Market Data - Market Research

Market Data - Market Research
(Peter Norris Lecture)

Market Research is dived in two categories: Primary Data and Secondary Data

Primary Data is quantitative and qualitative whilst Primary Data is just desk research.

Primary Data

Quantitative: Geographic, Psycho-graphic, Socioeconomic 

->Geographic:Where you live tells a lot about how you live

->Psycho-graphic: How you think determines what you buy.

->Socioeconomic: Your class and financial ability indicate what you will buy.

Pros: Detail/Clarity, Statistical information, Objective

Cons: Costly 150,00 pounds more or less, complex and difficult to do, needs careful control

Qualitative: The interview and focus group

Discuss with those who are in the know about market or issue that you need to understand.

Pros: Cheap-cost of train tickets and a lunch, Easily done, Offers a holistic view

Cons: No statistical validation, subjective, success depends on control of discussion

*Get involved in a discussion*

Secondary data- Desk Research

Covers data that has already been published

Focus on the needs of particularly markers.

Market Segmentation

Braking a market into distinct blocks.

This can be done by: age, sex, social class, geography, hobby etc.

                          Example:

To have a Successful Segmentation it must be:

-> Measurable/Identifiable

->Accessible

->Substantial

->Meaningful

Some advice Peter gave us during the lecture:

If you've done it, you can understand it clearly in your mind.

Taking time to consider all this, is time well spend.

Its always good to check the cost of doing the project.

Define the product clearly.

Don't try to analyze different products.

Only compare like with like.

Do not re-invent the wheel!

Your career is on the line! 

People are going to remember you by your last project.

Be interested in the turnover of the company.