1. No category

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In Pairs, discuss and note down the advantages
and disadvantages to quantitative data and
qualitative data.

QUANTITATIVE
 Based on numbers

QUALITATIVE
 More detail, answers
the why, when, and
how
Ex. 35% of the public prefers Pepsi over Coca-Cola.
Primary Research Methods
Step 2: Research Design
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QUANTITATIVE
ADVANTAGES



DISADVANTAGES
Allows for broader study
Greater objectivity and
accuracy of results
Personal bias can be
avoided; keeping a
“distance” from the
participants
Collects a narrower and
superficial dataset
 Results are limited
(numbers)
 Unnatural, artificial
environment
 Preset answers will not
necessarily reflect how
people feel

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Primary versus Secondary
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Step 2: Research Design
Target Market

A target market is a group
of customers towards which a business
has decided to aim its marketing efforts
and ultimately its merchandise. A welldefined target market is the first
element to a marketing strategy.
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Market Research Answers:
Who makes up the target audience?
 What do they want?
 When do they need it?
 Where does it sell best?
 How can it be taken to them?
 Why do they want/need it?
 What are our competitors doing?
 How is our market changing?

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Target Market
Consumers
SEGMENTATION
Common
Priorities
Countries
Businesses
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Types of Segmentation
GEOGRAPHIC
PSYCHOGRAPHIC
BEHAVIORAL
DEMOGRAPHIC
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Steps in defining a Target Market
1. Understand the problems that you solve
2. Paint a picture of the customer
3. Who will gain from the value in your offer?
4. Think about your market, demographics
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Apple Target Market Activity

In your teams, determine Apple’s target
market.
 Clearly explain all 6 Market Research Process
Steps relative to finding a “Target Market”.
Ex. First Step: Define Objective & Problem
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Market Research Process

Market research helps companies to plan ahead rather than
to guess ahead
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Research Process (Step 2-4
Discuss and research with your team:
 How will you find research about this target
market?
 What is Market Research Design?
(what is the plan?)
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Target Market Details
Research: (segmentation)
Demographics
b. Geographical
c. Psychographic
d. Behavioural
a.
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Apple Target Market Activity

In your teams, determine Apple’s target
market.
 Clearly explain all 6 Market Research Process
Steps relative to finding a “Target Market”.
Ex. First Step: Define Objective & Problem
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Product Research
You have this amazing idea of a product
which will revolutionize mankind.
Now what?
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Product Research Process
1.
Opportunity
Identification
4. Marketing
Strategy
Development
2. Concept
Screening
3. Concept
Testing
5. Product
Development
6. Market
Testing
7. Product
Introduction
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4. Marketing Strategy Plan
 Total Product/Service Plan
 Distribution Plan
 Pricing Plan
 Promotional Plan
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Exit Slip
What are the 6 steps in the
Market Research Process?
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