Primary Market Research

1
Primary Market Research

• Primary Market Research
• The Market Position
• Product Analysis
• Using a Questionnaire
• Asking the Questions
• Preparing a Presentation

2
Why Market Research?

• Can you forecast demand for your product?
• Can you convince a sceptical person of the
  reality of this demand?
• Primary Market Research
• Secondary Market Research

3
The Market Position

• Product Life Cycle
• Analysis of Products
• Competitors
• Partners
• Your Unique Selling Point (USP)
• Customer Profile
• All leading to Forecast of Demand

4
Analysing Products
Star Growth phase Problem Child Growth phase
Cash Cow Maturity Dog Decline
Market Growth
Market Share
5
Designing a Questionnaire

• Before using a questionnaire you should be able
  to answer three questions
• Who will you be asking?
• What do you need to find out?
• Why are you asking these questions?

6
Things You Could Ask About

• How often do they buy the product?
• What price are they prepared to pay?
• What is the most important factor when deciding?
• Which of these do you like the best?

7
The Time Trade-Off

• If you ask all the questions you are interested
  in it will make the questionnaire too long
• Only include the questions you really need

8
Targeting?

• If you are sure of your market segment you could
  target who to ask to answer your questionnaire
• Then demographic questions dont have to be asked
  (is there another way?)
• But it might be too early to decide on your
  market segment

9
Clarity

• It is CRUCIAL that all questions (and
  introductory patter) are perfectly clear
• Questions often need to be broken down into
  stages so that they are simple and clearly asking
  ONE THING

10
Questions

• Mix of Closed and Open questions
• Multiple-choice questions
• Include Other to capture data
• Make sure categories dont overlap
• Make sure they are logically watertight
• Try to minimise writing time and maximise time
  with target

11
Asking the Questions

• Approach people actively
• Smile and be polite
• Bounce back if rejected
• Dont rush - not too much energy
• Make sure they understand you
• Leave space for answers
• Chat to them, make them relax
• Thank them lots of times

12
Preparing a Presentation

• Prepare for your audience
• Gather appropriate data and information to
  present
• Prepare and structure the material into a logical
  order
• Develop and prepare any visual aids
• Summarise the key points
• Dont try to walk on water