Identify market research needs

BSBMKG506B Plan market research Session 1 © 2010 Innovation and Business Industry Skills Council Ltd.

Purpose of this presentation

At the end of this session, you should know how to:  communicate the role of market research in enterprise operations  identify the contribution of market research to enterprise activity  determine research needs  develop a statement of market research needs.

© 2010 Innovation and Business Industry Skills Council Ltd.

Role of market research

 collect and interpret data  solve problems  operational and strategic decision making  marketing or marketing research.

© 2010 Innovation and Business Industry Skills Council Ltd.

Contribution of market research

 best practices  competitors, clients and stakeholders  forecasting  strategic planning.

© 2010 Innovation and Business Industry Skills Council Ltd.

Determine research needs

1. Define management problem.

2. Understand research problem.

3. Find cause of management problem.

4. Determine research objectives.

5. Use research hypothesis.

© 2010 Innovation and Business Industry Skills Council Ltd.

Research methodologies

Exploratory research Descriptive research Causal research Data and sources:

• primary data • secondary data • internal sources • external sources.

Data collection methods:

• qualitative techniques • focus groups • in-depth interviews • panels • projective techniques.

Main use:

To gain background information, generate ideas, seek opinions, clarify problems, explore alternatives and establish priorities.

Data and sources:

• primary data • secondary data • internal sources • external sources.

Data collection methods:

• quantitative techniques • surveys • observations • case studies.

Main use:

To answer questions relating to ‘who’, ‘what’, ‘where’, ‘when’, ‘why’ and ‘how’.

Data and sources:

• primary data • secondary data • internal sources • external sources.

Data collection methods:

• quantitative techniques • experiments.

Main use:

To determine the ‘cause and effect’ relationship between two or more variables.

© 2010 Innovation and Business Industry Skills Council Ltd.

Statement of research needs

 competition  consumers  place  pricing  products and services  promotion.

© 2010 Innovation and Business Industry Skills Council Ltd.

Review – are you able to:

 communicate the role of market research in enterprise operations  identify the contribution of market research to enterprise activity  determine research needs  develop a statement of market research needs.

© 2010 Innovation and Business Industry Skills Council Ltd.