Term 1 Week 5 (2-8 Mar)

Market Research

Learning Intentions

• Investigate the meaning and examples of research-related terms
• Explore how and why companies gather information on us as consumers

Success Criteria

• Can define and explain, with examples, market research-related terms
• Am aware of how companies gather information about my buying habits.

Make your own notes on Market Research in the Google Doc called "Markets & Market Research"(in Google Classroom). Later in the year, you will perform some market research before trading products at a Market Day.

Words that you need to include in your notes are:

• Qualitative & Quantitative information
• Primary & Secondary research (with examples of each)
• Sample size
• Closed & open questions
• The difference between a survey and a questionnaire

Find ways that companies find out information about you (eg what you buy, how much you spend, etc). Below are some prompt questions to help you.

• Facebook have just been threatened with a fine in Belgium for doing something to do with gathering data on people - describe what.
• Supermarkets and other shops have loyalty cards - explain why this is relevant to market research?
• Describe other ways that companies find out about your buying habits?

Here are some web news articles that might help.

• Facebook loses privacy case, faces fine of up to $125,000 million
  • https://www.reuters.com/article/us-facebook-belgium/facebook-loses-belgian-privacy-case-faces-fine-of-up-to-125-million-idUSKCN1G01LG

• 6 ways retailers track your spending habits
  • https://www.moneycrashers.com/ways-retailers-track-spending-protect-personal-data/
• Tracking customers will be the norm
• https://www.theguardian.com/technology/datablog/2014/jan/10/how-tracking-customers-in-store-will-soon-be-the-norm
• Technologies to track people
• http://www.behavioranalyticsretail.com/7-technologies-to-track-people/

Researching consumers of bottled water
We'll spend a week designing and performing research into consumers' attitudes, beliefs and preferences on bottled water brands.

Nine brands of bottled water, each with different labels, packaging (bottle shape, size, colour and material), and brand images. 

Will the most expensive be perceived as the best and will consumers think it tastes the best?
When the product (water) is essentially identical in each bottle, do consumers see each bottle as having identical value? What role do non-price factors play in influencing consumers' perceptions? Are their perceptions real?