5.2: Data review and clarification of the problem
Review the data collected in the informational interviews and consider the following points:
- Based on the original reason for the market research, is the problem important?
- Do you recommend spending time and money to research the problem?
- Is the problem the result of a planned change (such as the expansion of a business or the launching of a new product) or an unplanned change (such as a recession or being acquired by another company)?
- What are the assumptions that exist with the folks who were interviewed, and what biases are identified that may influence the market research project?
Market Research in Action: Isabella
After reviewing the answers from the three interviews, Isabella notices some themes from the interviews. These include:
- There isn’t a lot known about the competition at the other three markets, such as how many honey producers are at each one and how much they charge.
- There are two other farmers who live close by who sell at the other three markets, and they may be interested in sharing a booth and taking turns driving and manning the booth.
- Two of the three markets are quite busy and may be expanding into online sales in the future.
Isabella decides that additonal market research is worthwhile, as there may be opportunities for increased profit and distribution.
References
Chiang, I.-C. A., Jhangiani, R. S., & Price, P. C. (2015, October 13). Research methods in psychology – 2nd Canadian edition. CC BY-NC-SA 4.0
