Effective Market Research

"Good market research is a powerful tool that can be used to provide actionable information to develop an organisation and deliver competitive advantage. It can reduce risks and allow planning with greater confidence. Poor research is, at best, a waste and at worst, can result in wrong decisions and expensive mistakes. This course covers the different uses of market research and looks at how to plan and execute a research programme. Its purpose is to provide clear guidance on where to look for information and how to commission market research. It describes and explains many of the qualitative and quantitative techniques available and how these should be used. Course Outline: 1. Why do we need market research? , • Understanding the shape and nature of the market , • Evaluating competitors , • Identifying opportunities to change and/or grow , • Testing new products and services , • Tracking performance , • Measuring customer and non-customer attitudes ,2. Need to know or nice to know? , • Who needs the information and for what purpose? , • Who else might benefit from it and might wish to influence it? , • What is the cost/benefit? , • Can the information be provided in a timescale that will ensure its usefulness? ,3. Sources of information – internal and external , • Examination of internal information sources and processes needed to collect information , • External sources – desk - commissioned research ,4. Qualitative Research , • When to use qualitative research , • Methods available and how to choose the right one , • What is involved in structuring qualitative research ,5. Quantitative Research , • What to measure? , • Techniques available , • Advantages and disadvantages of different methods , • Sampling – whom do we want to talk to? , • Questionnaire design ,6. DIY or Market Research Agency? , • Separating what can be done internally from what should be done externally ,7. Finding and briefing a market research agency , • How to look for the right agency , • What the agency will require in terms of a brief and possible materials , • Agreeing timescales, costs and outputs , • Client participation/observation"