store personnel, cameras, or scanners
Primary Research Methods cont. • Experimental Method • Observe the results of changing one or more marketing variable while keeping other variables constant • For Example • If we created gift baskets to sell during Valentine’s Day and wanted to compare the effectiveness of two different packaging designs. • Show two similar groups of consumers the gift baskets containing the same products but with different packaging. Then measure results of groups responses.
Secondary Data • Information that has already been collected for purposes other than your current research project. • Secondary Research Methods • Sales and Marketing Magazines – Obtain a survey already given out • The U.S department of Commerce – has a regional office that can provide you with pertinent information • Trade Associations – Serve specific industries and are great sources
Secondary Data Cont. • Business publications – include newsletters and pamphlets • Other Sources – local chambers of commerce and marketing departments of local colleges • Internal sources – information found inside the school store. Sales staff, customer records, sales data, financial statements, inventory records, customer complaints
The Research Process –Pg 14 • Goal: We need to develop a way to conduct some primary and/or secondary research to find out which food products to sell in the school store. • Step 1- Identify a need or define the stores problem • Step 2 – Obtain primary and secondary data • Step 3 – Organize data • Step 4 – Analyze your data • Step 5 – Recommend solutions • Step 6 – Implement plan of action
