Market Research PDF

Market Research Can be defined as the process of gathering, analyzing, and interpreting the information about the products or the services to be offered for sale to the potential consumers in the market. DIFFERENT WAYS TO COLLECT THE DATA ▪ Surveys ▪ Focus group discus...

Market Research Can be defined as the process of gathering, analyzing, and interpreting the information about the products or the services to be offered for sale to the potential consumers in the market. DIFFERENT WAYS TO COLLECT THE DATA ▪ Surveys ▪ Focus group discussion ▪ Interview 2  DATA COLLECTION ▪ Is the most valuable tool of any type of research study. TIPS IN GATHERING DATA ▪ Organizing collected data as soon as it is available ▪ Know what message you want to get across and then collect data that is relevant to the message 3  DATA COLLECTION TIPS IN GATHERING DATA ▪ Collect data ▪ Create data ▪ Regularly run experiments ▪ Challenge your assumptions ▪ Set reasonable expectation ▪ Take note of interesting data 4 THREE DIFFERENT DATA COLLECTION TECHNIQUES 5  SURVEYS Are the most common way to gather primary research with the use of questionnaires or interview schedule. 6  Edralin, 2016 When designing or constructing your own research questionnaire, remember the following guidelines. ▪ Keep it simple as possible ▪ Make sure it is clearly appealing and easy to read. ▪ Cluster or block related questions ▪ Move from complex questions 7  Edralin, 2016 ▪ Make sure questions are concise and easily understood ▪ Avoid questions that are difficult to answer. ▪ Make sure any response scales used are consistent with categories that are mutually exclusive 8  INTERVIEW ▪ Is one of the most reliable and credible ways of getting relevant information from target customers. 9 “ In a structured interview, the researcher asks a standard set of questions and nothing more. (Leedy and Ormrod, 2001) 10  2 TYPES OF INTERVIEW PERSONAL INTERVIEW ▪ Are the traditional method of conducting an interview. TELEPHONE INTERVIEW ▪ Are less expensive and less time consuming, but the disadvantages are that the response rate 11  FOCUS GROUP DISCUSSION ▪ Is an excellent method for generating and screening ideas and concepts. THE FOLLOWING CONSIDERATIONS IN FGD ▪ The length of the session is between 90 and 120 minutes. ▪ 8 to 20 participants per group ▪ Assign an expert 12 ▪ Semi-structure or open format discussion