Session 7 conducting start-up market research - moodle
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Transcript of Session 7 conducting start-up market research - moodle
What is market research?
Why is it essential for a new business or entrepreneur to carry out market research?
Are there any downsides to carrying out market research?
Do Now!
Market Research
Module 2
By the end of this lesson you should be able to:
1. Identify and explain the different methods of primary and secondary research.
2. Explain the difference between quantitative and qualitative research data.
3. Apply market research to a 'real life' situation.
4. Apply understanding of market research to a case study.
Learning Objectives
Market research – essential in gathering data on the buying habits, usage and attitudes of actual and potential customers.
Start-up Market Research
PRIMARY• Collected by entrepreneur• Paid to have collected• Does not already exist
SECONDARY• Data already exists• Collected for another
purpose
LO1) Identify and explain the different methods of primary and secondary research.
Secondary Research
Phone Book
Trade Magazines
Government Publications
Competition
Source Reference Material
Data Collection& Analysis
LO1) Identify and explain the different methods of primary and secondary research.
Primary Research
Observation
Questionnaire
Focus Group
Telephone SurveysTest Marketing
IT & Databases
LO1) Identify and explain the different methods of primary and secondary research.
Primary ResearchWho shall I collect the information from?
Random Sample
Quota Sample
Potentially each member of a group has an equal chance of being in the sample.
Characteristics of a market are mirrored in a sample
i.e. – target 50 males between 20 and 25.
LO1) Identify and explain the different methods of primary and secondary research.
Do you know your Primary research from your Secondary research?
LO1) Identify and explain the different methods of primary and secondary research.
Primary ResearchWhat should a firm consider when choosing a
sample?
Available finance
The nature of the product
Level of risk
The target market
LO1) Identify and explain the different methods of primary and secondary research.
Primary Research
Discuss….
What are the disadvantages of primary research?
LO1) Identify and explain the different methods of primary and secondary research.
Quantitative Qualitative • Refers to numerical
information
• Establish key information about a business/ market
Examples: • Questionnaire• Telephone survey• Online survey
• Refers to information about attitudes, feelings and opinions
• More revealing and useful but expensive to collect
Examples:• In-depth interview• Group discussions
Quantitative and Qualitative ResearchAlthough research can be primary or secondary in origin, there
are also categories for the type of data that is collected.
LO2) Explain the difference between quantitative and qualitative research data.
Match the question to the correct category:
Quantitative Qualitative
Quantitative and Qualitative
LO2) Explain the difference between quantitative and qualitative research data.
Which product do you prefer?
Focus Group Research
LO3) Apply market research to a 'real life' situation.
Experience Review
What type of research was collected in this experience?
What kind of data was collected in this experience?
How do you think that firms would analyse these results?
Focus Group Research
LO3) Apply market research to a 'real life' situation.
Read the case study and answer questions 1, 2 and 3.
Market Research at Blandonmore
LO4) Apply understanding of market research to a case study.
Name four keywords identified in this lesson.
Can you define them?
Finally
You should now be able to:
1. Identify and explain the different methods of primary and secondary research.
2. Explain the difference between quantitative and qualitative research data.
3. Apply market research to a 'real life' situation.
4. Apply understanding of market research to a case study.
Re-cap Learning Objectives