1 00:00:02,540 --> 00:00:03,880 - [Narrator] Hello, everyone. 2 00:00:03,880 --> 00:00:06,630 Welcome to this week's video lecture, 3 00:00:06,630 --> 00:00:08,870 which is on market research. 4 00:00:08,870 --> 00:00:10,020 So this will help 5 00:00:10,020 --> 00:00:14,550 you once you've identified your target market. 6 00:00:14,550 --> 00:00:19,550 How can you get information from prospective customers? 7 00:00:21,330 --> 00:00:22,163 How do you learn 8 00:00:22,163 --> 00:00:25,543 more about what is going on in the industry? 9 00:00:26,410 --> 00:00:31,023 We're gonna learn how to do basic market research. 10 00:00:35,970 --> 00:00:39,490 So here's our agenda, how to do marketing research? 11 00:00:39,490 --> 00:00:42,423 Gonna look at the basic motivation. 12 00:00:43,610 --> 00:00:47,920 Then I wanna walk you through a model of types of knowledge 13 00:00:47,920 --> 00:00:50,850 that I have found to be very, 14 00:00:50,850 --> 00:00:54,960 very effective and very enlightening 15 00:00:54,960 --> 00:00:59,960 as far as how do businesses and other organizations manage 16 00:01:01,090 --> 00:01:04,530 and use the information that they have. 17 00:01:04,530 --> 00:01:06,870 We're gonna talk about the two main types 18 00:01:06,870 --> 00:01:11,870 of data collection, secondary and primary 19 00:01:12,070 --> 00:01:16,203 and then I will walk you through the homework for this week. 20 00:01:22,110 --> 00:01:26,560 Here is your homework and you will be doing this based 21 00:01:28,260 --> 00:01:32,620 on the research that you learn about here, 22 00:01:32,620 --> 00:01:35,550 as well as using the resources 23 00:01:35,550 --> 00:01:40,550 that our reference librarian Ms. Magi has presented. 24 00:01:41,430 --> 00:01:46,010 So in part one, I want you to use at least two 25 00:01:46,010 --> 00:01:50,270 of the library resources that she mentioned to create 26 00:01:50,270 --> 00:01:54,810 a rich description of one segment that you think 27 00:01:54,810 --> 00:01:58,540 would be a good target for your product 28 00:01:58,540 --> 00:02:02,230 or service or organization. 29 00:02:02,230 --> 00:02:04,900 And by answering the questions that you'll see 30 00:02:04,900 --> 00:02:05,973 on the next slide. 31 00:02:08,025 --> 00:02:10,925 So first, what information did you glean from each source? 32 00:02:12,540 --> 00:02:16,220 Next, what are the demo, psychographic 33 00:02:16,220 --> 00:02:19,323 and spending patterns of each segment? 34 00:02:20,320 --> 00:02:23,242 And what insights did you gain 35 00:02:23,242 --> 00:02:25,590 to help you reach these folks? 36 00:02:25,590 --> 00:02:30,590 And then think about the degree to which did they sort 37 00:02:31,120 --> 00:02:33,440 of can paint a common picture, 38 00:02:33,440 --> 00:02:37,020 or were there lot of discrepancies? 39 00:02:37,020 --> 00:02:41,193 Get ready to discuss this in class. 40 00:02:42,790 --> 00:02:44,830 And then for part two, 41 00:02:44,830 --> 00:02:48,520 really building on what we're about to do here, which are, 42 00:02:48,520 --> 00:02:50,650 what are the unanswered questions? 43 00:02:50,650 --> 00:02:53,530 What methods would you use? 44 00:02:53,530 --> 00:02:57,210 What do you hope to gain and note 45 00:02:57,210 --> 00:03:01,700 that you won't actually be doing the research, 46 00:03:01,700 --> 00:03:03,120 but I want you to make a case 47 00:03:03,120 --> 00:03:06,130 of why these are the right methods 48 00:03:06,130 --> 00:03:09,920 for the data or the information that you need. 49 00:03:09,920 --> 00:03:12,830 And that fill a gap that are left 50 00:03:12,830 --> 00:03:15,663 after you've done your secondary research. 