Week 10: Market Research

The tenth session focused on market research. The instructors highlighted the need for market research and the importance of robust and reliable data for making sound business decisions. The discussion outlined the different types of data that can be collected and analyzed and the associated advantages and disadvantages of using each type of data.

The focus of the session then turned to the steps of the research process, including research design, developing research objectives, type of research, and data collection methods.  Instructors emphasized the importance of conducting rigorous research and collecting robust data. 

Students then divided into small groups to discuss a case study on Pepsi, which was based on a Mintel market research report. Students were asked to generate market research questions that they thought Pepsi would ask when considering how to improve its share of the market.  After the case study, sample questions were presented to the class for discussion as to the questions’ suitability for market research.

For the remainder of the session, students worked with their assignment groups. They were asked to determine how they could best use market research to underpin their business plan and inform decisions about the make-up of their event. The groups were asked to plan the collection of primary and secondary data to analyze in order to develop their ideas and plans. The instructors encouraged the groups to approach their upcoming event-night assignment from a research perspective of creating an opportunity.

The overall aim of the session was to impart the importance of market research in the development of a business plan and understand the role market research plays in decision making. Another aim was to explore ways in which data can be gathered and interpreted to inform business decisions.

During the latter half of the session (when students were working in assignment groups) instructors spent more time than anticipated explaining in detail the relevance of market research to the students’ business plans for their assignment. Students initially regarded the development of primary research questions with apathy and it was clear they needed more guidance to appreciate the importance of market research for the development of their business plans. Instructors also spent time assisting students with creating appropriate research questions to aid their business plan development. 

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Click here to view the lecture slides.