15. Students’ slips of the tongue and pen. Correct the sentences

1. Washing what goes on in other businesses similar to yours gives you insight

into factors affecting your own business.

2. If I have not enough spear time I will fire a market research firm.

3. I am the wise-president of this company.

4. The last face is not inevitable.

5. My consumers can buy anybody for a child.

6. In the bathroom I watch my face and brush one’s tooth.

16. Compile as many words as you can with the letters of the word overpersonalize

Remember: this is a very good opportunity to revise your active vocabulary!

________________________________________________________Lesson 10

1. Read the text how to better conduct a one’s own market research

1. Some of the most important information you need will not be available from any published source, particularly information that is quite specific to your market or new product. To obtain this data, you will have to undertake your own research. For most businesses, even very large businesses, this research needn't be expensive or *prohibitively time-consuming¹.

2. Personal observation is one of the easiest methods. One fundamental way to gather information – and also one of the easiest – is through personal observation. Watching what goes on in other businesses or the way people shop gives you insight into factors affecting your own business. You can observe *auto- and foot-traffic patterns² near a selected location, how customers behave when shopping in businesses similar to yours or for similar products, and how competitors market or merchandise their products or services. Personal observation is a vital tool in your planning process and applicable for almost every business.

3. Informational interviews can be structured or informal. The second principal method of market research is informational interviewing. Since the amount of information you can garner from personal observation is limited and colored by your own perceptions, you should talk with as many people as possible who can provide you with information relating to your business.

4. Some of these interviews may be highly structured. For instance, you might make personal appointments with those you want to interview and have a prepared list of questions. In other cases, such as when you go into a competitor’s store and chat with a salesperson, your questions will appear to be more casual.

5. Surveys will help to spot the trends. If you decide you need information from a large number of people, you may want to conduct a survey, either by phone or by mail. Surveys are a good way to spot trends and are particularly useful in assessing customer satisfaction and desires.

6. Mail surveys have a notoriously low response, so if you conduct one, it is a good idea to include some kind of incentive (e. g., discounts, free gifts) to encourage people to respond. But don’t depend on a mail survey alone to provide you with information.

7. Focus groups offer candid opinions. A popular form of market research is the focus group, a small group of people brought together to discuss a product,

business concern, or service in great detail. For example, a few joggers might

be brought in to examine and evaluate a new pair of running shoes. Focus group participants are often paid a small fee. Market research firms conduct focus groups for businesses, bringing together the participants and leading the group discussion in a room with a one-way mirror, so that the businessperson involved can observe.

8. However, if you do not have the funds to hire a market research firm, you might still consider assembling a focus group of your own, perhaps a group of potential consumers. Try, however, to find focus group participants you do not know personally.