51 00:03:19,790 --> 00:03:21,830 So why do research? 52 00:03:21,830 --> 00:03:24,580 It can be very time consuming. 53 00:03:24,580 --> 00:03:26,480 It can cost you time and money. 54 00:03:26,480 --> 00:03:31,480 It is imperfect that you will never get perfect data, 55 00:03:31,590 --> 00:03:34,593 but so why do you do it? 56 00:03:37,170 --> 00:03:38,670 Our textbook author Crane says 57 00:03:40,976 --> 00:03:44,710 "The most successful entrepreneurs are the best informed." 58 00:03:44,710 --> 00:03:49,300 And this can be done in fairly quick and inexpensive ways. 59 00:03:49,300 --> 00:03:51,940 So some of the methods that you will learn 60 00:03:51,940 --> 00:03:56,940 here and especially relying on the data sources 61 00:03:57,330 --> 00:04:02,330 that Ms. Magi presents, you can get really valuable 62 00:04:03,240 --> 00:04:06,150 and useful information without expending 63 00:04:06,150 --> 00:04:07,483 a whole lot of effort. 64 00:04:11,820 --> 00:04:16,233 Here is a long sort of laundry list of what you can learn. 65 00:04:17,490 --> 00:04:20,130 Some of the questions that you might want 66 00:04:20,130 --> 00:04:24,800 to answer with your research. 67 00:04:24,800 --> 00:04:28,440 Who's interested in my product or service? 68 00:04:28,440 --> 00:04:32,170 Learn about your competitors. 69 00:04:32,170 --> 00:04:36,190 What are some similar products that people are buying? 70 00:04:36,190 --> 00:04:38,250 What do they like or not about them? 71 00:04:38,250 --> 00:04:39,160 How much they'll pay? 72 00:04:39,160 --> 00:04:40,660 How much they'll buy? 73 00:04:40,660 --> 00:04:43,195 What are the benefits that they get? 74 00:04:43,195 --> 00:04:46,630 What's the most attractive features? 75 00:04:46,630 --> 00:04:51,630 Some behavioral questions like where, when and how often, 76 00:04:52,520 --> 00:04:56,590 and where do they get information about new products 77 00:04:56,590 --> 00:05:00,630 or services, which can let you sort 78 00:05:00,630 --> 00:05:04,583 of get into their ear in a sense? 79 00:05:11,120 --> 00:05:14,870 I want to walk you through a series 80 00:05:14,870 --> 00:05:18,160 of categories of knowledge. 81 00:05:18,160 --> 00:05:23,160 And this comes from some very influential work 82 00:05:23,570 --> 00:05:26,260 that I've read that I have built 83 00:05:26,260 --> 00:05:28,853 on and actually done some research on. 84 00:05:31,185 --> 00:05:33,960 There are three types of knowledge 85 00:05:33,960 --> 00:05:38,860 and here I'm gonna describe them and then the next slide, 86 00:05:38,860 --> 00:05:43,240 I'll say a bit more about how they can be applied. 87 00:05:43,240 --> 00:05:48,240 So the first kind of knowledge is explicit knowledge, 88 00:05:48,850 --> 00:05:53,850 and that is knowledge that can be written or spoken. 89 00:05:56,520 --> 00:06:01,370 So it tends to be fairly context independent 90 00:06:01,370 --> 00:06:06,370 and it's knowing a fact knowing that, or knowing what. 91 00:06:07,590 --> 00:06:12,590 And an example of this is how to make cold cereal. 92 00:06:15,460 --> 00:06:17,570 It tends to be fairly straight forward. 