#19 Market Research Data

#19 Explain the need for market research data, including both primary and secondary data.  Identify and differentiate types of data available through electronic tracking methods (e.g. warranty registrations, sales records, online surveys, website cookies, and loyalty cards.)


Market Research Data

Objectives

  • Explain the steps in designing and conducting marketing research
  • Compare primary and secondary data
  • Identify and differentiate types of data available through electronic tracking methods


When collecting data for market research purposes, there are two types of data.
Primary - Data can be collected on how teens may feel that they have excessive use of cell phones by polling students
  • Would you say you spend too much time on your cell phone?
  • Would you say you spend too much time on social media?
  • Would you say you spend too much time playing video games?
  • Have you ever tried to cut back on your screen time?

Secondary - Or by finding data from information already collected from another source that may have similar findings 

As you read pages 679-687 
  • make note of the steps involved in the marketing research process
  • differentiate between primary and secondary data
  • list sources of primary data collected through different methods

Class Discussion Extension

Lets talk about the types of data available through electronic tracking methods.  How can these methods be helpful to a business person?
  • warranty registrations
  • sales records
  • online surveys
  • website cookies
  • loyalty cards
How are these similar to each other?
How are these different?
What are the advantages of each method?

Wrapping it Up

We have been talking this week about gathering data from customers.  Perhaps some of you might find this an interesting aspect of marketing in which you want to pursue a career at some point.

  1. What are the benefits of collecting this data?
  2. What happens if surveys are not carefully constructed?
  3. How has technology helped in collecting data for businesses?
  4. Who benefits from shared opinions and information?

Exit Ticket - Explain to a 1st Grader

Write a paragraph explaining to a 1st grader the subject of why and how businesses collect data through electronic tracking methods.





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