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DEFINITION OF MARKET RESEARCH

COEUR - BCM Business Creativity Module Market Research and Resource Assessment Carolyn McNicholas c.mcnicholas@rgu.ac.uk. DEFINITION OF MARKET RESEARCH.

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DEFINITION OF MARKET RESEARCH

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  1. COEUR - BCMBusiness Creativity ModuleMarket Research and Resource AssessmentCarolyn McNicholasc.mcnicholas@rgu.ac.uk

  2. DEFINITION OF MARKET RESEARCH • “The systematic gathering, recording and analysing of data about problems relating to the marketing of goods and services.” American Marketing Association. • “Market research is the means used by those who provide goods and services to keep themselves in touch with the needs and wants of those who buy and use those goods and services.” Market Research Society

  3. DEFINITIONS OF PRIMARY AND SECONDARY DATA • Simple definitions: • Primary data = data collected for the first time • Secondary data = existing data

  4. SECONDARY DATA • Size of market (volume, value) • Trends and projected growth • Main PESTE (political, economic, social/cultural, technological, ecological) factors impacting on marketplace • Customer analysis & buying behaviour (location, earnings, preferences, spending patterns) • Competitor analysis (number, ease of entry, substitutes, product and service offerings, brand image, supplier relationships, etc)

  5. SECONDARY DATA • Suppliers • Product research (design, modifications, brand positioning, etc) • Pricing • Promotion • Distribution • Legal – employment law, health & safety, VAT, PAYE, contract law, environmental law • Other - financial, property, operational, start-up costs – will depend entirely on the idea

  6. LIMITATIONS OF SECONDARY DATA • Collected for some other purpose • No control over the data collection • May not be very accurate • May not be reported in the required form • May be outdated • May not meet data requirements • A number of assumptions have to be made

  7. Business Gateway Commercial databases Consumer surveys and reports The library Trade associations, journals and directories Trade shows and conventions The media The www. Business Directories Yellow Pages www.yell.com Thomson Local (www.thomsonlocal.com) Kellys Business Directories (www.kellys.co.uk) National and local government statistics Government publications EXTERNAL SECONDARY SOURCES:

  8. BUSINESS GATEWAY • Business information • Business start-up • Business growth • Increasingly delivered by web-based solutions • www.bgateway.com

  9. RGU LIBRARY - EXTERNAL DATA • Business databases • journal/magazine articles (Business Source Premier, Emerald, Science Direct, Sage, Informaworld) • newspaper articles (European Intelligence Wire) • Information on markets (Mintel, Key Note, Global Market information database, COBRA, Business Source Premier) • company information (Business Source Premier) and company financial information (FAME)

  10. COBRA • COBRA Business Opportunity Profiles • An Introduction to Researching a Market for Business Start-ups (No 185 – June 2008) • A Guide to Sources of Market and Business Information (No 47 - January 2009) • A Guide to Using A Market Research Questionnaire (No 1 - 2008) • Note: Only 1 user at a time

  11. FINDING INFORMATION ON A COUNTRY • Michigan State University global information • http://globaledge.msu.edu/resourcedesk/ • The World CIA Factbook • https://www.cia.gov/library/publications/the-world-factbook/index.html • The United Nations Cyberschoolbus • http://cyberschoolbus.un.org/infonation3/menu/advanced.asp • The World Bank • http://web.worldbank.org/WBSITE/EXTERNAL/COUNTRIES/0,,pagePK:180619~theSitePK:136917,00.html • The European Commissions Market Access database • http://mkaccdb.eu.int/mkaccdb2/indexPubli.htm

  12. FINDING INFORMATION ON A COUNTRY • The OECD website • http://www.oecd.org/countrieslist/0,3351,en_33873108_33844430_1_1_1_1_1,00.html • A list of national statistics offices websites produced by the UN • http://unstats.un.org/unsd/methods/inter-natlinks/sd_natstat.asp • Business Insight Interactive • http://www.bi-interactive.com/index.aspx?StoryID=0&ReportID=1076&Lang=en&MainPage=home • Eurostats facts through figures • http://epp.eurostat.ec.europa.eu/portal/page/portal/eurostat/home

  13. STATISTICS WEB SITES • Office of National Statistics has census data, population demographics, income levels, social and regional trends. Many of the sites are regional – i.e. England and Wales. Scottish equivalent is SCROL • www.statistics.gov.uk • www.scrol.gov.uk • www.nomisweb.co.uk • Scottish Executive and Scottish Enterprise • http://www.scottish-enterprise.com/

  14. LOCAL INFORMATION • Aberdeen / Aberdeenshire City Council • population trends (age, sex, unemployment) • small area population forecasts (dwellings and populations by ward) • http://www.aberdeenshire.gov.uk • http://www.aberdeencity.gov.uk/ACCI/web/site/home/home.asp

  15. GENERAL SOURCES • Department of Business Enterprise and Regulatory Reform (www.berr.gov.uk) • Chambers of Commerce • Corporate Information (web sites, annual returns, etc) • Business.com http://www.business.com/ • About.com http://www.about.com/ • Strathclyde University Internet resource - BUBL • http://bubl.ac.uk/index.html • Subject specific – • e.g., www.visitbritain.com • http://www.tourismtrade.org.uk/MarketIntelligenceResearch/default.asp

  16. Business news • Updating services on topics of your choice • www.newsnow.co.uk • www.ananova.com • www.newsindex.com Looking for Property? • www.scottishproperty.co.uk • http://www.aspc.co.uk/

  17. REFERENCES • CHISNALL, P., 2005 Marketing Research. 7th ed. Maidenhead: McGraw Hill. • WILSON, A., 2006 Marketing Research: An Integrated Approach 2nded. Harlow:Prentice Hall. • KENT, R., 2007 Marketing Research: Approaches, methods and Applications. London: Thomson • MCGIVERN, Y.,2006 & 2009 The Practice of Market Research. Harlow:Prentice Hall.Chapter • SHIU, E., HAIR, J., BUSH, R. & ORTINAU, D. 2009 Marketing Research. Maidenhead: McGraw Hill • KOLB, BONITA. 2008. Marketing Research: A Practical Approach. London: Sage • A Newcomers’ Guide to Market and Social Research http://www.marketresearch.org.uk/mrindustry/downloads/newcomers.pdf • Davis, R.E. 1993 Experience: The role of market research in the development of new consumer products. Journal of product innovation management. V 10 pp309-317 • Von Stamm, B. 2008. Managing Innovation, Design and Creativity. 2nd Edition, Wiley • Burns, P 2007 Entrepreneurship and Small Firms 2nd ed. Palgrave Macmillan

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