Show me the meaning
Companies carry out this activity to understand New Product Developments, particularly to:
- reduce the risks associated with new product launches
- predict future demand changes
- assess the most favoured designs, flavours, styles, promotions and packages for a product
- explain patterns in sales of existing products and market trends
What is market research?
[refer to ppt]
Methods of presenting data
What are tables, line graphs, bar graphs, pie charts etc.
[refer to page 392]
What is primary research?
(first hand research, data that YOU generated)
A group of people who are asked about their attitude towards a product, service, advertisement or new style of packaging
What are focus groups?
[https://www.youtube.com/watch?v=Auf9pkuCc8k&ab_channel=UBCLEARN discuss video]
This measurement of data helps make comparisons between sets of data by generalizing each set through one number, it's good because it includes all data in its calculation and is easily understood, but extreme data impact the results greatly and is commonly not a whole number
What is mean / average?
[page 392]
Market reports, Textbooks, government publications, news articles, online review, company website, company social media, Academic journals, youtube videos, podcasts, blogs
What is secondary research?
(data that already exists)
[refer to ppt]
I can't possibly survey EVERYONE in the population, so I take this instead.
OR
a group of people taking part in a market research survey selected to be representative of the target market overall
What is a sample?
[refer to ppt]
This is the middle value when a data set is ordered from least to greatest, the calculation is not straightforward and when the set is an even number the value is approximated
What is median?
In this primary research method, questions could easily be misunderstood and the sample returned could be biased in favour of those respondents with the most spare time
What are questionnaires?
Numerical vs. non-numerical research and results
What is quantitative and qualitative research?
KARAOKE TIME
Frozen - Let It Go https://www.youtube.com/watch?v=8rpCPw6YiIk&ab_channel=PinoyVideokeTambayan
Hey, Soul Sister - Train https://www.youtube.com/watch?v=pZ1_WDneCvs&ab_channel=EasyKaraoke
Lukas Graham - 7 Years https://www.youtube.com/watch?v=ALq8ihw4pwU&ab_channel=SingKing
Perfect - Ed Sheeran https://www.youtube.com/watch?v=yisLIcbl8aU&ab_channel=AcoustiClub
YOU ARE A STAR DOUBLE THE POINTS
With this primary research method you can avoid bias in the way in which you ask questions, and detailed questions can be explained, you can also ask follow up questions
What are interviews?
KARAOKE TIME
Dance Monkey https://www.youtube.com/watch?v=wmfk9hqwkiE&ab_channel=EdKara
I ain't your mama https://www.youtube.com/watch?v=8dc69dTMmc4&ab_channel=SingSimple
Nickelback- How you remind me https://www.youtube.com/watch?v=72OJrKNAJSs&ab_channel=CCKaraoke
All of Me - John Legend https://www.youtube.com/watch?v=szROVj0Swcs&ab_channel=YouSingTheHits
YOU ARE A STAR DOUBLE THE POINTS
The number that occurs most often in a data set, its easily observed and no calculation is needed
What is mode?
The researcher should have the permission of the people he is studying, not take advantage of easy access groups (kids), not harm others, keep information anonymous, accurately present what is observed even if they dont like the results
What are the ethical considerations of market research?