Fashion MARKETING

TID1131

Market Research

• Understanding Secondary & Primary research

• Understanding Quantitative & Qualitative research

What is market research?• Market research is the collection and analysis of data from a

sample of individuals or organizations relating to their characteristics, behaviour, attitudes, opinions or possessions. It includes all forms of marketing and social research such as consumer and industrial surveys, psychological investigations, observational & panel studies.

The Market Research Society

• The systematic design, analysis and reporting of data and findings relevant to a specific marketing situation facing the company.

Phillip Kotler (2000)

Market research

Research into a specific market covering areas such as….

• Market Size• Competition• Market share• Consumer profiles• Market potential• Segmentation studies

Marketing research

Research into ALL aspects of marketing products and services such as….

• Promotion and creative research• Pricing research• Distribution research• Competitor analysis• Trade analysis• Product research• Consumer research • Market research

Types of research

• Quantitative researchInformation relating to numbers – quantity.

• Method - surveys

• Qualitative researchTo find out the ‘HOW’ and ‘WHY’

• Method – Interviews, group discussions, observations

Which is it?

Task…Against each of these put either quantitative OR qualitative.

• Market Size• Competition• Market share• Consumer profiles• Market potential• Segmentation studies

Research process

• Define the research problem & set the research objectives

• Design the research– Identify the data sources– Select sampling method– Select the data collection method– Design data collection form

• Test the research design. (Redesign if required)• Collect data• Analyse the data and interpret results• Present the findings

Research design

• Exploratory research– Wide researching exploring the problem

• Descriptive research– Defining a description of the variables

• Causal research– Determines the relationship between

variables

Data sources

• Secondary source data – Data that has been collected either inside or outside the company for OTHER purposes. (Low cost)– Government statistics– Trade information– Books, journals, newspapers– Accounts– Sales figures– Company reports– Financial reports– Customer complaints

Data sources

• Primary source data – Data collection directly from respondents designed specifically for YOUR own investigation needs. (High cost)– Surveys– Observation– Focus Groups– Interviews– Experimentation

Which is it?

Task…1. Against each of these put either secondary OR

primary.– Market Size– Competition– Market share– Consumer profiles– Market potential– Segmentation studies

2. Now define the exact secondary source or primary research method that maybe used.

Questionnaire design

Tasks to consider…• Preliminary decisions• Question content• Question wording• Response format• Question sequence• Questionnaire layout• Test and revise

Now it is time to have a go!

• At RESEARCH methods….