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Seeking Market Research Information
Transcript of Seeking Market Research Information
Market research is a core process within business intelligence, competitive intelligence, and business information literacy.
Market research and marketing research are terms often used interchangeably. This prezi will focus on 'market research' as the gathering of information on a market's size, segmentation, and shares.
2 Types of Market Research
is original research generally gathered through interviews, surveys, or observation to determine specific consumer interests and preferences.
is published research generally gathered by market research companies. The information is presented in a report that provides insight into key market topics.
Primary Research is very targeted to your specific information needs.
It is often complicated and time consuming to set up the data gathering tool and to run the gathering process. There are many companies that provide this service.
Read More: http://www.entrepreneur.com/encyclopedia/primary-market-research
Related topic: Questionnaire Design
Secondary Market Research:
Primary Market Research:
Secondary research can be either focused or general.
Obtaining a published report is less time-consuming but can be very expensive to purchase.
Read more: http://blog.marketresearch.com/blog-home-page/bid/184319/Which-Research-Report-Primary-or-Secondary-MarketResearch-com
3 key topics within market research are
market size, market segmentation and market share.
Read more: http://www.frost.com/prod/servlet/mcon-mktmeasures-mkt-size.pag
Market size is the measurement of the total volume of a given market.
The example to the right shows market size segmented by region.
This example shows market size over time with projections into the future.
Read more: http://www.quickmba.com/marketing/market-segmentation/
Market segmentation is the division of a market into different homogenous groups of customers.
It should be:
accessible by communication and distribution channels
different in its response to a marketing mix
substantial enough to be profitable
This example shows the segmentation of the household surface cleaners. It shows both the dollar amount and the percent of the market each segment covers.
In this example, the segments of the market are shown with their value in millions of dollars.
Read more: http://www.quickmba.com/marketing/market-share/
A company's performance relative to competitors can be measured by the proportion of the market that the firm is able to capture. Market Share = Firm's Sales / Total Market Sales
This example shows market share for breakfast cereal
companies and their percent sales change.
In this example, the table shows revenue and market share.
In addition to industry-level segments, there are consumer-level segments. Here you see the market segmentation for types of travelers that visit hotels.
How & Where to Find Market Research
There are several ways to acquire secondary market research:
search the Web for market research reports and pay for them
search the Web for associations and other organizations that provide pieces of market research
search the market report databases available through Parrish
Searching the Web for market research reports
Searching Google can provide links to companies selling their market reports as well as the occasional free report. It is importnat to understand what you are actually looking at. Take a look at this list of results for 'chocolate and market research'
Searching for market research from associations
Every market or industry has an association or an organization that tracks the activities and companies within the market. These associations can be a useful source of information and trends (sometimes free, sometimes for fee).
Look at these results of a search for 'chocolate and association and market data'
Whatever field you are interested in pursing, find out what the association is and pay attention to what they are saying. They can be a valuable source of contacts and job opportunities.
Key HTM Associations
American Hotel & Lodging Association
National Restaurant Association
Event Planners Association
US Travel Association
Searching the market report databases available from Parrish Library
Gaining experience searching for and using the market report databases will make you better prepared to write better papers and to make more informed business decisions.
Key market report databases:
IBISWorld - strong in consumer and manufacturing (US and China)
Global Market Information Database - strong in international and consumer markets
Mintel - strong in consumer and tourism markets
Marketline - strong in international markets
Marketresearch.com Academic - strong in manufacturing and consumer markets
Forrester - strong in technology and information systems
Frost & Sullivan - strong in manufacturing & biotechnology
Sample searches: click an image to zoom in.
<a rel="license" href="http://creativecommons.org/licenses/by-nc-sa/4.0/deed.en_US"><img alt="Creative Commons License" style="border-width:0" src="http://i.creativecommons.org/l/by-nc-sa/4.0/88x31.png" /></a><br /><span xmlns:dct="http://purl.org/dc/terms/" property="dct:title">Seeking Market Research Information</span> by <a xmlns:cc="http://creativecommons.org/ns#" href="http://prezi.com/fx39nl7h3sie/seeking-market-research-information/" property="cc:attributionName" rel="cc:attributionURL">Hal Kirkwood</a> is licensed under a <a rel="license" href="http://creativecommons.org/licenses/by-nc-sa/4.0/deed.en_US">Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License</a>.<br />Based on a work at <a xmlns:dct="http://purl.org/dc/terms/" href="http://prezi.com/fx39nl7h3sie/seeking-market-research-information/" rel="dct:source">http://prezi.com/fx39nl7h3sie/seeking-market-research-information/</a>.