lesson 6: market research. objectives outline the five major steps in the market research process...
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Lesson 6: Market Research
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Objectives
• Outline the five major steps in the market research process
• Describe how surveys can be used to learn about customer behaviors and competition
• Analyze the results from a market research survey, and explain how data may affect your business plan
• Compare and contrast qualitative and quantitative research
• Calculate the percentage of responses to a specific survey question
• Compute the cost associated with a market research survey
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1. What is Market Research?
• The process of gathering, recording, analyzing, and reporting information regarding customers or potential customers
• Can be collected through dialogue or formal methods
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2. Uses of Market Research
• To provide retailers with information about the target market
• Helps identify what services customers want, what merchandise to offer, customer satisfaction sales forecasting, measuring market potential, and product mix information
• Helps get ahead in global markets
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3. Market Research Process
1. Identify the Problem - Stated as simply and clearly as possible - Include information needed to solve it
2. Obtain Data – primary and secondary3. Analyze Data – compile, study, interpret4. Choose the Best Solution – usually done
in a written report5. Follow up on the Results – evaluate
whether it was successful
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5. Obtaining Data
• Primary data – facts collected for the first time for the problem under study– Survey – series of questions asked to a select and
representative group of people to obtain quantitative data
– Observation – watching people by using other people or by using a camera (gives info about WHAT people do, not WHY they do it)
– Focus group – 8-15 people who provide qualitative data through their opinions of the business and its products or other issues
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Surveys
• Sample group – select group of people
• Sample size – number of people selected to participate– The larger the sample size, the greater the
cost of the survey, but the more accurate it will be
– Vice versa
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5. Obtain Data (cont’d)
• Secondary data – facts that have been collected previously for a purpose other than the problem being studied– Less expensive to obtain than primary data
• Usually select secondary data first, then decide the primary data to collect
• Internal sources – those from inside the business and include past sales and buying records
• External sources – those from outside the business, such as trade association, trade publications, internet sources, gov. sources, market research companies
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6. Types of Market Research
Qualitative Research and Quantitative Research
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7. Key Math Concepts
% of responses to a specific question =
# responses for a ? ÷ total # responses
Average or Mean of a group of numbers =
Add numbers together and divide the
total by the amount of numbers added
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Decimals
Decimal Percentage
.33 33%
.04 4%
Percentage Decimal
12% .12
6% .06
Move the decimal 2 places to the left. 6% 6.0% to the left = .06