Market_Research_and_Forecasting_Demo.pptx

how to conduct market research

1. Market Research and Forecasting Demo Lecture

2. Introduction • Why some businesses succeed while others fail? • Market research helps businesses understand: - Customer needs - Competitor strategies - Market conditions

3. What is Market Research? • Definition: - Collecting and analyzing information about customers, competitors, and market trends • Example: - A coffee shop researching customer preferences for espresso vs. latte

4. Types of Market Research • Primary Research: - Direct collection of data (e.g., surveys, interviews) • Secondary Research: - Using existing data (e.g., industry reports, online databases) • Example: - Starbucks conducting customer satisfaction surveys

5. Why Forecasting Matters • Predicting future trends based on market data • Helps businesses with: - Pricing strategy - Inventory management - Product development • Example: - Clothing brand forecasting higher demand for jackets in winter

6. How to Conduct Market Research 1. Define the Objective 2. Identify the Target Market 3. Collect Data (Surveys, Reports, Interviews) 4. Analyze Data 5. Apply Insights to Business Strategy

7. Conclusion • Market research helps businesses understand customers and competitors • Forecasting helps businesses stay ahead of trends • Thought-provoking question: - How would you use market research to increase your chances of success?