93 00:06:17,570 --> 00:06:21,040 Most of us probably wouldn't even need it. 94 00:06:21,040 --> 00:06:25,500 And a key thing here is we would all basically do 95 00:06:25,500 --> 00:06:27,910 it the same way you take your cereal, 96 00:06:27,910 --> 00:06:30,620 you pour it into a bowl, you take your milk, 97 00:06:30,620 --> 00:06:34,100 you pour that in, you put a spoon in and you eat. 98 00:06:34,100 --> 00:06:37,730 It's fairly straightforward and anybody 99 00:06:37,730 --> 00:06:42,570 that could read that you could just write this down, 100 00:06:42,570 --> 00:06:46,630 or you could speak it to them and they could grasp 101 00:06:46,630 --> 00:06:47,943 it pretty easily. 102 00:06:49,810 --> 00:06:53,030 The next thing is tacit knowledge that 103 00:06:53,030 --> 00:06:58,030 which you can only do by experiencing or by doing it. 104 00:06:58,750 --> 00:07:03,750 So another example is how to ride a bicycle, 105 00:07:04,270 --> 00:07:09,200 that nobody is born knowing how to ride a bicycle. 106 00:07:09,200 --> 00:07:12,610 I could tell you how and explain how, 107 00:07:12,610 --> 00:07:16,923 but still that first time that somebody gets onto a bike, 108 00:07:17,970 --> 00:07:21,900 they really are not able to do 109 00:07:21,900 --> 00:07:24,110 it until they learn their own way 110 00:07:24,110 --> 00:07:26,720 until they get the feel for it. 111 00:07:26,720 --> 00:07:30,890 Another example is while cold cereal 112 00:07:30,890 --> 00:07:33,000 is pretty straightforward, 113 00:07:33,000 --> 00:07:36,383 people are gonna be pretty successful their first time. 114 00:07:37,790 --> 00:07:42,400 Making hollandaise sauce is a more complex thing. 115 00:07:42,400 --> 00:07:44,970 And I don't know if any of you have ever tried 116 00:07:44,970 --> 00:07:46,530 to make hollandaise sauce, 117 00:07:46,530 --> 00:07:50,930 but I bet you that if you did the very first time 118 00:07:50,930 --> 00:07:53,970 that you made it, and maybe the first few times you ended up 119 00:07:53,970 --> 00:07:56,830 with very buttery, scrambled eggs. 120 00:07:56,830 --> 00:07:59,010 And only by getting a feel for it, 121 00:07:59,010 --> 00:08:04,010 by doing it, by observing, by getting the experience of it, 122 00:08:04,250 --> 00:08:08,620 can you learn how to really make hollandaise sauce? 123 00:08:08,620 --> 00:08:11,333 And this is a sense of knowing how. 124 00:08:12,470 --> 00:08:15,900 Finally there is co-created knowledge. 125 00:08:15,900 --> 00:08:17,960 This cannot be spoken 126 00:08:17,960 --> 00:08:21,920 it can't even be gained by doing it yourself. 127 00:08:21,920 --> 00:08:26,750 This tends to be the kind of knowledge that's needed 128 00:08:26,750 --> 00:08:28,740 as we'll see in the next slide 129 00:08:28,740 --> 00:08:31,430 to address very complex issues. 130 00:08:31,430 --> 00:08:35,370 And they are very context specific. 131 00:08:35,370 --> 00:08:40,340 And it's how do people sort of work together to innovate 132 00:08:41,980 --> 00:08:46,980 and collaborate together to solve really complex issues 133 00:08:47,440 --> 00:08:51,100 and to generate answers that do not exist yet. 134 00:08:51,100 --> 00:08:52,890 So they can't be written, 135 00:08:52,890 --> 00:08:55,370 they're not just something you do yourself, 136 00:08:55,370 --> 00:08:59,240 but they can only be gained by collaboration 137 00:08:59,240 --> 00:09:02,500 with others and by experimentation. 