Wednesday, June 8, 2011

Week 10 EOC: Use Market Research to Make Money


The biggest way to make money in marketing research is to conduct research that can bring in customers in to a business and to get a commission of off the money that they spend. It reminds me of the process that club promoters use to get people in to the club. This could be done by customers providing a code when checking out. Since my final project was on Patty’s Closet I will use that as my example. They already provide 20% off of one item at check out if you have a postcard that they have. They should offer a code on their social networks that will change on a regular basis. This will encourage the customer to go to their sight to get the discount. By visiting the web-site it will help to encourage the customer to come in. To make sure that it will be a success they can conduct experiments. “A basic objective of experimentation is to identify casual relationships, which are relationships that suggest one thing causes another thing” (Hyman, Michael, and Jeremy Sierra. Market Research Kit for Dummies. Chichester: John Wiley & Sons, 2010. 289. Print.) The questioner that was done found out that people do not visit the companies social sights often. When doing the research it was exploratory research “which includes qualitative research, indepth interviews, and observations.” (Hyman, Michael, and Jeremy Sierra. Market Research Kit for Dummies. Chichester: John Wiley & Sons, 2010. 39. Print.)