Market Research: Primary and Secondary
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Market Research: Primary and Secondary
Understanding Types of Market Research Year 11 Commerce WALT: Understand and perform market research
Learning Intentions & Success Criteria
WALT: Understand the types of market research WALT: Be able to perform your own market research Success Criteria: Define primary vs secondary research Success Criteria: Identify research methods Success Criteria: Design and conduct a simple survey
Primary vs Secondary Research
{"left":"Primary Research: Original data collected directly by the business\nInformation gathered firsthand through surveys, interviews, focus groups\nSpecific to your business needs\nMore expensive and time-consuming","right":"Secondary Research: Existing data collected by others\nInformation from reports, studies, government statistics\nAlready available and accessible\nLess expensive and quicker to obtain"}
How Might Primary Research Be Done?
Focus Groups: Small groups discussing products/services Interviews: One-on-one conversations with potential customers Surveys: Questionnaires collecting data from many people Observations: Watching customer behavior Before starting: Know what you want to find out!
What Information Do Businesses Want to Find Out?
Think about these key questions: 1. Do people want their product? 2. How much should they charge? 3. What should the product look and sound like? 4. What concerns might customers have? Discuss: What would you want to know before starting your business?
Exercise One: Collect Primary Data
Design Your Own Survey Step 1: Decide what you want to find out Step 2: Write 5-8 clear questions Step 3: Survey classmates and teachers Step 4: Record responses carefully Step 5: Discuss findings in groups
Exercise Two: Collect Secondary Data
Using Chromebooks for Research Find average costs to make your product Research both individual item costs and total production Use reliable business websites and reports Keep detailed records of cost information Compare multiple sources for accuracy
Summary & Next Steps
Primary Research: Original data you collect yourself Secondary Research: Existing data from other sources Both types are valuable for business decisions Always plan your research questions first Next lesson: Analyzing and presenting your research findings