138 00:09:02,500 --> 00:09:06,080 So I hope that the next slide will say 139 00:09:06,080 --> 00:09:07,363 a bit more about that. 140 00:09:11,520 --> 00:09:14,250 The way this works is you can see explicit, 141 00:09:14,250 --> 00:09:19,250 tacit and co-created on the left column of boxes 142 00:09:21,240 --> 00:09:26,240 that as we move from explicit down to tacit to co-created, 143 00:09:26,750 --> 00:09:31,750 these are better suited for the complexity of the problem. 144 00:09:33,160 --> 00:09:35,950 So explicit knowledge is very good 145 00:09:35,950 --> 00:09:38,330 for solving simple problems. 146 00:09:38,330 --> 00:09:43,330 Like if your faucet leaks go underneath and turn 147 00:09:45,550 --> 00:09:50,500 it until it stops or something like that, you know, 148 00:09:50,500 --> 00:09:54,530 put tab A in slot B. 149 00:09:54,530 --> 00:09:55,980 Tends to be very straightforward 150 00:09:55,980 --> 00:10:00,360 and since we would all basically do this the same way, 151 00:10:00,360 --> 00:10:04,030 this has very low or no strategic value. 152 00:10:04,030 --> 00:10:07,760 So if you make your way in the world in a job 153 00:10:07,760 --> 00:10:10,763 that just uses explicit knowledge, 154 00:10:12,290 --> 00:10:15,540 chances are it's not going to be a very well paid 155 00:10:15,540 --> 00:10:17,363 or a very satisfying job. 156 00:10:18,580 --> 00:10:22,220 All the way at the bottom is co-created knowledge. 157 00:10:22,220 --> 00:10:25,950 So this type of knowledge is needed 158 00:10:25,950 --> 00:10:28,280 to address wicked problems. 159 00:10:28,280 --> 00:10:33,130 So wicked problems are those which are extremely complex 160 00:10:33,130 --> 00:10:36,540 that we don't even agree on the starting 161 00:10:36,540 --> 00:10:41,540 or ending point that really are too complex 162 00:10:43,030 --> 00:10:46,393 for any one individual to solve. 163 00:10:47,630 --> 00:10:50,930 And sustainability is an example 164 00:10:50,930 --> 00:10:53,430 of this that we don't even agree exactly 165 00:10:53,430 --> 00:10:56,540 what it looks like, we don't know where it starts, 166 00:10:56,540 --> 00:11:00,510 there's no sort of absolute end-point that we all agree 167 00:11:00,510 --> 00:11:05,510 on and to achieve sustainability and our economy 168 00:11:05,957 --> 00:11:08,900 in our society it's not something 169 00:11:08,900 --> 00:11:11,500 that you can do on your own. 170 00:11:11,500 --> 00:11:15,210 It's something that we can only do collectively 171 00:11:15,210 --> 00:11:19,920 and figure out how to do it as a group. 172 00:11:19,920 --> 00:11:24,920 So co-created knowledge then is very context specific 173 00:11:25,600 --> 00:11:29,300 where explicit knowledge is one size fits all. 174 00:11:29,300 --> 00:11:33,490 We all basically make cold cereal the same way, 175 00:11:33,490 --> 00:11:38,490 but to create a partnership which helps to increase 176 00:11:39,320 --> 00:11:44,138 the sustainability of an entire supply chain or industry, 177 00:11:44,138 --> 00:11:48,040 everybody needs to be involved and the way 178 00:11:48,040 --> 00:11:51,360 that you do that is very context specific. 179 00:11:51,360 --> 00:11:54,820 It's a one size fits one solution. 180 00:11:54,820 --> 00:11:59,060 And as a result of that, it can't be stolen, 181 00:11:59,060 --> 00:12:03,090 it can't be copied and then for that reason, 182 00:12:03,090 --> 00:12:05,503 it has very high strategic value. 183 00:12:06,500 --> 00:12:10,800 And one last example that I think might help. 184 00:12:10,800 --> 00:12:15,220 So thinking about music, one thing I love, 185 00:12:15,220 --> 00:12:18,363 and hopefully a lot of you do too. 186 00:12:19,410 --> 00:12:22,963 So explicit knowledge is like sheet music. 