Week 14: Presenting Data

The focus of week 14 was presenting data. The lecture slides identified the three stages necessary for conducting effective market research;

STEP ONE: WHY DO MARKET RESEARCH?
1. Identify potential customers
2. Understand existing customers
3. Set realistic targets
4. Develop effective strategies
5. Examine and solve business problems
6. Prepare for business expansion
7. Identify business opportunities

STEP TWO: SET YOUR RESEARCH OBJECTIVES
1. What is the purpose of the research?
2. What information is being sought?
3. How will the information be used?

STEP THREE: FIND OUT WHAT INFORMATION ALREADY EXISTS
Primary data is original research that is obtained through first-hand investigation, while secondary data is research that is widely available and obtained from another party. Primary data includes information collected from interviews, experiments, surveys, questionnaires, focus groups and measurements. Secondary data research is attained through internal company records or official sources, it is day-to-day information which can help identify trends and popular products.

STEP FOUR: DO YOUR OWN RESEARCH THROUGH SURVEYS
Personal interview - observation
  • Face-to-face surveys
  • Group interviews (focus groups)
  • Post or mail surveys
  • Online surveys
  • Survey samples
Observational surveys not only allow you to listen to what consumers think about your business and competition, as I previously learnt from the 'Perfectly executing the wrong plan' YouTube video, observational surveys gather data within the users environment (science of contextualisation).

STEP FIVE: ANALYSE AND ACT ON RESULTS

Through going through each step in seminar, I believe I am better equipped to start planning and conducting my own market research for TechforGood. I will post a blog post following this with the questionnaire I have prepared.

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