Market Data and Research - Pete Norris
There are two types of research, primary and secondary. We need to understand these so that we can decide when it's relevant to use them.
Primary
Primary
Quantitative
Qualitative
The clipboard type questionnaires in which lots of people are asked lots of questions in order to create statistics.
Geographic- based on where you live
Psycho-graphic- based on how you think
Socio-economic- based on your class and money
Pros
-detailed
-gives statistical information
-objective
Cons
-costly, can be £150,000+
-complex and difficult to organise
-needs careful control in order for questions to be understood and answered correctly
The interviewing of a focus group which is a group of people that have a lot of knowledge in the area you are researching and therefore can give you the answers you need.
Pros
-cheap, you only need to pay for one days worth of work, no mass of paper questionnaires etc
-easily organised
-offers a holistic view
Cons
-it doesn't give statistical validation
-it's subjective
-the success depends on the control of the discussion, you need to ensure you get the information you need since a conversation isn't broken into question and answer like a survey is.
Secondary
-Pre-researched Data
-Variatal result locations
Market Segmentation
Create groups based on following for segmentation
-age
-sex
-social class
-geography
-hobbies and interests
It also helps to place the product into the correct market.
This segmentation needs to be-
-measurable/identifiable
-accessible
-substantial
-meaningful/relevant
If all of this requirements are meet, then the segmentation has been successful which will lead to successful targeting of the market.
Define your product. Don't try to analyse it against other product outside of your market. Don't try and get the data you collect to match how you want it to, this is data corruption and can affect your product and market.
The clipboard type questionnaires in which lots of people are asked lots of questions in order to create statistics.
Geographic- based on where you live
Psycho-graphic- based on how you think
Socio-economic- based on your class and money
Pros
-detailed
-gives statistical information
-objective
Cons
-costly, can be £150,000+
-complex and difficult to organise
-needs careful control in order for questions to be understood and answered correctly
The interviewing of a focus group which is a group of people that have a lot of knowledge in the area you are researching and therefore can give you the answers you need.
Pros
-cheap, you only need to pay for one days worth of work, no mass of paper questionnaires etc
-easily organised
-offers a holistic view
Cons
-it doesn't give statistical validation
-it's subjective
-the success depends on the control of the discussion, you need to ensure you get the information you need since a conversation isn't broken into question and answer like a survey is.
Secondary
-Pre-researched Data
-Variatal result locations
Market Segmentation
Create groups based on following for segmentation
-age
-sex
-social class
-geography
-hobbies and interests
It also helps to place the product into the correct market.
This segmentation needs to be-
-measurable/identifiable
-accessible
-substantial
-meaningful/relevant
If all of this requirements are meet, then the segmentation has been successful which will lead to successful targeting of the market.
Define your product. Don't try to analyse it against other product outside of your market. Don't try and get the data you collect to match how you want it to, this is data corruption and can affect your product and market.