187 00:12:24,660 --> 00:12:28,530 It will say, these are the notes that you should be playing, 188 00:12:28,530 --> 00:12:31,370 this is the timing, this is the tempo, 189 00:12:31,370 --> 00:12:35,950 this is whether you're playing loud or soft. 190 00:12:35,950 --> 00:12:40,950 And it's basically all written down, but the first time, 191 00:12:44,310 --> 00:12:48,620 unless you are exceptionally good, the very first time 192 00:12:48,620 --> 00:12:53,240 that you sit down with your instrument or voice 193 00:12:53,240 --> 00:12:56,990 and go through it, you probably won't do it exactly right. 194 00:12:56,990 --> 00:12:59,750 So that's where tacit knowledge comes in. 195 00:12:59,750 --> 00:13:02,430 So you practice, you get better 196 00:13:02,430 --> 00:13:06,150 at that and certainly I would imagine the 10th 197 00:13:06,150 --> 00:13:08,442 or 100th time that you play through a piece 198 00:13:08,442 --> 00:13:11,990 that the better you will be, that you will learn your way. 199 00:13:11,990 --> 00:13:16,990 How do you interpret and express 200 00:13:17,010 --> 00:13:22,010 what the author of the sheet music was hoping for? 201 00:13:22,820 --> 00:13:26,570 And finally, co-created knowledge is like playing in a band. 202 00:13:26,570 --> 00:13:30,333 It's not just sheet music, it's not just you learning 203 00:13:34,180 --> 00:13:38,410 how to play your instrument well, 204 00:13:38,410 --> 00:13:41,050 it's how to play with others. 205 00:13:41,050 --> 00:13:43,320 When do you hold back? 206 00:13:43,320 --> 00:13:46,980 When do you play more forcefully? 207 00:13:46,980 --> 00:13:50,510 How do you hear what everybody else is doing? 208 00:13:50,510 --> 00:13:51,920 How do you blend? 209 00:13:51,920 --> 00:13:54,260 How do you make your sound fit 210 00:13:54,260 --> 00:13:58,620 in with what everybody else is doing? 211 00:13:58,620 --> 00:14:03,179 And for those of you who have ever been in a band 212 00:14:03,179 --> 00:14:07,830 or orchestra, like that's why we rehearse 213 00:14:07,830 --> 00:14:12,190 so that even though everybody might know that the piece 214 00:14:13,570 --> 00:14:16,680 can read the sheet music explicit knowledge 215 00:14:16,680 --> 00:14:20,330 and can play their own part, tacit knowledge, 216 00:14:20,330 --> 00:14:25,330 it still takes time of collaborating and experimenting 217 00:14:25,870 --> 00:14:30,040 and rehearsing until as a group you're really able 218 00:14:30,040 --> 00:14:31,993 to play the piece well. 219 00:14:36,230 --> 00:14:39,480 So now I'm going to walk you through the different types 220 00:14:39,480 --> 00:14:44,480 of data and some sort of how to's and tips for doing it. 221 00:14:45,070 --> 00:14:47,790 So there are two major types of data. 222 00:14:47,790 --> 00:14:50,050 There are secondary and primary. 223 00:14:50,050 --> 00:14:54,220 So secondary is that which has already 224 00:14:54,220 --> 00:14:56,560 been collected by others. 225 00:14:56,560 --> 00:15:01,480 So it's reports or data sets or things like that. 226 00:15:01,480 --> 00:15:05,000 They already exist very often, 227 00:15:05,000 --> 00:15:07,510 it's the first step in what you do 228 00:15:07,510 --> 00:15:12,370 so you go out and you see, what do we already know? 229 00:15:12,370 --> 00:15:13,650 What's already been done? 230 00:15:13,650 --> 00:15:15,930 What data are already available? 