Ch 10 Sec 2 - Market Research

Create and Improve Products

Open Ended

Who do you think creates or improves products?

Marketing Research

Intro to Business
Ch 10 Section 2 - Marketing Research

Poll

Think about the cell phone that you have. Which one of the following would you choose to improve your phone?

• Better Camera

• Smaller or larger size.

• More storage

• Better speakers

Creating and Improving Products

• Typically done by scientist and engineers

  • They are solving problems by making improvements

• Majority of our products are just improvements

• Marketing Research

  • Find solutions to problems through carefully design studies involving consumers

Creating and Improving Products

• Market Research Process

  • Utilize scientific problem solving process

  • Gather and analyze information

  • Try to use studies already completed

• Types of research

  • Secondary - analyze existing research about your current problem

  • Primary - conduct a new study addressing new problem

Multiple Select

When starting marketing research you should?

• Utilize scientific problem solving process

• Gather and analyze info from previously done research

• Just ask around and see what you get

Match

Match the following.

• Analyze existing info gather for another purpose to solve your problem

• Study carried out to gather new info designed to solve your problem

• Find solutions to problems through carefully designed studies involving consumers.

Secondary research

Primary research

Marketing research

• Secondary research

• Primary research

• Marketing research

• Surveys

• Focus groups

• Observations

• Experiment

Types of Studies

1. Define the marketing problem

2. Study the situation

3. Develop a data collection procedure

4. Gather and analyze info

5. Propose a solution

Steps to Research

Marketing Research

Open Ended

State the four types of market research

Reorder

Place the steps of marketing research in order.

• Define the target market

• Study the situation

• Develop a data collection procedure

• Gather and analyze info

• Propose a solution

1

2

3

4

5

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• 5