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Survey Design Project. What is Market Research?. MARKET RESEARCH : THE PROCESS OF DETERMINING WHAT YOUR CUSTOMERS WANT. Types of Market Research. TOTAL MARKET RESEARCH : WHAT IS THE POTENTIAL FAN BASE FOR MY PRODUCT?

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Presentation Transcript

What is market research
What is Market Research?

  • MARKET RESEARCH: THE PROCESS OF DETERMINING WHAT YOUR CUSTOMERS WANT


Types of market research
Types of Market Research

  • TOTAL MARKETRESEARCH: WHAT IS THE POTENTIAL FAN BASE FOR MY PRODUCT?

  • SALES RESEARCH: WHAT IS MY FAN/CUSTOMER BASE COMPARED TO COMPETITION OR PRIOR YEARS?

  • PRODUCT RESEARCH: STUDY FAN REACTION TO PROMOTIONS AND PRODUCTS SOLD

  • ADVERTISING RESEARCH: HOW EFFECTIVE IS MY FRANCHISE’S/PRODUCTS ADVERTISING?


Vocabulary
Vocabulary

SAMPLE: People surveyed who represent a larger group

TEST MARKET: Marketing goods in carefully selected areas prior to releasing on a larger scale

PRIMARY DATA: First hand information that has never before been collected

This is very efficient and can focus on needed info

It may be biased

SECONDARY DATA:

  • Information already collected for another purpose

  • Sources: Newspapers, libraries, U.S. Government, local and state governments.


Vocabulary1
Vocabulary

OBTRUSIVE: Visually obtaining information: personal survey, taste tests..

UNOBTRUSIVE:Unseen, quiet observation: quiet observation, written surveys


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