Primary Research.ppt.pptx

Market Research: Primary Data Success Criteria I will be successful when I can ……….. ●Define the two types of primary research ●List and explain six ways to gather primary research Two Types ● Qualitative Research ○ measures reactions, feelings – things that aren’t easily quantifiable ● Quantit...

Market Research: Primary Data Success Criteria I will be successful when I can ……….. ●Define the two types of primary research ●List and explain six ways to gather primary research Two Types ● Qualitative Research ○ measures reactions, feelings – things that aren’t easily quantifiable ● Quantitative Research ○ data that can be measured ○ collected by surveying a representative sample ○ predict results of entire market based on sample election polls Gathering Primary Data ● Test Marketing ○ When you use sites that mirror the demographic composition of the country as a whole. ○ Testing a product in one city, before testing it on a larger scale. Internal Information Sources ● Sales Records ○ Show popularity of a particular product ● Inventory ○ Information on seasonal variations ● Production Records ○ Peak ordering times and downtimes ● Data Mining ○ Relationship between personal information and behaviour for specific consumers Surveys ●Planned set of questions used to gather data ●Ways to administer surveys ○Phone ○Written ○Web Survey Questions ●Closed ended questions ○yes/no, mult. choice, rate on a scale ○easy to answer, easy to score, easy to interpret data ●Open ended questions ○allow respondents to provide own response ○time consuming to answer and interpret, difficult to extract meaningful data Random Sample ● Surveys must be from a random sample ○ every member of the target-market population must have the same chance of being selected for the survey ● If the sample does not accurately represent the target-market, the results will be misleading and biased ● If the results are truly random, then the results of the study can be projected on the entire market. Observation ●Recording a person’s actions in a particular scenario, without direct interaction ●Can be more accurate than surveys ○less outside influence ○less self-consciousness ○truer representation of the person’s attitudes ●Eye-tracking Technology Focus Groups ●A small group of people brought together to discuss a particular product or problem ●Moderator ○guides discussion Success Criteria I will be successful when I can ……….. ●Define the two types of primary research ●List and explain six ways to gather primary research