October 21, 2014

◦1. We will discuss Ethics

◦2. Ethics Questionnaire

◦3. Ethics scenarios

◦4. Work on Market Research Project (Be prepared to type up your Questionnaire to be printed tomorrow).

Measuring Data◦ https://www.measuringu.com/blog/summarize-survey.php

◦ 1. Compile your data

◦ 2. Create your title page

◦ 3. Write Introduction: a) the question being studied b) the importance and limitations.

◦ 4. Procedures: a) what type of survey b)how many were interviewed

◦ 5. Findings: a paragraph about what you learned

◦ 6. At least 3 bar graphs or pie charts to represent important questions

◦ 7. Recommendations you would make to (cafeteria, library, best place to eat etc)

◦ 8. Staple the surveys to your work.

October 16, 2014

◦1. Complete Quiz 1 (I will only award full marks for full complete sentences with examples)

◦2. Read Case Study 2: The Head Room. Key words and concepts to keep in mind: Obstacles, risks, and feedback you might like to give the business owners.

October 15, 2014

◦1. Finish up overdue presentations◦2. Lesson: Market Research◦3. Review/Reminder: Quiz Tomorrow!!

October 17, 2014◦

◦1. Go over the Case Study as a class. This will be due on Monday, October 20th (Beginning of class).

◦2. You will have the remainder of class to get your good copy completed. REMBEMBER- I will only accept responses with full sentences and examples.

◦3. We will watch Season 4 Episode 8 of Dragon’s Den while you are completing your good copy.

October 20th- 2014

1. Pass in Case Study

2. Go over Marketing Research Assignment

3. Assignment Task: a) choose a topic b) begin formulating questions which will target the five topics provided.

MARKET RESEARCH

What is Market Research?

◦Market research is the process of gathering information which will make you more aware of how the people you hope to sell to will react to your current or potential products or services.

◦Question to ponder: How and Why will you conduct this research??

Why you need to conduct Market Research◦ The goal of doing market research is to equip yourself with the information you need to make

informed business decisions about start-up, innovation, growth and the 4 P's:◦ ◦ Product — Improve your product or service based on findings about what your customers really

want and need. Focus on things like function, appearance and customer service or warranties.◦ ◦ Price — Set a price based on popular profit margins, competitors' prices, financing options or

the price a customer is willing to pay.◦ ◦ Placement — Decide where to set up and how to distribute a product. Compare the

characteristics of different locations and the value of points of sale (retail, wholesale, online).◦ ◦ Promotion — Figure out how to best reach particular market segments (teens, families,

students, professionals, etc.) in areas of advertising and publicity, social media, and branding.

Why you need to conduct Market Research◦Understand your customers and their preferences

◦ ◦ Create more effective marketing campaigns

◦ • Identify opportunities to grow and increase profits ◦ Recognize changes in demand

◦ ◦ Offer new products or services for the new demand

◦ • Monitor the competition in your market ◦ Identify competitors

◦ ◦ Get information on how your competitors operate

◦ ◦ Learn how customers compare you with your competitors

HOW to conduct Market Research- Primary Research When designing your own research questionnaire, be sure to:

• Keep it as short and simple as possible

• Make sure it is visually appealing and easy to read

• Move from general questions to more specific questions

• Make sure questions are brief and easily understood

• Avoid leading questions, questions with ambiguous words, questions that are too difficult to answer (due to recall problems, etc.)

• Make sure any response scales used are logical with categories that are mutually exclusive

• Always pre-test your questionnaire to identify potential problems

When should you connect Market Research?◦Determining the sales potential of your products and services ◦ Identifying the

demographic characteristics of your customers

◦ ◦ Selecting the appropriate business location

◦ ◦ Setting the price for your products and services

◦ • Attracting customers to your business ◦ Establishing your company image

◦ ◦ Setting prices for your products and services

◦ ◦ Ensuring advertising is on target

◦ • Selling to customers and earning repeat business

Branding

◦Brand includes the business name, logo, slogan and mission statement associated with a business. The goal of branding is to create a public perception.

◦Mission Statement: A mission statement is a statement of the company’s purpose and reason for existing.

Mission Statements◦ Key Market- who is your target client/customer?

◦ Contribution-What product or service do you provide to that client?

◦Distinction- what makes your product or service unique so that the client would choose you?

◦ Example:

◦McDonald’s Mission Statement: “To provide the fast food customer food prepared in the same high quality manner world-wide that has consistent taste, serving time, and price in a low key décor and friendly atmosphere.”

◦Key market: The fast food customer world-wide

◦Contribution: Consistent taste and reasonably priced food

◦Distinction: delivered consistently in a low key décor and friendly atmosphere.

Logos

◦With a well-designed logo, potential clients can instantly discover how your business can serve them.

◦Your logo is a visual representation of everything your company stands for.

◦ Think of McDonald's golden arches or the Nike swoosh-these two impressive logos embody these companies well. But many companies still skimp on developing this key identity piece.

How to Market your business with little funding◦ 1. Post comments on blogs that relate to your industry.

◦ 2. Post classified ads on classified websites

◦ 3. Start a blog

◦ 4. Social Media: Facebook account/twitter account/Instagram account.

◦ 5. Distribute a promotion video online

◦ 6. Form partnerships with other companies which service the same niche

◦ 6. Distribute “how to” articles online

Apply Research to SRHS

◦List everything you know about SRHS students. Think of demographics, dislikes/likes, trends etc.

◦Make another list of the needs and wants of SRHS students.

Review:◦What is an Entrepreneur?

◦ Traits of an Entrepreneur

◦ Benefits/Drawbacks that an Entrepreneur has

◦What is target market??

◦What does need have to do with Entrepreneurship and starting your own business?

◦What motivates an entrepreneur??

HOW to conduct Market Research- Primary Research

Primary research is original information gathered through your own efforts (or on your behalf by a hired research firm) to respond to a specific question or set of questions. This information is normally gathered through surveys, observation, or experimentation.

The following are examples of questions that can be addressed through primary research:

• Who are my customers and how can I reach them? ◦ Customer profiles

◦ Prospective business locations

◦

• Which products and services do buyers need or want?

• What factors influence the buying decisions of my customers? ◦ Price, service, convenience, branding, etc.

• What prices should I set for my products and services? ◦ Customer expectations

• Who are my competitors, how do they operate and what are their strengths and weaknesses?

HOW to conduct Market Research- Primary Research ◦ Secondary research

◦ Secondary research exploits existing resources like company records, surveys, research studies and books and applies the information to answer the question at hand. It is normally less time consuming than primary research, and can be less expensive as well.

◦ The following are examples of questions that can be addressed through secondary research:

◦ • What are the current economic conditions that my business is operating in? Are these conditions changing? ◦ International, national, provincial and local economic conditions

◦ • What trends are influencing the industry my business operates in? ◦ Consumer preferences

◦ ◦ Technological shifts

◦ ◦Prices for goods and services

◦ • What are the demographic characteristics of my customers or where do they live? ◦ Populations, age groups, income levels, etc.

◦ • What is the state of the labour market? ◦ How many people have the skills I require?

◦ ◦ How much should I expect to pay my employees?