Ian Harris gave us a lecture on Market Research, one of the tasks that we need to perform in our group project and next year.
I learnt that market research is the collection, analysis and communication that assist in marketing decision making. In general terms, it takes place to find out the following:
- What is the potential market? (Which one’s should we be in?)
- What features of a product are valuable in that potential market? (What do they need and want?)
- What is the size of the market?
- Are there any competitors or threats to consider?
- What price would they be willing to pay?
Following market research, normally you would report the findings and conclusions, along with recommendations on how to proceed.
Ian also told us about the seven o’s we are trying to prove:
- Occupant – who are the market (genfer, age, education, race, religion, income…)
- Object- what do they buy (competitor analysis)
- Objective – why do they buy (USP, why might they buy yours?)
- Organisation – who buys (individual, group, company)
- Operations – how do they buy (payment method)
- Occasion – when do they buy (one-off purchase, regular purchase, when?)
- Outlet – where do they buy (website, app, shop, catalogue)
Finally there were some survey tips such as – remember to introduce the survey, keep it relatively short, make it easy to understand (no jargon), allow space for comment, have logical development during the survey and incentivise it if possible.