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Saturday, October 12, 2013
Primary Market Research Techniques
This info-guide provides a summary of primary research techniques - primary, being research that is generated first-hand by you and your business.
consistent and objective;
calculate responses (statistics);
additional questionnaires can be prepared if necessary;
time consuming to prepare, print and calculate responses.
2. Surveys Prepared by College or Business Students
survey prepared under guidance of program instructor;
many students can carry out a range of data collection.
priorities and time frame may not be the same as yours;
may not be able to fit practical market research into course content;
inexperienced at obtaining information.
3. Informal Talks with Customers
open and revealing responses;
can obtain subjective and non-verbal information;
opportunity to ask unprepared additional questions.
must prepare key issues in advance;
responses may be vague and contradictory and without much thought.
4. Interviews (One-on-one)
face to face discussions;
combines objective and subjective information;
opportunity to obtain additional comments.
requires more prep time to develop closed, open ended and probing questions;
time consuming to arrange appointments;
few people may be willing to be a subject for an interview.
5. Focus Groups (8-12 people)
wide open responses;
observation of interaction and dynamics of participants.
may require a professional facilitator;
additional cost of room and observers.
6. Suppliers, Distributors, Agents & Brokers
inside knowledge of industry;
knowledge of players, trends.
could favor existing dealers;
narrow view point.
observe traffic counts, average sales figures and customer patterns;
observations on any market aspect (i.e. location, advertising, pricing etc.);
competition in other communities willing to talk to someone who won't be a threat.
unwilling to talk to potential competitor;
travel and long distance costs.
8. Retired From the Industry
objective and open;
knowledge of industry and its pitfalls and who is succeeding.
information may be dated;
tired of business concerns.
9. Mentor (experienced business person outside the industry)
can analyze situation and be very frank;
can assess your own capacity, resources and managerial ability;
can advise on strategy and major decisions.
lack specific industry knowledge;
not always available on a no fee basis.
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Market primary methods
Market primary Research
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