Market Research Market Research Exploring Partnership Opportunities 1.
Lesson 5: Market Research
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Transcript of Lesson 5: Market Research
![Page 1: Lesson 5: Market Research](https://reader035.fdocuments.in/reader035/viewer/2022081807/5493f7d9ac7959412e8b49ee/html5/thumbnails/1.jpg)
Novus Business and IT Training Program
Market Research
Objective: To understand the difference between goods and services, the importance of market research and main methods for implementation, and how to use research to improve your strategy.
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2Novus Business and IT Training Program
Business Strategy
• Businesses need to fill a customer need
• Market research is a necessary tool for product development
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3Novus Business and IT Training Program
Good, Service, or Both?
• Businesses provide:– Goods: tangible items (cars)– Services: actions people do for you
(haircuts)– Combination: good + service (café)
• Products can be:– Existing–Modified–New
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4Novus Business and IT Training Program
What is Market Research
• Market Research is the process of collecting and analyzing information about customers, competitors, and industries
• Market Research Informed Decisions
• Types of Market Research:– Primary– Secondary
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5Novus Business and IT Training Program
Primary Market Research
• Primary Market Research is done by you• Five steps for performing primary research:
1. Define the Goal2. Design the Method• Surveys, interviews, focus groups, etc.
3. Implement the Methods4. Analyze the Results• Quantitative information vs. Qualitative information
5. Make Better Decisions
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6Novus Business and IT Training Program
Secondary Market Research
• Secondary Market Research is done by others
• Sources of Secondary Market Research:– Articles–Market Research Reports– Internet
• Need to consider quality and credibility
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7Novus Business and IT Training Program
Primary vs. Secondary Market Research
• Key differences include:– Availability – Price– Relevance
• Most businesses use both types of research
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8Novus Business and IT Training Program
Purpose of Market Research
• Market Research focuses on:– Target Customers– Competition – • Competitive Positioning• Competitive Advantage
– Specific Industry or Market
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9Novus Business and IT Training Program
Using Market Research
• Consider the following with respect to your good or service:
1. Fit To Mission2. Profitability3. Accessibility4. Competitive Advantage5. Supplier Control6. Customer Control7. Scalability8. Distribution