Market Research

Lesson 2
Market Research:

 Systematic process of gathering

 Analyzing
 Interpreting relevant market information for purposeful and exhaustive
search of the facts in the field of marketing.
examples:
1. Information customer values
2. Buying patterns
3. Expectations
4. Competitors
5. Location
Types of Market Research Data:

1. Primary Data :
- This type of data comes directly from a subject or respondent.
- Acquiring this data involves collecting these from the field by yourself or hired
personnel who is carefully oriented and trained in the process of gathering
information to ensure accuracy of result.
-2. Secondary Data :
-- This type of market data is already compiled and organized for you.
-These are already published or publicly available in libraries, museums, government
offices, internet sites, etc.
-Ex. Report and studies by government agencies, trade associations, or other businesses.
Market Survey

 Is the process of gathering, analyzing, and interpreting information about the

spending pattern, behavior, and purchasing power of consumer within your
area of operation.

A marketer always seeks answer to the following questions:

a. Who are the Customers?
b. When do they buy
c. What products do they buy?
d. In what quantity?
e. What prices are they willing to pay.
Purpose of Market Survey:

 Exploring lucrative business opportunities

 Assessing customer needs, values, habits, taste, lifestyles, expectations, and
preferences.
 Investigating a marketing problem like declining sales and market share.
 Benchmarking with your competitors and their prices.
 Observing and analyzing the impact of change in the business environment.
 Launching a new product
 Refining customer care and services
 Anticipating future market trends.
 Evaluating market size.
Other Conducting Market Survey

 Interview
direct or indirect like via telephone, text blast, or e-mail
 Administering questionnaires to identified subjects or respondents.
 Observation
direct or indirect gaining information or monitoring in the field.
 Ocular Inspection
visiting business establishments such as shops, markets, malls, hotels among
others.
Benefits of a Market Survey

 New Marketing Opportunities are identified.

 There is a more accurate view of current marketing initiatives.
 Competitive insight is gained.