Research

Using Research

• Over the past couple of classes– We have learned how to identify a trend

• Today – we will learn how to use research in order to identify opportunities and evaluate ideas

Research

• There are two types of research• Primary Research– Interviewing customers and potential customers

directly

• Secondary Research– Uses data that has already been collected by

somebody else

Primary Research

• First-Hand collection of information

• Examples– Surveys– Focus Groups– Questionnaires• Paper or Internet

– Telephone Surveys– Personal Interviews

Primary Research

• Research Instrument – A tool for marketing research– You need to decide which one will give you the

best information for decision making• Cost of doing your own research is relatively

cheap compared to secondary– Printing material for Questionnaires/Surveys • Cheaper when online

– Paying a small price for people to join a focus group

Secondary Research

• Somebody else has collected the information already

• Example: Someone uses data from USA and Canada Hockey to determine the potential of the women’s market

Secondary Research

• Can provide information about what has happened in the past– Example: the amount of money women hockey

players have spent on hockey equipment in the past

• With the information you may be able to identify trends and make predictions– Example: You may see more and more money

being spent on higher quality equipment vs. second-hand

Secondary Research

• If you are aware of it or not.....• You are being monitored everywhere you go– Your Buying Habits– Your interests– Your Favourite Music– The Websites You Visit

Secondary Research

• There are a variety of ways to conduct secondary research– Read Trade Journals– Magazines– Newspapers– Studying Advertisements– Professional Companies

• The important part is summing upthe information you are given in a meaningful way

Steps in Marketing Research

1) Identify Your Objectives– What do you want to know/find out?

2) Plan Your Research Program– Primary or Secondary

3) Select a Sample– Who’s opinions will you collect? How many people?

4) Collect the Data– How will you collect and organize the information

you get?

Steps in Marketing Research

5) Analyze the Data– Do you see any trends?

6) Draw Conclusions– Summarize what your conclusions are

7) Decide How to Proceed– Do your findings call for immediate action?– Do you go back to the drawing board?– Do you start the whole research process over

again?

Mistakes in Marketing Research• IGNORING THE MARKET RESEARCH!!!– This is more common than you would think– “Well....I know more than these dummies!”

• Making all your decisions based on one piece of information

• Researching the wrong group of people– Asking loyal customers what you could do better

• Not knowing what you are looking for when you start– Simply looking at the data after and trying to find

important information• Not being aggressive in your research– Casually asking a few people....

Today’s Activity

• Organize Yourself into groups of 4-5• Your group will be given a business/scenario• You are to:– Come up with 3 things that your particular

business would be interested in finding out with marketing research

– Finding a good source of secondary data (Online)