Market and Secondary Research.ppt.pptx

Market Research: Types of Data Success Criteria I will be successful when I can ……. ●Define market research ●List and explain the different types of secondary research. ●Interpret the results of a marketing case study. Introduction Case One Google Classroom: ●Read the textbook pages on Environic...

Market Research: Types of Data Success Criteria I will be successful when I can ……. ●Define market research ●List and explain the different types of secondary research. ●Interpret the results of a marketing case study. Introduction Case One Google Classroom: ●Read the textbook pages on Environics and answer the posted questions What is Market Research? ●Market research is the collection, analysis, and interpretation of information used to develop a marketing strategy or to solve a marketing problem ●This research provides hard data (information based on supportable fact) What isn’t Market Research? ●Asking your friends or relatives what they think of your idea ●Not systematic ●Minimal analysis ●Very limited amount of data Who does Market Research? ●Marketing research firms are hired to collect, analyze, and interpret the data that is relevant to a specific business’s marketing effort ●These companies work with two types of information: ●Secondary data ●Primary data Primary Data ●Unanalyzed, current information collected by a researcher for a specific purpose ●Pros vs. Cons ●More on this later... Secondary Data ●Information collected and published by others ●Secondary Research: ●searching for secondary data, then analyzing and interpreting it ●Pros vs. Cons Sources of Secondary Data (Textbook pages 127 – 130) ●Books ●Periodicals ●Indexes ●Databases ●Internet ●Consultants ●Market Research Professionals Books Periodicals ● Examples are magazines, newspapers, journals, and reports. Indexes and Databases ● SEC and Yahoo Finance ● These websites provide you with relevant financial information include stock market tracking and companies financial statements Internet ● Search Engines Market Research Professionals ● Companies that frequently sell the data they have gathered on specific markets. Consultants ● Are businesses themselves and charge for their services. ● Can provide expertise on certain areas of interest. GutCheck – Link is on Google Classroom Go to the following URL: https://gutcheckit.com/resources/case-studies/ Choose a case study; ●Summarize the following: ● Challenge ● Objective ● Solutions ● Results Google Classroom Individually answer the following questions: ●What specifically is it that GutCheck does? ●Why would companies hire a company like GutCheck? ●What is one pro and one con of using consultants for your company’s market research?