tuesday 917

Week of 9/9Target Markets

Market Research•aka applied research or administrative research•allows us to be more in touch with the publics/target market vs. relying on third party research•typically results are unpublished because it is proprietary

Monday, September 16, 13

Week of 9/9Target Markets

Market Research•Sampling:•sample- a section of the population that represents and reflects the larger population•probability sampling•every member of the public has a fair chance at being selected for the sample•mathematical•non-probability sampling•unequal chance of being selected, statistically•use when the goal is to gain insight into a specific group, budget or schedule doesn’t allow, or margin of error is irrelevant•Types:•convenience- sample is created by pulling people readily available. i.e. shopping malls•volunteer- sample members ask to be a part of research i.e. magazine survey, call-in shows•purposive- meet certain demographics i.e. shop at Coach, drive trucks or own iPhones•snowball- small group who are asked to indicate others who could participate•quota- selecting participants to reach specific percentages, a specific make up. (i.e. 40% with college degrees, 20% over 55+)


Week of 9/9

Market Research•Common market research tactics•Interviews•one-‐on-‐one, involves a lot of listening and a lot of notes•Focus groups •small group discussions with guided conversa9ons•not for sta9s9cal data•Case studies•in-‐depth study of a single event or situa9on and how it was handled•real life example•Surveys•aka polls•computer based surveys are becoming more common •cheaper•can get larger sample faster


Week of 9/9

Market ResearchSURVEYS-•12 STEPS:•ID research topic•Select sample•Write questions•Print questions•Test questionnaire (modify, if needed)•Prepare introduction•Administer survey•Monitor (follow ups, if needed)•Report•Analyze•Make recommendations•Written report


Week of 9/9

Market ResearchSURVEYS-•Questionnaire Tips-•short, simple, specific, and clear language•relevant questions in a logical order•positive undertone, avoid negative words•avoid leading•don’t presume a particular answer•Types of questions (items)•Information- deals with respondent’s level of information about the topic•Opinion-•Action- deals with current or past actions•Demographic•determine which demographic information is relevant and necessary


Week of 9/9

Market ResearchSURVEYS-•Types of answers•Closed-ended•use if you:•want pre-determined choices used•want to compare responses

•Open-ended•use if you:•want respondents to use their own words•don’t know range of responses•are willing to consider and compare all responses similar and disimilar


Week of 9/9

Market ResearchSURVEYS-

•Closed-ended questions-•Multiple choice•Checklist (check all that apply)•Forced choice (one choice or another)•Rating scale•Lickert scale (intensity rating, i.e.1 strongly disagree-5 strongly agree)•Semantic differential scale (opposing adjectives- i.e. enjoyable/not enjoyable)


Week of 9/9

Market ResearchSURVEYS-

•Results•Report format


Week of 9/9

Market ResearchSURVEYS-•12 STEPS:•ID research topic•Select sample•Write questions•Print questions•Test questionnaire (modify, if needed)•Prepare introduction•Administer survey•Monitor (follow ups, if needed)•Report•Analyze•Make recommendations•Written report


Week of 9/9Phase 1, Step 3

Lab Assignment/Homework:

•QC #2- Guest Client to provide background•Questions


Week of 9/9Phase 1, Step 3

Thought of the Day:

“Do your duty and a little more and the future will take care of itself.”

-Andrew Carnegie


tuesday 917

Business