Primary research - individuals collect data by doing
their own surveys or observations.
Secondary research definition - Exploring existing data from other researchers, such as
academicjournals, governmentagencies or nationalstatistics.
Primary research involves two
forms of data collection:
Exploratory research
Conclusive research
Exploratory research - used to
determine the nature of a problem that has yet to
be fully defined.
Conclusive research- This type of primary research is conducted to
solve a problem identified through exploratory
research or other forms of primary data
collection.
Primary research methods
Survey
Interview
Focus Group
SURVEY- method used to gather information or data from a group of
individuals about their opinions, experiences, preferences, behaviors, or demographic characteristics.
Interview- method of data collection in which a researcher engages in a structured conversation with one or more participants to gather information
Focus Group - simultaneous interview of multiple participants.
SOURCES OF SECONDARY DATA
Books and Magazines
Market ResearchReports
Scholarly journals
Government reports and studies
White papers
Trade or industryassociations
Private companydata
A public library can provide a wealth of information in theit costs nothing to consult them.
A public library can provide a wealth of information in theit costs nothing toA public library can provide a wealth of information in theit costs nothing to
A public library can provide a wealth of information in theit costs nothing toconsult them.consult them.
books and magazines
Secondary research from professional research agencies can
be highly valuable
market research reports
Scholarlyjournals
Peer-reviewed journals have been reviewed by experts from
relevant educational institutions,
Public domain data, such as census data, can provide useful information for
a research project, particularly when selecting the appropriate research population
Government reports and studies
Businesses frequently create white papers to showcase their expertise
White papers
Associations may have secondary data that dates back a long time and provides a
broad overview of a specific industry.
Trade or industryassociations
Some businesses may provide company data to researchers in exchange for a fee or
with prior authorization.
Private company data
EXAMPLES OF TRENDS IN THE
HOSPITALITY AND TOURISM INDUSTRY
Workforce empowerment: Transforming challenges into opportunities
Artificial intelligence and technology: Choosing the best tech to revolutionize hospitality
Fine dining: In need of reinvention but full of potential
Marketsegmentation results in more effective and efficient
marketing, advertising and sales.
Market segmentation is a marketing strategy that divides a brand's total addressable market
share into smaller groups based on clearly defined criteria.
Market segmentation can serve as a competitive differentiator.
TYPES OF MARKET SEGMENTATION
Demographic segmentation
Psychographic segmentation
Geographic segmentation
Behavioral segmentation
Demographic segmentation is one of the most straightforward
and effective types of segmentation.
Psychographic segmentation is the process of grouping people based on shared personal values, political beliefs, aspirations, and psychological characteristics.
Geographic segmentation is the process of
grouping customers based on where they live and
where they shop.
Behavioral segmentation is the process of grouping customers
based on common behaviors they exhibit when they interact with
your brand.
MARKET TARGETING IS A PROCESS OF
SELECTING THE TARGET MARKET FROM
THE ENTIRE MARKET.
MARKET TARGETING INVOLVES BASICALLY TWO ACTIONS
EVALUATION OF SEGMENTS AND
SELECTION OF THE APPROPRIATE
The market targeting procedure consists of two steps:
Evaluating market segments
Selecting Market Segments
A competitive analysis is a strategy that entails
researching major competitors to gain
knowledge of their products, sales, and
marketing strategies.
IMPORTANCE OF COMPETITIVE ANALYSIS
Strategicbusinessdecisions.
Fortifyingdefenses.
Uncovergoldenopportunities.
SECONDARY RESEARCH IS THE PROCESS OF GATHERING AND ANALYZING PREVIOUSLY COLLECTED AND PUBLISHED INFORMATION
FROM OTHER SOURCES
Industry Trends refers to the overall direction or pattern of changes that occurs within a specific sector or field over time.
target market consists of groups or buyers.
evaluating market segments consists of
attractiveness of segment
objectives and resources lf the company
BY PERFORMING A COMPETITOR ANALYSIS, BUSINESS WILL BE ABLE TO: