Learning Objectives
    ◦Propose alternatives and improved ways of conducting a 
     business based on research into other businesses.
    ◦Analyse the role of market research and business planning in 
     running a successful enterprise.
    Why Do We Need Market 
    Research?
     ◦ The backbone of marketing and management decision-
      making is information.
     ◦ Good business decisions require good, accurate data that 
      reflects your customer base.
     ◦ Parallels the recognition of a complex business 
      environment.
     ◦ Entrepreneurs and managers need an understanding of new 
      and existing markets.
     ◦ Helps us weigh the risks associated with different options.
    Steps To Take In Research
    1.Define the problem.
    2.Decide which research design to utilize.
    3.Choose a data collection method.
    4.Collect the data.
    5.Collect and interpret the data.
    6.Repeat the last two steps if necessary.
    7.Prepare the research into a format that is usable to solve your 
     problem.
    Designing The 
    Research
    ◦Developing research objectives.
    ◦Choose your question/hypothesis: an informed guess or 
     assumption about a certain problem or set of circumstances.
    ◦Types of Research
      ◦
       Exploratory
      ◦
       Descriptive
      ◦
       Causal/ Explanatory
      ◦
       Research Approaches
      ◦
       Secondary
      ◦
       Primary
            Primary vs. Secondary 
            Research
                       Secondary                                                  Primary 
                       Research                                                   Research
            Internal                External                 Exploratory        Descriptive            Casual 
            Sources                 Sources                   Research            Research           Research
                                                                                Cross-sectional      Laboratory 
    Company reports          Published research       Customer interviews                            research Field 
                             Trade organizations                                Longitudinal         studies
    Previous company         Syndicate research       Focus groups 
    research salesperson     Government               Projective techniques 
    feedback                 sources                  Case studies 
    Customer Feedback                                 Ethnographies