Market Data and Research

Primary and Secondary Data

Market research consists of primary data and secondary data.

Primary Quantitative 

Primary consists of people walking around the streets with clip boards asking questions.

3 types of questions are asked: 

• Geographic - These questions are about where the person lives and how different factors change in that area.

• Psychographic - These questions are about how the person thinks and their interests to determine what they will buy.

• Socio-economic - These questions are about finding out the amount of people in a certain class and where they are finically.

The advantage with this method is it acquires a lot of reliable data. However the disadvantages are that it is a very expensive and time consuming plan. 

Primary Qualitative

A way to get data and information through hosting interviews and focus groups with people who are targeted consumers.

The advantage of using this is it is cheap and easily done. The disadvantage to using this is no statistical validation and it can be subjective.

Secondary Data/Desk Research

Data thats has already been discovered it is just the case of finding it. There will be a huge amount of data so it will need breaking down into groups that can help your market.

• Age - Information that shows the age range who are interested in a specific product.

• Sex - Information that shows which gender is interested in a specific product.

• Social Class - Information that shows the rich, middle class and the poor who are interested in a specific product.

• Geography - Information that shows where in the world a specific product is more popular. 

• Hobby/interest - Information that shows which people depending on what they like to do and are interested in who want a specific product.

Market for books (example)

Split it into two groups: Fiction and non fiction

then into more groups: Genres etc. Keep breaking the groups down until every possible aspects on why a consumer would buy the product to have a more clearer insight.

To successfully segment ate (break the market down into groups)

• Measurable/Identifiable - The group is a reasonable size to collect data.

• Accessible - The data for the group is easy and cheap to access.

• Substantial - The group is important or large enough to include. 

• Meaningful - The group has something to do with the market that a product is been produced for.

Important note

• Define what the product has to offer very clearly.

• Only compare the product with other products that are similar. 

• Don’t try and analyse different products.

Data Sources

Use data sources to find out how a company or a product is doing in the market. Don’t look for profit but the turnover.

Mintel - Compares products. (Uni library source)

FAME - Reports for company performance. (Uni library source)

Finding information

Magazines and newspapers - Try WH Smiths.

Company websites - Many products and prices.

Retailer websites - Prices and reviews.

Summary and What Did I Learn?

This lecture was about how to successfully do research on the market within design industry to prepare promoting a product in development. The lecture has taught me where I should look for information about a competing company and product and what information I should be looking for. I also learnt how I should conduct my own research effectively. In the future when I become apart of the design industry I feel I would know where to start and have brief knowledge on what I would need to do.