Market Research: Understanding Your Customers

Market Research: Understanding Your Customers

Year 10 Business Studies WALT: We Are Learning To understand how businesses use market research to identify and meet customer needs Success Criteria: Define market research, identify research methods, analyse data, and apply findings to business decisions

Think-Pair-Share: What Do You Know About Your Customers?

Imagine you're starting a food truck business What would you need to know about your potential customers? Discuss with a partner for 2 minutes Share one idea with the class

What is Market Research?

The systematic collection and analysis of information about customers, competitors, and markets Helps businesses make informed decisions Reduces risk when launching new products or services Can be conducted before, during, or after business operations Essential for understanding customer needs and wants

Primary vs Secondary Research

{"left":"Original data collected directly from sources\nSurveys and questionnaires\nInterviews and focus groups\nObservations and experiments\nMore expensive but specific to your needs","right":"Existing data collected by others\nGovernment statistics and reports\nIndustry publications and websites\nAcademic studies and journals\nCheaper but may not be perfectly relevant"}

Research Method Matching Activity

Work in groups of 3-4 Match each research method to its description Decide if it's primary or secondary research Discuss advantages and disadvantages Present findings to another group

Market Research Process

Target Market Segmentation

Demographics: age, gender, income, education, location Psychographics: lifestyle, values, interests, attitudes Behavioural: purchasing habits, brand loyalty, usage patterns Geographic: where customers live, climate, urban vs rural Helps businesses focus their marketing efforts effectively

Create Your Customer Profile

Choose a product or service you'd like to sell Create a detailed profile of your ideal customer Include demographics, interests, and shopping habits Draw or describe your customer persona Explain why this person would buy your product

Data-Driven Decisions

Your most unhappy customers are your greatest source of learning - Bill Gates, Microsoft Founder Market research helps businesses learn from both satisfied and dissatisfied customers

Summary: Why Market Research Matters

Reduces business risks and costly mistakes Helps identify new opportunities and trends Improves customer satisfaction and loyalty Guides product development and pricing decisions Gives businesses competitive advantages Remember: Good research leads to good business decisions!