231 00:15:15,930 --> 00:15:20,370 Get your mind around it, make it so you're not reinventing 232 00:15:20,370 --> 00:15:25,240 the wheel, not doing research that somebody else 233 00:15:25,240 --> 00:15:27,100 has already done. 234 00:15:27,100 --> 00:15:30,393 And since this is written down, 235 00:15:31,260 --> 00:15:33,033 this is all explicit knowledge. 236 00:15:34,160 --> 00:15:36,890 And then there is primary data, 237 00:15:36,890 --> 00:15:40,170 which is collected by you or your team. 238 00:15:40,170 --> 00:15:44,600 It tends to fill in specific gaps of secondary data 239 00:15:47,484 --> 00:15:51,630 so while secondary data is explicit, 240 00:15:51,630 --> 00:15:55,283 it's a sort of one size fits all. 241 00:15:56,157 --> 00:16:01,157 Primary data, you really hone in on the specific needs 242 00:16:01,330 --> 00:16:05,950 of your organization or your partnership. 243 00:16:05,950 --> 00:16:10,250 And it's done with others is tends to ideally 244 00:16:10,250 --> 00:16:12,757 be co-created knowledge. 245 00:16:17,240 --> 00:16:22,140 So, in addition to the library resources 246 00:16:23,340 --> 00:16:28,340 that Ms. Magi presents here are some data.gov specific, 247 00:16:31,470 --> 00:16:34,913 which is the U.S. government data. 248 00:16:36,080 --> 00:16:39,280 You can go to specific agencies like census.gov 249 00:16:39,280 --> 00:16:42,990 if you want census data, you can go to USDA.gov, 250 00:16:42,990 --> 00:16:46,900 that's a place that I go a lot for data 251 00:16:46,900 --> 00:16:51,900 about food production and consumption and so forth, 252 00:16:52,370 --> 00:16:55,980 farm viability, things like that. 253 00:16:55,980 --> 00:16:59,110 If you want data about the state of Vermont, 254 00:16:59,110 --> 00:17:00,680 there is vermont.gov. 255 00:17:00,680 --> 00:17:04,850 So these are all government agency, 256 00:17:04,850 --> 00:17:07,870 the data sources where these agencies are charged 257 00:17:07,870 --> 00:17:12,870 with collecting and maintaining and reporting out 258 00:17:12,870 --> 00:17:16,483 on data in specific areas. 259 00:17:20,600 --> 00:17:25,290 There's also much other secondary data books 260 00:17:27,700 --> 00:17:30,040 and periodicals. 261 00:17:30,040 --> 00:17:34,143 There's lots and lots of trade publications. 262 00:17:35,040 --> 00:17:40,040 There are databases which are often available for purchase. 263 00:17:42,150 --> 00:17:46,870 InfoUSA is one that I've used in my past work to sort 264 00:17:46,870 --> 00:17:51,510 of find a list of specific types of businesses 265 00:17:51,510 --> 00:17:54,610 in a geographic area. 266 00:17:54,610 --> 00:17:59,610 So maybe all the restaurants in Burlington or in Vermont. 267 00:18:02,843 --> 00:18:05,540 If I'm interested in a B2B model of selling 268 00:18:05,540 --> 00:18:09,033 some sort of product to restaurants. 269 00:18:12,170 --> 00:18:15,830 There's also many websites. 270 00:18:15,830 --> 00:18:18,310 Mintel has really great sort 271 00:18:18,310 --> 00:18:23,090 of market intelligence research in many, many areas. 272 00:18:23,090 --> 00:18:28,003 You may also wish to read blogs or podcasts, 273 00:18:30,330 --> 00:18:33,460 technology blogs, trendsetters blogs, 274 00:18:33,460 --> 00:18:36,240 or podcasts about your industry 275 00:18:36,240 --> 00:18:39,023 or one that you are interested in. 276 00:18:42,390 --> 00:18:44,020 So that's the end of part one, 277 00:18:44,020 --> 00:18:46,763 please go to part two and watch that. 278 00:18:47,790 --> 00:18:48,623 Thank you.