Transcript Market Research

Market Research
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
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
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
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
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e.g. Scotiabank – tested the chip card
in this area
Internal Information Sources
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Using information generated by the
business and analyzing it
Can help identify who purchases
what and when
Can also be shared with suppliers
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e.g. Air Miles – can track where you
buy and can partner with other
companies to send you coupons and
information
Surveys
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A set of carefully planned questions
that are used to gather data
Most surveys use closed-ended
questions
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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
Surveys continued…
Open-Ended Questions
 More complicated
 Require respondents to develop
their own answers
 Difficult to answer and analyze
Observation
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Watching the behaviour of others
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e.g. using two-way mirrors
Goal is to observe how people react
in certain situations
Focus Groups
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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:
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Free meal, money, samples of product